The Cicikris Equity Research Report that was released on...

The Cicikris Equity Research Report that was released on 20/11/09 has a 12 month price target of 20c for PHK.

http://www.phoslock.com.au/docs2/PHK%20Report.pdf

Apart from a few stocks that have been reconstructed since purchase, I have fewer shares in PHK than any other company in my portfolio because I have lingering doubts as to management's ability to secure major projects (those of 1,000 tonnes or more), and even if such projects do eventuate it is questionable as to whether PHK will have the capacity to deal with them anyway.

I wait for the company to start securing 1,000+ tonne projects and upgrade its manufacturing capacity before becoming bullish on my outlook for this stock over the medium to long term.

In the short-term it has to prove itself, and provided it can do so, the market will start to take notice of it, but until major projects are secured and manufacturing capacity is increased, it is unlikely to attract any worthwhile attention IMO.