[Vantage Point] Is PLDT still a good buy?

Intelligent investors usually buy into a business (or pieces of it) when they believe the market undervalues profit prospects, and not when the market does the opposite What is it with Metro Pacific Investment Corporation (Hong Kong-based First Pacific Company's investment arm) that it somehow always finds itself in due-diligence rigmarole? Its recent missteps in failing to account for some P48-billion budget overrun in its telephone company, the Philippine Long Distance Telephone Company (PLDT), is not the first time that Metro Pacific's pencil pushers blundered. When Metro Pacific bought a 17.5% controlling stake in PLDT for approximately P29.7 billion in…