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Sunday, May 19, 2013

Alert: Philex Recent Slide an Opportunity to Buy

Philex Mining is on a slump. Last week alone, it had declined from 15.98 to close at 13.80 per share, down by 13.64%!

Two possible reasons may have caused the sudden decrease. One, the communist rebels attack on the facility, and two, the spillway project in padcal. Despite this, the management have already issued precautions by adding more security and coordinating with the government, and the spillway construction is on schedule to completion before the rainy season arrives.

We believe this gives investors an opportunity to buy and ride on the increase once confidence on PX stocks regains. Buying now is already a good option, but the price may still dive into P12.50 (it's long term support) so caution should best be observed. Assuming it gets back on its previous level of 18 per share, that's a clear upside of around 28-44%!

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