First Metro Asset Management Inc

The Bellwether 111

Releasing the 10th issue of The Bellwether, as published by FMIC’s IAG-Research.

This is a fortnightly publication on market action and outlook.

The following are the highlights of the issue:

  • Lepanto Corporation’s (LC) Far Southeast Gold Find Postively Surprises
  • Shares Rise
  • LT Group Inc Eyes Premium on 3bn Overseas Share Equity Placement
  • Philex Mining Corporation (PX)

Lepanto Corporation’s (LC) Far Southeast Gold Find Postively Surprises

Shares Rise. LC’s shares shot up last Sept 14, 2012 to Php1.35/share (after languishing below Php1.20 in 2Q2012 and 3Q2012) on a disclosure its gold find resource in the Far Southeast Project nears the target 53m oz. in gold equivalent at 43.1m oz. That’s gold and copper content measured in gold equivalent, but not yet confirmed by a competent person under the Philip-pine Mineral Reporting Code.

LT Group Inc. Eyes Premium on 3bn Overseas Share Equity Placement

15% Profit Growth in 2013 to Php9.2bn from this year’s Php8bn. LT Group Inc.’s 2012 profit guidance stands at Php8bn, above our estimate of Php7.5bn. First half 2012 earnings were Php3.6bn. Based on company guidance, they’re looking at 15% net profit growth to Php9.2bn or an EPS of Php0.80. Such growth will come from the company’s strong consumer orientation, synergistic benefits of its bank merger and a turnaround in the aviation business.

Philex Mining Corporation (PX)

Last Shipment. Losing Php100mn-Php200mn a month on Padcal mine’s shutdown since last August, PX is making a last shipment this month. That will be worth $2mn (or Php86mn) using remaining gold and copper concentrates which followed another shipment worth the same last August. PX’s lone operating gold and copper mine Padcal was shut down after a tailings dam leak whose proximate cause was the series of storms and heavy rainfall in Northern Luzon last July. The Padcal mine is in Padcal, Benguet.

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First Metro Asset Management Inc