Peter
I like PSA too. but if you assess the latest ASX announcments it might even lower.
PSA reports shows they downgraded their Marathan reserves by 40% on 1July2013 and IT's NOT YET CAPTURED IN RESERVES shown as it's shown at 30 June, 2013.
so they are yet to record big impairment next quarter!
I believe this is still not fully priced in curr share price!