Mostly ng nakikita ko na news is about earthquake.

So I thought we focus on
it and its effect sa mga mining industries.

We can look for mining industries sa PSE to see if meron dito na nakasali sa
top performing and least performing.

NDRRMC: 432 injured, 21 killed in two quakes that rocked Mindanao

Read more: https://newsinfo.inquirer.net/1185101/ndrrmc-432-injured-in-two-
quakes-that-rocked-mindanao#ixzz64C3bC6iR
MANILA, Philippines — After two earthquakes rattled Mindanao in just a
week, 432 people were injured while 21 were killed, the National Disaster Risk
Reduction and Management Council (NDRRMC) said.

In a 6 a.m. situation report Sunday, the number of injured individuals

climbed to 432 from 331 in Regions X, XI, XII and Bangsamoro Autonomous
Region of Muslim Mindanao.

Website of mining companies in Mindanao:

http://www.philexmining.com.ph/silangan/

https://www.apexmines.com/

https://docs.google.com/viewerng/viewer?
url=https://www.bulatlat.com/wp-content/uploads/2011/02/mining-
applications-in-Pantukan.pdf&hl=en_US

We can find certain company dito na pede natin gawan ng indepth na study.

Philex Mining

 Silangan Mindanao Exploration Inc Co

o Silangan Mindanao Mining Inc Co
PHILEX MINING CORP

Summary:

Philex Mining Corporation (PMC) is a Philippines-based company, through its subsidiaries, is

organized into two business segments: the metals business segment under PMC, Philex Gold
Philippines, Inc. (PGPI) and Silangan Mindanao Mining Co., Inc. (SMMCI), and the energy
and hydrocarbon business segment under Philex Petroleum Corporation (PPC). The
Company, through its subsidiaries, is engaged in the operation of the Bulawan mine and the
development of the Sibutad Project; exploration, development and utilization of mineral
resources, particularly the Lascogon Project in Surigao; businesses related to various kinds
of petroleum and petroleum products, oil and other sources of energy; business of
exploration and production, and other mineral related opportunities, and acquisition,
exploration and development of oil and gas properties and the production of hydrocarbon
products.
CURRENT NEWS

Philex Mining loses PHP691.2 million (US$13.3 million) in MCap, steepest

heavyweight fall in Mining sector Wednesday October 02, 2019 15:00 PST - News
Bites Asia - Philippines

02-Oct-2019 04:44:28 PM

To view this story on Eikon, click here

NEWS BITES ASIA - PHILIPPINES

Philex Mining Corporation (PH:PX), the 4th largest Mining company by market cap in the
Philippines, has dropped 14.0 centavo (3.8%) from its previous trading session to close at
PHP3.55. Compared with the PSEi Index which fell 129.2 points (1.7%) in the day, the
relative price change was -2.1%. The volume was 0.4 times the average daily trading
volume of 1.9 million shares. It posted the steepest fall in MCap with the most influence on
the Mining sector. There were 786,000 shares worth PHP2.8 million (US$53,744) traded
today.

Stock Summary

Currency Philippine Peso (PHP) 1 USD = 51.92 PHP

Today's close (PHP) 3.55

52-Week Range
2.5-4.5
(PHP)

Sector Mining sector

Shares Outstanding 4,936,996,068

Market Cap PHP17.5 billion (US$337.6 million)

Highlights in today's Report:

SECTION 1 TODAY'S BEARISH SIGNALS

SECTION 2 TODAY'S BULLISH SIGNALS

RECAP FROM PREVIOUS REPORTS (UPDATED AT THE LAST PRICE OF PHP3.55):

SECTION 3 THE PAST WEEK

SECTION 4 ONGOING BULLISH PARAMETERS

SECTION 5 ONGOING BEARISH PARAMETERS

SECTION 6 SUMMARY FINANCIALS

SECTION 7 CORPORATE PROFILE

SECTION 1 PHILEX MINING BEARISH SIGNALS

1.1 Overvaluation [compared with sector average]:

Price/Earnings and Earnings Yield

+ Price/Earnings of 28.9 [16.6].

+ Earnings yield of 3.5% is below the 10-year bond yield of 4.7%.

Price to Sales

+ Price/Sales of 2.3 [2.1].

1.2 Overvaluation Indicator and rank of Philex Mining in the Philippines market:

Description Value Rank In Market

Price/Earning
28.9 In Bottom Quartile
s

1.3 Downtrend:

Today's Volatility:

+ Philex Mining drops 3.8% on high volatility: Today its volatility (highest price minus
lowest price/lowest price) of 3.7% was 1.1 times the average daily volatility of 3.2%, up
from 1.9% on Tuesday and 0.5% on Monday. A fall in the price on high volatility is a bearish
signal.

Price/Moving Average Price and MACD:

+ The Price/MAP of 0.86 for PX is lower than the Price/MAP for the PSEi Index of 0.97.

+ The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential

Moving Average (EMA) of 3.79 minus the 26-day EMA of 3.84 is negative suggesting a
bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish
signal.

+ The price to 50-day EMAP ratio is 0.9, a bearish indicator. The 50-day EMAP has
decreased to PHP3.79. A decrease is another bearish indicator.
+ In the past 200 days this ratio has been under 0.86, 64 times suggesting further
downside. The stock is trading below both its MAPs and the 50-day MAP of PHP4.04 is lower
than the 200-day MAP of PHP4.11, another bearish indicator.

Past Week:

+ Philex Mining Corporation is placed 186/198 in BuySellSignals' ranking of Philippines

performers in the past week, a percentile ranking of 7.

+ In the past week, volume was 0.5 times average and the shares were down 7.3%.
Wednesday's close price is at a 4.5% discount to its 5-day Volume Weighted Average Price
(VWAP) of PHP3.72.

Past Month:

+ Falls to Rises: in the past month the number of falls outnumbered rises 15:6 or 2.5:1.

+ The present value of PHP1,000 (PV1000) invested one month ago in Philex Mining is
PHP885, for a capital loss of PHP115.

1.4 Low Price Performance Indicators and rank of Philex Mining in the Philippines market:

PX
Description Rank In Market
Value

Price/MAP50 0.88 In Bottom Quartile

Price/MAP200 0.86 In Bottom Quartile

SECTION 2 PHILEX MINING BULLISH SIGNALS

2.1 Undervaluation [compared with sector average]:

Price to Book

+ Price to Book of 0.7 [1.5]. We estimate Philex Mining stock is trading at a current year
Price to Book of 0.7 and a forward year Price to Book of 0.7.

+ The P/E of 28.9 multiplied by the P/NTA of 0.7 is 21.4. Being less than the Benjamin
Graham benchmark of 22.5 the stock appears undervalued.

MCap/Total Assets

+ Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.4. Compared with the rest
of the market the stock is undervalued.

2.2 Uptrend:

Relative Strength (6 months):

+ In the Philippines market of 203 stocks traded today, the stock has a 6-month relative
strength of 74 indicating it has outperformed 74% of the market.

2.3 Oversold/Bullish/Support Signals:

+ At PHP3.55 the price is below the lower Bollinger band support of PHP3.62, indicating an
upside for it to return to the band.

+ The Relative Strength Index (RSI) of 8.8 has breached the oversold line of 30, suggesting
the price decrease of 8.8% in the last 14 days is unusually high.

+ The Money Flow Index [MFI] is 19.9 suggesting an oversold 14-day trend, being under
20. The Money Ratio of 0.2 suggests positive money flow was 0.2 times negative money
flow.

RECAP FROM PREVIOUS REPORTS (UPDATED AT THE LAST PRICE OF PHP3.55):

SECTION 3 THE PAST WEEK

3.1 Snapshot: Philex Mining stock was down 28.0 centavo or 7.3% in the past week.
Volume in the week was 0.5 times average trading of 9.7 million shares. It underperformed
the PSEi index in 3 out of 5 days.

Close Price Relative

Day Philex Mining price change change Comment
[PHP] % %

In 4th consecutive
Tuesday fall, nears two- 3.69 -2.1 -1.6 Steepest Fall
month low

Price fall on
Monday Decreases 3.77 -0.3 0.2 falling relative
strength

Falls for a second Price fall on

Friday consecutive day, a 3.78 -0.5 0.5 slipping relative
two-day fall of 1.3% strength

In its biggest Price fall on

Thursday weekly loss in 2 3.8 -0.8 -0.8 slipping relative
months strength

Wednesda Consolidates near Price/MAP50

3.83 0 -0.03
y one-month low below 1

3.2 Volatility:

+ Philex Mining is at a discount of 20.4% to its 12-month high of PHP4.46 on February 11.
It is also at a premium of 42.0% to the 12-month low of PHP2.50 on December 03, 2018.

SECTION 4 ONGOING BULLISH PARAMETERS

4.1 Low Debt Indicators:

+ The debt to equity ratio of 9.1% is under a safe benchmark figure of 50%. Moreover, it
has improved in the past three years.

4.2 Increased ADVT past five years

Avg. Daily Volume Traded 12 months ended Oct 02, million shares

Year ADVT

201
1.9
9

201
0.77
8

201
1.5
7

201
2.6
6

201
1.1
5

In the past five years, Average Daily Volume of Trading (ADVT) has increased 73.2% to 1.9
million shares.

4.3 Turnover Rate & Turnover Period:

+ The turnover rate in the 12 months to date was 8.9% (or a turnover period of 11 years 3
months). The average length of ownership of the stock is 1.4 times the average holding
period of 8 years 2 months for stocks in the PSEi Index suggests a larger number of core
investors, making a long-term investment safer.

SECTION 5 ONGOING BEARISH PARAMETERS

5.1 Performance:

+ Return on Equity 2.6% [8.0%].

+ Return on Assets 1.5% [4.6%].

+ Return on Capital Employed 2% [7.0%].

+ Net profit margin has averaged 5.4% in the last 3 years. This is lower than the sector
average of 23.7% and suggests a low margin of safety.

+ As per the Du Pont analysis, Return on Equity [ROE] is less than stellar at 2.6%; a
deterioration from 6.7% last year. ROE is computed as net profit margin of 8.0% times
asset turnover [sales/assets] of 0.19 times leverage factor [total assets/shareholders'
equity] of 1.7.

YOY Deterioration in ROE and Profit Margin

Du Pont RO
Profit Margin Asset Turnover Equity Multiplier
Analysis E

Current Year 2.6 8.0 0.19 1.7

Previous Year 6.7 18.1 0.23 1.6

5.2 Growth:

Quarterly Trend in Revenue, Net Profit and Net Profit Margin:

+ Net Profit margin is positive but falling in recent quarters. [All figures in %]

Qtr-ended Revenue Growth Net Profit Growth Net Profit Margin

Jun 19 [Q2] 9.3 -10.5 11.5

Mar 19
- - 14
[Q1]

Annual Trend in Revenue, EPS and EBITDA:

5-years average annualized earnings growth rate of 11.9%

+ Revenue growth and Earnings per share growth have shown signs of deterioration in
recent years. [Year ended, all figures in %]

EPS
Year Revenue Growth EBITDA Growth
Growth

Dec
-16.4 -63.4 -41.7
18

Dec
-2.5 4.3 -
17

Dec
12.3 78.9 -
16

5.3 High Debt Indicators:

+ Total Liabilities/EBITDA of 7.4 compares unfavourably with the Joseph Piotroski

benchmark of 5.

5.4 Low Performance Indicators and rank of Philex Mining in the Philippines market:
 Description Value Rank In Market

Return on Equity [ROE] % 2.6 In Bottom Quartile

Return on Assets [ROA] % 1.5 In Bottom Quartile

5.5 Past 5 years Annual EPS growth:

Annual Report EPS ( centavo) Growth %

2018 12.3 -63.4

2017 33.6 4.3

2016 32.2 78.9

2015 18.0 -10.0

2014 20.0 185.7

Average Annual Compounded rate of growth in EPS for the 5 years was impressive at
11.9%. There have been three rises and two declines in the past 5 years.

5.6 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged -4.5%.
The Moving Annual Return has been positive in 2 of the last 5 years. An investment a year
ago in PX would have produced a return of 8.2%.

Close Dividends Capital Gain / % Annual Return

PX
(PHP) (PHP) (Loss) % Yield %

Oct 02 3.55 - 8.2 - 8.2

1 Yr
3.28 0.12 (59.8) 1.4 (58.4)
ago

2 Yrs
8.16 0.04 (3.6) 0.5 (3.1)
ago

3 Yrs
8.47 0.03 82.6 0.6 83.2
ago

4 Yrs
4.64 0.02 (52.6) 0.2 (52.4)
ago

Close 5 years ago PHP9.78

5.7 Declining VWAP

Past five years, 12 months ended Oct 02 (PHP)

 VWA
Year High Price Low Price
P

201
4.46 3.65 2.5
9

201
8.12 5.75 3.28
8

201
10.25 8.75 7.69
7

201
9.09 6.98 3.65
6

201
9.92 7.53 4.51
5

In the past five years Volume Weighted Average Price (VWAP) has decreased by 51.6% to
PHP3.65. Based on a dynamic start date of five years ago, there have been declines in
VWAP in 4 out of 5 years.

5.8 Declining Average Daily Turnover

Past five years, 12 months ended Oct 02 (PHP million)

Year Average Daily Turnover

201
6.9
9

201
4.3
8

201
12.7
7

201
17.7
6

201
8.1
5

In the past five years, average daily share turnover has decreased 15.2% to PHP6.9 million
(US$132,176). This suggests decreased liquidity.

SECTION 6 PHILEX MINING SUMMARY FINANCIALS

6.1 Financials Summary

Dec
Year ended Dec 2018 Dec 2016
2017
 Sales (USD M) 147.1 176.1 180.4

Pretax (USD
13.2 45.6 (4.4)
M)

Net (USD M) 11.7 31.9 30.6

EPS (PHP) 0.123 0.336 0.322

+ Net profit was down 63.3% from US$31.9 million in 2017 to US$11.7 million in 2018.

+ Earnings Per Share (EPS) was down 63.4% from 33.60 centavo to 12.30 centavo.

6.2 Annual Report: Key Parameters

FY2018 Annual Report: Philex Mining profits hit by 63% fall

Philex Mining (PH:PX) reported net profit for the year-ended 31 December 2018 of
PHP608m ($US11.6m), down 63.3% from PHP1.7b ($US33.2m) in the previous year.

Major changes compared with previous year:

Favourable Changes:

- Total non-current assets to Total Assets up from 84.2% to 89.1%

- Other non-current assets to Total Assets up from 63.5% to 64.8%

- Long-term investments to Total Assets up from 3.8% to 10.9%

Unfavourable Changes:

- Net profit slumps 63.3% from PHP1.7b ($US33.2m) to PHP608.5m ($US11.6m)

- EBIT Margin down from 25.9% to 9.0%

- EBIT to total assets down from 6.0% to 1.7%

- Cost of Goods Sold to Sales up from 48.3% to 57.7%

- Profit before tax to Sales down from 25.9% to 9%

- Current ratio down 49.6% from 1.3 to 0.7

- Retained earnings to total assets down from 13.3% to 10.3%

- Fixed Assets to Total Assets down from 16.9% to 13.3%

- Total current assets to Total Assets down from 15.8% to 10.9%

- Total Liabilities to EBITDA of 7.5 compares unfavourably with the Joseph Piotroski
benchmark of <5. This ratio has deteriorated by 95% from the previous year's ratio of
3.8.

- Total Liabilities to Operating Cash Flow of 5.2 compares unfavourably with the Joseph
Piotroski benchmark of <4. This ratio has deteriorated by 18.6% from the previous year's
ratio of 4.4.

- Net tangible assets per share down 4.2% from PHP5.01 (US10c) to PHP4.8 (US9.1c)

Note:

- Total revenue to total assets steady at 0.2

- Depreciation to Sales up from 17% to 20.9%

- Tax expenses to Sales down from 7.8% to 1%

- Total liabilities to Total assets steady at 0.4

Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Philex

Mining Corporation (PX)

December 31 2018 2017 2018 2017 Change

$US $US
Description PHP m PHP m (%)
m m

Down
Sales Revenue 7,640.3 9,142.5 145.4 183
16.4

Down
EBITDA 2,284.6 3,917.3 43.5 78.4
41.7

Depreciation 1,600.5 1,550.5 30.5 31 Up 3.2

Down
EBIT 684.1 2,366.8 13 47.4
71.1

Down
Pre-Tax Profit/(Loss) 684.1 2,366.8 13 47.4
71.1

Slumps
Profit/(Loss) after Tax 608.5 1,658.1 11.6 33.2
63.3

Down
Current Assets 4,453.2 6,266.9 84.7 125.4
28.9

Current Liabilities 6,810.7 4,856.8 129.6 97.2 Up 40.2

Down
Shareholders' Funds 23,699.2 24,731.8 450.9 495
4.2
 Total Liabilities 17,012.3 14,947 323.7 299.2 Up 13.8

Total Assets 40,711.5 39,678.8 774.7 794.1 Up 2.6

Down
Current Debt 2,155.8 2,446.6 41 49
11.9

Down
Total Debt 2,155.8 2,446.6 41 49
11.9

Down
Operating Cash Flow 3,287.5 3,428.6 62.6 68.6
4.1

Down
Net Assets 23,699.2 24,731.8 450.9 495
4.2

Down
Net Tangible Assets 23,699.2 24,731.8 450.9 495
4.2

SYCIP GORRES
Auditor  
VELAYO & CO.

Year-on-year comparison of Per Share figures

201
December 31 2018 2017 2018 Change (%)
7

centav
Description centavo US c US c
o

Sales 154.6 185.1 2.9 3.7 Down 16.4

Shareholders'
479.7 500.6 9.1 10 Down 4.2
Funds

Total Liabilities 344.4 302.5 6.6 6.1 Up 13.8

Total Assets 824.1 803.1 15.7 16.1 Up 2.6

Current Debt 43.6 49.5 0.8 1 Down 11.9

Total Debt 43.6 49.5 0.8 1 Down 11.9

Net Tangible Assets 480 501 9.1 10 Down 4.2

Year-on-year comparison of Performance Ratios

201 201
December 31 Change (%)
8 7

Return on Equity (%) 2.6 6.7 Down 61.2

Return on Assets (%) 1.5 4.2 Down 64.3

Total debt to net tangible assets (%) 9.1 9.9 Down 8.1
 Total Liabilities to EBITDA 7.5 3.8 Up 95

Total Liabilities to Operating Cash Flow 5.2 4.4 Up 18.6

Total Liabilities/Total Assets (Up 10.5% from 0.38 to

0.4 0.4 Up 10.5
0.42)

Current Ratio 0.7 1.3 Down 49.6

Common Size Ratios by Assets %

Total non-current assets to Total Assets 89.1 84.2 Up 5.8

Other non-current assets to Total Assets 64.8 63.5 Up 2.0

Fixed Assets to Total Assets 13.3 16.9 Down 21.5

Total current assets to Total Assets 10.9 15.8 Down 31.0

Long-term investments to Total Assets 10.9 3.8 Up 189.9

Common Size Ratios by Sales %

Cost of Goods Sold to Sales 57.7 48.3 Up 19.6

Depreciation to Sales 20.9 17.0 Up 23.2

Profit before tax to Sales 9.0 25.9 Down 65.2

Administration expenses to Sales 4.0 4.0 Up 0.7

Tax expenses to Sales 1.0 7.8 Down 87.1

Currency Conversion (December 31, 2018): $US1 = PHP52.55

Currency Conversion (December 31, 2017): $US1 = PHP49.96

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged PHP9,173.1M ($US174.5M), EBITDA averaged
PHP2,071.7M ($US39.4M) and Net Profit averaged PHP653.1M ($US12.4M). Compound
Annual Growth Rate (CAGR) averaged -5.7% for Total Revenue, 12.2% for Net Profit and
-4.9% for EBITDA.

Annual Annual 5-year Avg 5-year Avg 5-year

Description
(PHP M) ($US M) (PHP M) ($US M) CAGR %

Total
7,640.3 145.4 9,173.1 174.5 (5.7)
Revenue

EBITDA 2,284.6 43.5 2,071.7 39.4 (4.9)

Operating
684.1 13 1,103.4 21 (14.4)
Profit

Net Profit 608.5 11.6 653.1 12.4 12.2

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 8.0% was above its 5-year Avg of 7.3% (All Figures in %)

Description 2018 5-year Avg

EBITDA Margin 29.9 23

Operating Profit Margin 9 12.2

Net Profit Margin 8 7.3

Return on Equity 2.6 2.5

Return on Assets 1.5 1.5

Return on Capital
2 3.1
Employed

SECTION 7 CORPORATE PROFILE

7.1 Activities

Philex Mining Corporation is a Philippines based company. The Company is engaged in the
exploration, development and utilization of mineral resources. The Company primarily
produces copper, gold and silver as its products. In September 2008, Philex Mining
Corporation announced that its subsidiary, Philex Petroleum Corporation completed the
acquisition of Forum Energy plc. In February 2009, the Company acquired 50% interest in
Anglo American Exploration (Philippines), Inc.

7.2 Top Management

The chief executive officer is Eulalio B. Austin.

7.3 Issued Capital and MCap

Based on 4,936,996,068 issued shares the market capitalisation is PHP17.5 billion

(US$337.6 million).

COMPANY IDENTIFIERS

Contact: -631-6311381

Physical Address: Philex Building 27 Brixton Corner Fairlane Street Pasig City, 1600
Philippines

State/Province/Country: Philippines

Exchange: Philippine Stock Exchange

Business Sector: Mineral Resources

Industry Group: Metals & Mining

Economic Sector: Basic Materials

ISIN: PHY689911352

PH:PX; PS:PX; PM:PX; PX.PS

PermID: 4295886322

RIC: PX.PS

Source: www.BuySellSignals.com

Weekly: Philex Mining in its biggest weekly loss in 1 month Thursday October 31,
2019 15:00 PST - News Bites Asia - Philippines

01-Nov-2019 01:36:03 PM

To view this story on Eikon, click here

NEWS BITES ASIA - PHILIPPINES

Philex Mining Corporation (PH:PX), the Philippines' 4th largest Mining company by market
cap, has decreased 12.0 centavo (or 3.3%) in the past week to close at PHP3.53. In the
past week the shares have decreased 3.3%, the biggest weekly fall since October 03, 2019.
Compared with the PSEi Index which rose 26.1 points (or 0.3%) in the week, this
represented a relative price change of -3.6%. The volume was 0.2 times average trading
per week of 8.9 million shares. In the past week the market cap has declined PHP592.8
million (US$11.7 million).

Price Change
1-week 1-month
%

PX -3.3% -4.3%

Mining 1.1% 1.7%

PSEi 0.3% 2.5%

Stock Summary

Last PHP3.53

Week's Volume 1,384,000

Week's Vol Index (1 is avg) 0.20

Market Cap PHP17.4 billion (US$343.6 million)

Week's Range (PHP) 3.50 - 3.65

52-Week Range (PHP) 2.50 - 4.46

Shares Outstanding 4,940,399,068

Highlights in this Weekly Report:

SECTION 1 PRICE VOLUME DYNAMICS

SECTION 2 PERIOD-BASED SHAREHOLDER RETURNS

SECTION 3 BEARISH SIGNALS

SECTION 4 BULLISH SIGNALS:

SECTION 5 PHILEX MINING PROFILE

SECTION 6 PHILEX MINING RANKING

SECTION 7 PHILEX MINING FINANCIALS

SECTION 8 PHILEX MINING BOARD OF DIRECTORS

SECTION 9 RECENT NEWS ON DIRECTORS

SECTION 10 GLOSSARY

SECTION 1 PRICE VOLUME DYNAMICS

1.1 Price Dynamics

The stock traded between an intraweek high of PHP3.65 and a four-week low of PHP3.50.

There were 1,384,000 shares worth PHP5 million (US$97,718) traded. The turnover rate in
the 12 months to date was 8.4% (or a turnover period of 11 years 11 months).

It is at a discount of 20.9% to the 12-month high of PHP4.46 on 11 Feb, 2019. It is also at

a premium of 41.2% to the 12-month low of PHP2.50 on 03 Dec, 2018.

The price is at a discount of 9.1% to the 3-month volume weighted average price of
PHP3.88, which may appeal as a value proposition. The Volume Weighted Average Price
(VWAP) is the summation of turnover [or price at which shares were sold times the volume
of shares] divided by the total volume and represents an average based on turnover of all
transactions over the period. In the past week the Volume Weighted Average Price was
PHP3.58, down from PHP3.65 in the previous week. Average weekly volume of 8,862,660
shares declined 5.4% from 9,371,380 shares. The 5-week VWAP is PHP3.62.

Recent weekly history of Price Volume Dynamics

[All figures except Volume in PHP]:

Week-Ended Mid-Bounce Av weekly

High Low Turnover VWAP
Thu Price volume

31 Oct, 2019 3.6 3.5 4,959,800 3.6 8,862,660 3.6

24 Oct, 2019 3.7 3.6 6,073,720 3.7 9,371,380 3.7

17 Oct, 2019 3.7 3.6 7,573,330 3.7 9,588,440 3.7

10 Oct, 2019 3.6 3.5 10,027,630 3.6 9,612,580 3.5

03 Oct, 2019 3.9 3.5 14,117,250 3.7 9,647,840 3.7

1.2 The past week

Philex Mining underperformed the PSEi index in 5 out of 5 days.

 Close Price Relative
Day Headline price change change Comment
[PHP] % %

Philex Mining drops to 24-

Thursday 3.5 -0.6 -0
day low

Philex Mining decreases

Wednesda
weakening below moving 3.5 -0.8 -0.6
y
average price

Philex Mining decreases on

Tuesday 3.6 -0.6 -1.1
slipping relative strength

Philex Mining down 1.4%

Monday 3.6 -0.3
for week

Philex Mining loses PHP247

million (US$4.8 million) in
Steepest
Friday MCap, steepest 3.6 -1.4 -1
Fall
heavyweight fall in Mining
sector

1.3 The Best 3 weeks in the past quarter

Mon-Fri Change % PSEi index Change % RPC % Vol Ind [1 is avg]

Jul 29-Aug
13.4 -0.7 14 1.9
02

Oct 07-11 5.4 1.9 3.5 0.2

Sep 02-06 3.7 -0.6 4.2 1.4

In the past quarter the week beginning Monday July 29 saw the highest weekly rise of
13.4% for a relative price increase of 14%.

1.4 The Worst 3 weeks in the past quarter

RPC
Mon-Fri Change % PSEi index Change % Vol Ind [1 is avg]
%

Aug 12-16 -7.5 -1.6 -5.8 1.7

 Sep 30-Oct
-7.1 -1.5 -5.7 0.5
04

Sep 16-20 -3.7 -1.5 -2.2 0.2

In the past quarter the steepest fall of 7.5% took place in the week beginning Monday
August 12.

1.5 Period-based Price Change %

3-Year price change for PX was -55.8%. Compared with the PSEi index which rose 7.7% in
the 3 years, the relative price change was -63.5%.

Price Change
Quarter Year 3 Years
%

PX 3.2 1.4 -55.8

Mining 8.4 -1.9 -20.1

PSEi index -0.8 13.7 7.7

1.6 Price Change, Volume and Turnover for the week

Turnove
Week-Ended Thu Price Change % Volume VI*
r

31st October -3.3 1,384,000 5M 0.2

24th October 0.3 1,664,000 6.1 M 0.2

17th October -0.3 2,064,000 7.6 M 0.2

10th October 3.7 2,832,000 10 M 0.3

3rd October -7.4 3,860,000 14.1 M 0.4

*VI is Volume Index (1 is avg)

1.7 MCap: 5-Year Perspective

In the past 5 years Market Capitalization has decreased by PHP27.4 billion from PHP44.9
billion to PHP17.5 billion. Based on a dynamic start date of 5 years ago, there have been
declines in MCap in 3 out of 5 years.
 MCap (PHP
Price MCap (US$ M)
B)

Last PHP3.55 17.5 343.4

1 Year ago PHP3.54 17.5 325.9

2 Years
PHP7.40 37.3 715.7
ago

3 Years
PHP7.98 40.4 831.9
ago

4 Years
PHP5.39 27.4 585.3
ago

5 Years
PHP8.85 44.9 1,001.9
ago

1.8 Beta & Standard Deviation

The Beta of this stock is 0.8. A Beta lower than 1 suggests this is a lower risk, lower return
stock with volatility less than that of the market.

SD is a statistical measure of deviation from the mean. The SD of 2.8% gives it a percentile
rank of 67 meaning that 67% of stocks in the Philippines market are less volatile than this
stock.

SECTION 2 PERIOD-BASED SHAREHOLDER RETURNS

2.1 Past Week:

The value of PHP1,000 invested a week ago is PHP967 [vs PHP1,003 for the PSEi Index] for
a capital loss of PHP33.

2.2 Past Month:

The value of PHP1,000 invested a month ago is PHP957 [vs PHP1,039 for the PSEi Index]
for a capital loss of PHP43.

2.3 Present Value of PHP1000 invested in the past

PVPHP100
1-week 3-months 2-years
0

PX.PH 967 1,014 483

 Mining 1,011 1,084 1,075

PSEi 1,003 993 954

2.4 Moving Annual Return (Past 5 years)

Based on a dynamic start date of 5 years ago, the real rate of return has averaged -8.9%.
The Moving Annual Return has been positive in 2 of the last 5 years. An investment a year
ago in PX would have produced a return of 1.4%.

Close Dividends Capital Gain / % Annual Return

PX
(PHP) (PHP) (Loss) % Yield %

Oct 31 3.53 - 1.4 - 1.4

1 Yr
3.48 0.12 (53.3) 1.5 (51.8)
ago

2 Yrs
7.46 0.04 (6.6) 0.5 (6.1)
ago

3 Yrs
7.98 0.03 52 0.6 52.6
ago

4 Yrs
5.25 0.02 (40.7) 0.2 (40.4)
ago

Close 5 years ago PHP8.85

SECTION 3 Bearish Signals

3.1 Overvaluation:

+ The stock has a score of merely 4 out of 9 set by Joseph Piotroski [pass mark >=5 ]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Total shares on issue unchanged.

+ Price/Earnings of 28.7 versus sector average of 17.3 and market average of 19.5. We
estimate the shares are trading at a current year P/E of 33.6 and a forward year P/E of
39.4.

+ The earnings yield of 3.48% below 10-year bond yield of 4.6%.

+ Price/Sales of 2.3 versus sector average of 2.2 and market average of 1.4. We estimate
the shares are trading at a current year Price/Sales of 2.4 and a forward year Price/Sales of
2.5.

+ Return on Equity of 2.6% versus sector average of 8.0% and market average of 2.5%.

+ Total Liabilities/ EBITDA of 7.4 is more than or equal to 5, this compares unfavourably
with the Joseph Piotroski benchmark of 5.

+ Return on Assets of 1.5% versus sector average of 4.6% and market average of 2.3%.

+ Return on Capital Employed of 2.0% versus sector average of 7.0% and market average
of 5.7%.

+ Revenue growth and Earnings per share growth have shown signs of deterioration in
recent years.

[Year ended, all figures in %]

EPS
Year Revenue Growth EBITDA Growth
Growth

Dec
-16.4 -63.4 -41.7
18

Unfavourable Change in Fundamental Indicators:

DESCRIPTION Jun 30, 2019 Mar 31, 2019 % Change

PHP206.5
Net Profit PHP184.9 million (10.46%)
million

Net Profit Margin

11.5 14.0 (18.1)
%

3.2 Downtrend:

+ The price to 50-day EMAP ratio is 0.96. In the past 50 days this ratio has been under 0.96
just six times suggesting a support level. The 50-day EMAP has decreased to PHP3.69. A
decrease is another bearish indicator.

DESCRIPTION Thu Oct 31 Thu Oct 24

Past Week Price Change % -3.3 0.3

Past Week Turnover PHP5 million PHP6.1 million

 Price/MAP200 0.8 0.9

Relative Strength (1
11.8 55
Week)

Williams %R -87.5 (Oversold) -37.5

+ The value of PHP1,000 invested two years ago is PHP483, including a capital loss of
PHP527 and dividend reinvested of PHP10.

+ Falls to Rises: in the last three months the number of falls outnumbered rises 9:5 or
1.8:1.

SECTION 4 Bullish Signals:

It meets following Benjamin Graham criteria:

+ "Total debt less than tangible book value"; total debt of PHP2.2 Billion is less than
tangible book value of PHP23.7 Billion.

+ "Total debt equal or less than twice the net quick liquidation value"; total debt of PHP2.2
Billion is 0.9 times the net liquidation value of PHP2.3 Billion.

+ "Stability of growth in earnings over the last 5 years, defined as no more than two
declines of 5% or greater in year-end earnings"; there have been 2 declines in earnings in
the last 5 years.

Favourable Change in Fundamental Indicators:

DESCRIPTION Jun 30, 2019 Mar 31, 2019 % Change

PHP1.5
Revenue PHP1.6 billion 9.31%
billion

EPS Growth (20.0%) (33.3%)

4.1 Technicals (Bullish):

+ In the Philippines market of 213 stocks traded today, the stock has a 6-month relative
strength of 84 which means it is beating 84% of the market.

SECTION 5 PHILEX MINING PROFILE

5.1 Stock Identifiers

ISIN: PHY689911352

PermID: 4295886322
CUSIP: Y68991135

5.2 Contact details

Website http://www.philexmining.com.ph"

Physical Philex Building 27 Brixton Corner Fairlane Street Pasig City, 1600
Address Philippines

Phone -631-6311381

Fax -632-6313242

Email philex@philexmining.com.ph

5.3 Industry & Sector

Classification Level Name of Sector

Business Sector Mineral Resources

Industry Group Metals & Mining

Economic Sector Basic Materials

5.4 Top Management

The chief executive officer is Eulalio B. Austin.

5.5 Issued Capital

Based on 4,940,399,068 issued shares the market capitalisation is PHP17.4 billion.

5.6 Activities

Philex Mining Corporation is a Philippines based company. The Company is engaged in the
exploration, development and utilization of mineral resources. The Company primarily
produces copper, gold and silver as its products. In September 2008, Philex Mining
Corporation announced that its subsidiary, Philex Petroleum Corporation completed the
acquisition of Forum Energy plc. In February 2009, the Company acquired 50% interest in
Anglo American Exploration (Philippines), Inc.

SECTION 6 PHILEX MINING RANKING

6.1 Global Rank [out of 47,178 stocks] and Rank of Philex Mining in the Asia Region [out of
23,369 stocks]
 Description Value Global Rank In Asia Region

343.6
MCap (US$) 13,769 6,880
M

797.2
Total Assets (US$) 11,331 5,140
M

149.6
Revenue (US$) 16,781 9,438
M

Net Profit (US$) 11.9M 14,509 7,634

Return on Equity % 2.6 24,754 14,718

Net Profit Margin % 8.0 13,529 7,492

Price to Book 0.7 10,285 6,625

Price/Earnings 28.9 16,867 10,529

PV1000 (1Year) USD* 1,072 18,813 9,894

US$* Change (1Year)

5.3 17,620 9,335
%

* 1 year ago USD 1 = PHP 53.52

Oct 31, 2019: USD 1 equals PHP 50.76

6.2 Global Peer Group (all figures in USD): Key Financials and Price Performance

Relative PV
Revenu Net Total
Name Str. (6 MCap $1000
e Profit Assets
mo) (1 yr)

348.6
Maruzen (5982) 43 893.1 473.3M 31.1M 496.3M
M

Novo Resources 348.3

93 1,128.9 (14.6M) 119.7M
(NVO) M
 Sankyo Tateyama 345.2
66 995.0 3.1B (13M) 2.4B
(5932) M

344.2
K92 Mining (KNT) 97 2,626.5 53.2M 39.1M 87.8M
M

343.6
Philex Mining (PX) 86 1,071.8 149.6M 11.9M 797.2M
M

Major Drilling Group 343.5

94 1,218.8 294M (13.8M) 352.4M
International (MDI) M

Atalaya Mining
43 341M 833.5 210.2M 38.5M 449.5M
(ATYM)

Tangshan Jidong
Equipment 338.4
26 1,008.6 287.6M 3.3M 293.3M
Engineering - A M
Share (000856)

Premier Gold Mines 334.4

91 1,203.7 113.9M (20.4M) 366.5M
(PG) M

Global Peer Group: Valuation Indicators

Countr Turnover Rate % Disc to

Code Last Price P/E P/S P/Book
y (%) 52-w Hi

JPY1,911.
5982 JP 9.1 0.7 1.1 9.2 19.7
0

NVO CA CAD2.65 3.1 6.8 25.4

JPY1,201.
5932 JP 0.1 63.0 22.8
0

KNT CA CAD2.23 7.1 6.5 4.9 13.5 16.5

PX PH PHP3.55 28.9 2.3 8.3 20.4

MDI CA CAD5.60 1.2 1.5 32.3 17.4

ATYM GB GBX193.0 8.8 1.6 1.4 9.7 20.2

 00085
CN CNY10.53 1.2 10.5 641.9 45.7
6

PG CA CAD2.08 3.6 1.2 98.3 18.4

6.3 Rank of Philex Mining in the Total Philippines Market [out of 250 stocks] and in the
Mining sector [out of 22 stocks]

Description Value In Total Philippines Market In Mining sector

MCap (PHP) 17.4B 87 4

Total Assets (PHP) 40.7B 76 4

Revenue (PHP) 7.6B 91 4

Net Profit (PHP) 608.5M 104 3

Return on Equity % 2.6 163 8

Net Profit Margin % 8.0 127 7

Price to Book 0.7 68 10

Price/Earnings 28.7 126 7

PV1000 (1Year)
1,014 137 9
PHP

SECTION 7 PHILEX MINING FINANCIALS

7.1 Financials Summary

Dec
Year ended Dec 2018 Dec 2016
2017

Sales (USD M) 149.6 179 183.4

Pretax (USD
13.4 46.3 (4.5)
M)
 Net (USD M) 11.9 32.5 31.1

EPS (PHP) 0.123 0.336 0.322

+ Net profit was down 63.3% from US$32.5 million in 2017 to US$11.9 million in 2018.

+ Earnings Per Share (EPS) was down 63.4% from 33.60 centavo to 12.30 centavo.

7.2 Average Income Tax paid

2018 2017 2016 2015 2014 5-yr avg

As % of profit before tax 11.1 29.9 28.5 33.3

As % of operating cash flow 3.3 18.1 28.5 11.3

As % of sales 1 7.8 7.4 4.4 3.1 4.7

In the past 5 years, Income Tax as % of profit before tax decreased from 33.3% to 11.1%.

7.3 Annual Report: Key Parameters

FY2018 Annual Report: Philex Mining profits hit by 63% fall

Release Date: April 16, 2019

Philex Mining (PH:PX) reported net profit for the year-ended 31 December 2018 of
PHP608m ($US11.6m), down 63.3% from PHP1.7b ($US33.2m) in the previous year.
Earnings per share (EPS) were down 63.4% from 34.0centavo (US0.68c) in FY2017 to
12.0centavo (US0.23c) in FY2018.

Major changes compared with previous year:

Favourable Changes:

- Total non-current assets to Total Assets up from 84.2% to 89.1%

- Other non-current assets to Total Assets up from 63.5% to 64.8%

- Long-term investments to Total Assets up from 3.8% to 10.9%

Unfavourable Changes:

- Net profit slumps 63.3% from PHP1.7b ($US33.2m) to PHP608.5m ($US11.6m)

- EBIT Margin down from 25.9% to 9.0%

- EBIT to total assets down from 6.0% to 1.7%

- Cost of Goods Sold to Sales up from 48.3% to 57.7%

- Profit before tax to Sales down from 25.9% to 9%

- Current ratio down 49.6% from 1.3 to 0.7

- Retained earnings to total assets down from 13.3% to 10.3%

- Fixed Assets to Total Assets down from 16.9% to 13.3%

- Total current assets to Total Assets down from 15.8% to 10.9%

- Total Liabilities to EBITDA of 7.5 compares unfavourably with the Joseph Piotroski
benchmark of <5. This ratio has deteriorated by 95% from the previous year's ratio of 3.8.

- Total Liabilities to Operating Cash Flow of 5.2 compares unfavourably with the Joseph
Piotroski benchmark of <4. This ratio has deteriorated by 18.6% from the previous year's
ratio of 4.4.

- Net tangible assets per share down 4.2% from PHP5.01 (US10c) to PHP4.8 (US9.1c)

Note:

- Total revenue to total assets steady at 0.2

- Depreciation to Sales up from 17% to 20.9%

- Tax expenses to Sales down from 7.8% to 1%

- Total liabilities to Total assets steady at 0.4

7.4 Annual Report [Year-on-year comparison: 2018 vs 2017]

Company Name : Philex

Mining Corporation (PX)

December 31 2018 2017 2018 2017 Change

$US $US
Description PHP m PHP m (%)
m m

Down
Sales Revenue 7,640.3 9,142.5 145.4 183
16.4

Down
EBITDA 2,284.6 3,917.3 43.5 78.4
41.7

Depreciation 1,600.5 1,550.5 30.5 31 Up 3.2

EBIT 684.1 2,366.8 13 47.4 Down

 71.1

Down
Pre-Tax Profit/(Loss) 684.1 2,366.8 13 47.4
71.1

Slumps
Profit/(Loss) after Tax 608.5 1,658.1 11.6 33.2
63.3

Down
Current Assets 4,453.2 6,266.9 84.7 125.4
28.9

Current Liabilities 6,810.7 4,856.8 129.6 97.2 Up 40.2

Down
Shareholders' Funds 23,699.2 24,731.8 450.9 495
4.2

Total Liabilities 17,012.3 14,947 323.7 299.2 Up 13.8

Total Assets 40,711.5 39,678.8 774.7 794.1 Up 2.6

Down
Current Debt 2,155.8 2,446.6 41 49
11.9

Down
Total Debt 2,155.8 2,446.6 41 49
11.9

Down
Operating Cash Flow 3,287.5 3,428.6 62.6 68.6
4.1

Down
Net Assets 23,699.2 24,731.8 450.9 495
4.2

Down
Net Tangible Assets 23,699.2 24,731.8 450.9 495
4.2

SYCIP GORRES
Auditor
VELAYO & CO.

Year-on-year comparison of Per Share figures

201
December 31 2018 2017 2018 Change (%)
7
 centav
Description centavo US c US c
o

Sales 154.6 185.1 2.9 3.7 Down 16.4

Shareholders'
479.7 500.6 9.1 10 Down 4.2
Funds

Total Liabilities 344.4 302.5 6.6 6.1 Up 13.8

Total Assets 824.1 803.1 15.7 16.1 Up 2.6

Current Debt 43.6 49.5 0.8 1 Down 11.9

Total Debt 43.6 49.5 0.8 1 Down 11.9

Net Tangible Assets 480 501 9.1 10 Down 4.2

Year-on-year comparison of Performance Ratios

201 201
December 31 Change (%)
8 7

Return on Equity (%) 2.6 6.7 Down 61.2

Return on Assets (%) 1.5 4.2 Down 64.3

Total debt to net tangible assets (%) 9.1 9.9 Down 8.1

Total Liabilities to EBITDA 7.5 3.8 Up 95

Total Liabilities to Operating Cash Flow 5.2 4.4 Up 18.6

Total Liabilities/Total Assets (Up 10.5% from 0.38 to

0.4 0.4 Up 10.5
0.42)

Current Ratio 0.7 1.3 Down 49.6

Common Size Ratios by Assets %

Total non-current assets to Total Assets 89.1 84.2 Up 5.8

 Other non-current assets to Total Assets 64.8 63.5 Up 2.0

Fixed Assets to Total Assets 13.3 16.9 Down 21.5

Total current assets to Total Assets 10.9 15.8 Down 31.0

Long-term investments to Total Assets 10.9 3.8 Up 189.9

Common Size Ratios by Sales %

Cost of Goods Sold to Sales 57.7 48.3 Up 19.6

Depreciation to Sales 20.9 17.0 Up 23.2

Profit before tax to Sales 9.0 25.9 Down 65.2

Administration expenses to Sales 4.0 4.0 Up 0.7

Tax expenses to Sales 1.0 7.8 Down 87.1

Currency Conversion (December 31, 2018): $US1 = PHP52.55

Currency Conversion (December 31, 2017): $US1 = PHP49.96

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged PHP9,173.1M ($US174.5M), EBITDA averaged
PHP2,071.7M ($US39.4M) and Net Profit averaged PHP653.1M ($US12.4M). Compound
Annual Growth Rate (CAGR) averaged -5.7% for Total Revenue, 12.2% for Net Profit and
-4.9% for EBITDA.

Annual Annual 5-year Avg 5-year Avg 5-year

Description
(PHP M) ($US M) (PHP M) ($US M) CAGR %

Total
7,640.3 145.4 9,173.1 174.5 (5.7)
Revenue

EBITDA 2,284.6 43.5 2,071.7 39.4 (4.9)

Operating
684.1 13 1,103.4 21 (14.4)
Profit

Net Profit 608.5 11.6 653.1 12.4 12.2

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2018 Net Profit Margin of 8.0% was above its 5-year Avg of 7.3% (All Figures in %)

Description 2018 5-year Avg

EBITDA Margin 29.9 23

Operating Profit Margin 9 12.2

Net Profit Margin 8 7.3

Return on Equity 2.6 2.5

Return on Assets 1.5 1.5

Return on Capital
2 3.1
Employed

SECTION 8 PHILEX MINING BOARD OF DIRECTORS

Name Designation

Eulalio B. Austin CEO & President

Gonzalo T. Duque Non-Executive Director

Barbara Anne C.
Company Secretary
Migallos

SECTION 9 RECENT NEWS ON DIRECTORS

9.1 Shareholder Value added by Directors

Eulalio B. Austin starts ninth year as Philex Mining CEO

Saturday June 29, 2019

Eulalio B. Austin was appointed CEO of Philex Mining (PH:PX) eight years ago on June 29,
2011. In the last 5 years the average annualized return to shareholders was -20.4%. The
present value of PHP1,000 (PV1000) invested 5 years ago is now PHP319, a loss of PHP691
and dividend reinvested of PHP10.

SECTION 10 GLOSSARY

Earnings Yield: Earnings Per Share/Share Price (%)

PV1000: Present value of 1000 invested 1 year/'n' years ago

Relative Price Change [RPC]: Relative price change is price change of stock with respect to
Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by
percentile within the entire market.

Turnover Period: Time Period required for trading all Outstanding Shares

Turnover Rate: value of annual trading volume as a percentage of market capitalisation

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Index (VI): Number of shares traded in the period/Average number of shares
traded for the period

Source: www.BuySellSignals.com