Financial Adviser: 5 Best Performing Stocks in the PSE for 2025 and How to Profit from Them

Price: P6.25

Year-to-date gain: +346.4 percent

PhilWeb Corporation (PSE: WEB) is a listed technology and systems provider to the Philippine gaming industry, operating electronic gaming platforms, e-Bingo sites, and related services under the regulatory oversight of the Philippine Amusement and Gaming Corporation (PAGCOR). The company’s revenues are largely derived from revenue-sharing arrangements with gaming operators, making performance highly dependent on gaming volumes and platform utilization.

In 2023, WEB’s total revenues declined by about 5.1 percent to P774.6 million from P816.1 million in the previous year, driven mainly by softer contributions from e-Games stations and operator platforms, even as the service provider’s share remained relatively stable at P389.2 million.

While the top-line decline was modest, profitability deteriorated sharply, with the company swinging to a net loss of P599.2 million for the year. This collapse in earnings was not caused by operating losses alone, but by substantial impairment charges totaling P589.9 million, primarily related to goodwill and right-of-use assets.

These non-cash write-downs reflected a reassessment of long-term cash-flow assumptions, slower recovery in gaming activity, and the rationalization of underperforming sites. As a result, the deterioration in net income was driven far more by balance-sheet adjustments than by the decline in revenues itself.

This year, WEB’s financial results continue to reflect a challenging operating environment following the balance-sheet reset. For the first nine months of 2025, total revenues declined by about 11 percent to P533.8 million, down from P597.8 million in the same period last year, which indicate continued weakness in gaming volumes and platform activity.

Profitability remained under pressure. WEB posted a net loss of P60.6 million, wider than the P10.0 million net loss recorded in the same period last year. As a result, the deterioration in net income reflects not an operational turnaround, but the continued burden of below-breakeven revenues combined with non-operating charges.

Last October, WEB disclosed the sale of a substantial block of shares by its principal shareholder to a buyer group composed of two Philippine holding companies—Nexora Holdings Inc. and Velora Holdings Inc for a total consideration of about P1.8 billion, equivalent to roughly P2.17 per share.

Going forward, the new owners are expected to focus on stabilizing operations, improving cash generation, and strengthening governance, particularly after the company’s recent balance-sheet reset. While no formal strategic overhaul has been announced, the ownership transition opens the door to incremental changes in the business model.

At its current share price of P6.25, WEB’s market capitalization has risen to about P8.9 billion, a level that already prices in a material turnaround from the company’s recent earnings profile.

To put this valuation into context, listed technology, platform, and services companies in the region typically trade at EV/EBITDA multiples of around 10× to 15×, depending on growth visibility and margin stability, and Price-to-earnings (P/E) multiples of roughly 15× to 20× for companies with normalized profitability.

Using these benchmarks and working backward from WEB’s current valuation helps illustrate the scale of improvement now implied by the market.

Assuming WEB trades at a mid-cycle EV/EBITDA multiple of 12×, the company would need to generate roughly P740 million in annual EBITDA to support an enterprise value in the vicinity of P8.9 billion. Even at the higher end of sector valuations, let’s say 15× EV/EBITDA—the implied EBITDA requirement would still be close to P590 million, which implies an increase of more than 20× from existing levels.

A similar exercise using earnings multiples leads to the same conclusion. At a P/E of 15×, WEB would need to deliver about P590 million in net income annually to justify its current market capitalization. At 20× earnings, the implied net income requirement would still be approximately P445 million.

These implied earnings and cash-flow levels are significantly above WEB’s current run rate, which indicates that the market is no longer valuing the company on its historical results, but rather on expected future performance under the new ownership structure.

WEB’s price action reflects a classic impulsive advance following a prolonged basing phase. After spending an extended period trading below P2.00, the stock built a broad accumulation base before breaking out decisively in 2025.

From a Wave perspective, the most probable count suggests that Wave 1 carried the stock from around P1.20 to P3.40, followed by a Wave 2 pullback toward the P2.70–2.80 area. The rally then accelerated into an extended Wave 3, which lifted prices from roughly P2.80 to P5.40, before giving way to a sharp Wave 4 correction that retraced the move back to around P3.80. The current advance appears to be Wave 5, pushing prices from the Wave 4 low toward the P6.90–7.10 zone.

At this stage, it is important to note that the stock is now in the latter part of Wave 5 rather than at the beginning of a new impulse. While momentum can remain strong during this phase, the risk of a sudden and deep correction increases materially.

Price: P10.00

Year-to-date gain: +258.4 percent

Philex Mining Corporation (PSE: PX) is one of the Philippines’ longest-operating copper and gold producers, with its core revenues historically generated from the Padcal Mine in Benguet. The company is currently in a transition phase that would extend Padcal’s life to ensure continuity of operations while advancing the Silangan Copper-Gold Project in Mindanao, which is targeted for initial production in 2026.

In 2024, PX’s total revenues rose by 5.8 percent to P8.18 billion from P7.73 billion a year earlier. The growth was driven mainly by higher copper realizations and stable gold output, supported by firmer metal prices, even as production volumes remained constrained by the mature state of the Padcal mine.

However, this revenue growth did not translate into stronger bottom-line performance. Net income declined year on year by 20.4 percent to P810m from P1.0 billion in 2023, as higher operating costs, mine-life extension expenses, and continued development spending for Silangan weighed on profitability.

This year, for the first nine months of 2025, PX’s total revenues rose by 3.0 percent to P6.28 billion, from P6.10 billion in the same period last year. The modest increase was driven mainly by stronger realized gold prices, which helped offset softer copper output and lower realized copper prices during the period.

Despite the improvement in revenues, net income declined materially. Philex reported net income of P481.8 million, down 24.3 percent from P636.0 million a year earlier. The earnings contraction reflects higher non-operating charges and tax expenses associated with the company’s transition phase ahead of Silangan’s expected production start.

At current levels, PX is trading at valuation multiples that are elevated relative to its current earnings base, which highlights that the stock is being priced on future normalization rather than present profitability.

On an earnings basis, PX is trading at 88.2× on a trailing twelve-month basis, while even on a normalized earnings measure, the stock still commands a P/E of 54.1×. These levels are significantly higher than the 10×–15× range typically observed among producing mining companies in emerging markets.

To understand what the market is truly pricing in, let’s work backward from enterprise value using sector-relevant valuation multiples. Established copper and gold producers typically trade at 6× to 9× EV/EBITDA, with valuations gravitating toward the upper end of the range when assets have long reserve lives and clear growth visibility.

Applying this framework to PX highlights the scale of expectations embedded in the current share price. At 6× EV/EBITDA, the company’s valuation implies P8–9 billion in sustainable annual EBITDA. Even at a more generous 8× multiple, implied EBITDA still falls in the P6–7 billion range.

By comparison, PX’s current EBITDA base remains only a small fraction of these implied levels. This wide gap suggests that the stock’s valuation is heavily reliant on future earnings growth. In short, the market is valuing PX not on what it earns today, but on what it is expected to earn once Silangan becomes fully operational.

After trading sideways for most of 2023 and 2024 in a broad range between roughly P2.50 and P3.30, PX’s stock completed a prolonged base that resolved to the upside in early 2025. That breakout started a five-wave advance rather than a simple corrective rebound.

The initial breakout carried prices from around P3.00 to about P5.00, followed by a shallow pullback that respected the broader trend. Momentum then accelerated sharply in an extended third wave lifted the stock toward the P9.00 area with rising volume.

A volatile consolidation followed in the P7.00 range, before prices pushed higher again toward the P10.00 level in what appears to be a fifth and final wave of the current impulse.

From a price geometry perspective, the structure supports this interpretation. The current area around P10.00 coincides with a major resistance band, which explains the hesitation and lack of sustained follow-through despite the strong prior momentum. While further upside toward the P11.00 region remains possible, this zone represents increasingly high-risk territory, where incremental gains are often accompanied by a rising probability of sharp pullbacks.

Price: P11.34

Year-to-date gain: +228.7 percent

Apex Mining Co., (PSE: APX) Inc. is one of the Philippines’ established listed gold producers, operating primarily through its Maco Mine in Davao de Oro, with additional contributions from its Sangilo operations under Itogon-Suyoc Resources.

In 2024, APX’s total revenues increased by 25.4 percent to P15.14 billion from P12.08 billion in 2023. Gold accounted for 96.2 percent of total revenues, with the remaining 3.8 percent contributed by silver. This revenue expansion led net income to increase by 28.2 percent to P4.32 billion in 2024, from ₱3.37 billion in 2023.

This year, for the first nine months of 2025, APX’s total revenues grew by 43 percent to P15.48 billion from P10.84 billion in the same period last year. This surge was driven overwhelmingly by higher realized gold and silver prices, with gold prices rising by over 40 percent year on year, alongside modest increases in volumes sold. Foreign-exchange movements also provided a marginal boost, as the peso weakened slightly against the US dollar. As a result, APX’s net income increased by 78 percent to P5.45 billion from P3.07 billion in the comparable period in 2024.

APX is currently trading at a trailing twelve-month P/E of 9.6, a level that places the stock at the lower end of the valuation range for profitable gold producers. Globally, established gold miners typically trade at 12× to 18× earnings during stable commodity cycles, with valuations often expanding above 20× for companies in growth or development phases. In contrast, APX’s single-digit multiple suggests that the market is not pricing in aggressive production growth, but rather valuing the company on current, realized earnings.

From a Wave perspective, APX’s rally since late 2024 exhibits a five-wave structure. The initial breakout carried prices from the P3.50–4.00 area toward P5.50, forming Wave 1. This was followed by a relatively shallow Wave 2 pullback that held above prior resistance, which confirmed trend strength.

Wave 3 then unfolded as the dominant and most powerful leg, which drove the stock sharply higher from around P5.50 to the P10.50 zone. After this extended advance, APX entered a volatile consolidation between roughly P9.00 and P10.50, which fits the profile of a Wave 4 correction.

The recent push back toward P11.50 appears consistent with a developing Wave 5, where price makes marginal new highs but with more hesitation and shorter follow-through.

Based on the wave structure, APX remains in a primary uptrend but is now in a late-stage phase. Upside is still possible, particularly if gold prices remain supportive, but the risk–reward profile is no longer skewed favorably for aggressive chasing.

At this stage, the chart argues more for risk management and patience than for fresh momentum entries, as a corrective or consolidative phase would be a natural response to the rapid gains of the past year.

Price: P0.171

Year-to-date gain: +155.2 percent

Lepanto Consolidated Mining Company (PSE: LC) is a Philippine-listed mining firm with operations centered in Mankayan, Benguet, producing gold and other metals. After several years of weak performance and losses, the company has been working through an operational and financial recovery, with recent results showing improving revenue generation and a marked turnaround in profitability.

In 2024, LC’s total revenues increased by 12.5 percent to P2.80 billion from P2.49 billion in 2023. The improvement was driven mainly by higher metal sales and better operating stability compared with the prior year.

More importantly, this revenue growth translated into a turnaround at the bottom line. LC’s net income for 2024 reached P102.7 million, which reversed its P107.5 million net loss in 2023. This swing represents a 196 percent improvement year on year, which signaled Lepanto’s return to profitability after a prolonged loss-making period.

This year, for the first nine months of 2025, LC’s total revenues grew by 57.9 percent to P3.33 billion, compared with P2.11 billion in the same period in 2024. The revenue growth was driven almost entirely by higher metal sales, which increased by 57.8 percent due to improved production output and stronger realized prices.

As a result, LC’s net income for the first nine months of 2025 surged by 796.6 percent to P1.18 billion, up from P131.6 million in the same period last year.

LC is trading at a 12-month trailing P/E of 9.9×, which places its stock below the long-term global average for listed gold producers that typically trade in the 12×–18× earnings range during stable commodity cycles. Historically, even mid-tier and higher-cost gold miners tend to re-rate into the low-to-mid teens once profitability stabilizes.

With return on equity now at approximately 21.5 percent on an annualized basis, LC is generating returns that are well above industry norms. Globally, most profitable gold producers typically deliver 8 to 15 percent ROE.

Despite this level of profitability, LC trades at only 1.96× book value. In comparison, gold producers that consistently generate ROE above 20 percent often trade at 2.5× to 3.5× book value, and in some cases materially higher when earnings visibility and reserve life are strong. This mismatch suggests that the market is not fully capitalizing the company’s improved return profile.

From 2023 through most of 2024, the stock of LC was locked in a prolonged downtrend and base-building process between roughly P0.07 and P0.10. This phase reflects accumulation after years of weak earnings and balance-sheet stress.

The decisive break came in mid-2025, when LC surged vertically from the P0.09 zone to a peak near P0.27 in a very short time. From a Wave perspective, this move has all the characteristics of a Wave 3 impulse.

From a price geometry perspective, the analysis reinforces this interpretation. The P0.10 level represented a major historical square and base, which once broken, triggered the vertical re-rating move. The spike toward P0.27 aligns with a full expansion from the base, explaining why price stalled sharply at that level.

The current consolidation near P0.17 sits close to a midpoint retracement, a common zone where markets pause to digest gains before deciding on the next directional move.

Key support levels now lie around P0.16 with support near P0.14. As long as LC holds above this band, the broader bullish case remains intact. A breakdown below P0.14 shifts LC from a healthy consolidation into a deeper corrective phase, with P0.11 as the most likely downside target. This level would represent a normal reset, not a trend reversal, unless P0.10 also fails.

On the upside, a clean break above P0.18 would indicate that the consolidation is complete and open the door for a Wave 5 advance, with potential retests of P0.22 and possibly the prior high zone near P0.25, though such moves would likely be more measured than the initial surge.

Price: P0.0073

Year-to-date gain: +143.3 percent

Manila Mining Corporation (PSE: MA) has a long operating history in the local mining sector. Incorporated in 1949, the company is engaged in the exploration and development of mineral properties, primarily targeting gold, copper, and other associated metals. Its assets are held through various mining lease contracts, mineral production sharing agreements, and exploration permits, including properties in Surigao del Norte, where the company previously operated the Placer Project.

While MA has historical production credentials, its current assets remain at the exploration and evaluation stage, and the company has yet to resume commercial mining operations.

As a result, its financial performance is not driven by commodity sales but by the costs of maintaining mining rights, regulatory compliance, and corporate operations while positioning its properties for potential future development.

MA’s financial results for 2024 and 2025 show its status as a development-stage mining company. The company continues to generate no operating revenues, and while 2025 shows a 30.7 percent improvement in net losses, performance remains fundamentally constrained by the absence of commercial operations.

Until MA successfully advances its exploration assets into declared reserves and production, financial results will continue to be cost-driven rather than revenue-driven, and the stock will trade primarily on long-term development optionality rather than near-term fundamentals.

As of September 30, 2025, MA continues to carry a substantial retained earnings deficit of approximately P1.24 billion, which reflect many years of cumulative losses arising from its pre-production status.

Based on a real-options framework, MA’s equity has an estimated option fair value of around P0.010 per share, which represents the probability-weighted value of its future mine development potential given the absence of operating revenues, declared reserves, and cash-flow visibility today.

With the stock currently trading near P0.0073, the market price is below this option fair value, implying the stock is trading at a discount of roughly P0.0027 per share, or about 27 percent below fair option value.

In effect, the market is assigning a lower probability of success than what is embedded in the option-based valuation assumptions, or it is demanding a larger risk discount due to uncertainty, time delays, and dilution risk.

From a Wave perspective, MA appears to have completed a long basing and capitulation phase between 2023 and late 2024, where prices trended steadily lower which is typical of a prolonged Wave 2 or Wave B corrective structure in a speculative stock.

The sharp rally that began in early 2025 from the P0.003 zone marks a clear impulsive move, which suggests the start of a new bullish sequence rather than a mere dead-cat bounce. The initial surge into the P0.008 area can be counted as Wave 1, followed by a volatile pullback toward the P0.005, which likely formed Wave 2.

The subsequent advance back toward the P0.009 zone shows characteristics of a developing Wave 3, although momentum has moderated,which indicates the stock may currently be transitioning into a Wave 4 consolidation rather than continuing straight higher.

This interpretation is reinforced by price geometry. The current price near P0.0073 sits just above a minor Gann midpoint, which suggests the market is digesting gains rather than breaking down outright.

From a risk perspective, failure to hold the P0.0065 support zone would increase the probability that the rally from early 2025 was a completed three-wave corrective move, which opens the door to a deeper retracement toward P0.0055 or even P0.0050.

On the upside, a decisive break and sustained close above P0.0095 would confirm that Wave 3 is extending, with a potential measured move toward the P0.012 range based on both wave extensions and price square projections.

Overall, MA is technically no longer in a bearish structure, but it is also not yet in a confirmed trending advance. The stock is currently in a high-risk consolidation zone, where upside continuation requires a clear breakout above major resistance, while downside risk remains elevated if speculative momentum fades.

This technical picture aligns closely with the earlier option-valuation conclusion: price action above intrinsic option value is being sustained by sentiment and momentum by making the stock vulnerable to sharp reversals if expectations are not reinforced by new developments.

Henry Ong, RFP, is an entrepreneur, financial planning advocate and business advisor. Email Henry for business advice hong@financialadviser.ph or follow him on Twitter @henryong888