Equity valuations are still appealing. We think investors are too cautious.

We believe that we are currently enjoying an equity bull market similar to that of the mid-1990s.

The U.S. has been a graveyard for U.K. retailers, so investors are a little cautious. It could be that it wants to a get a flavor for the market through a small operation and then make a massive acquisition to get instant size.

Foreign institutional investors are, I think, cautious to neutral on equities, including those in the Philippines.

Investors are becoming cautious after shares have performed so well.

The numbers weren't that big a surprise. It's just that investors are very cautious about high-techs at the moment and sensitive to anything that sounds negative.