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Y-Sustain board or driver board should be suspected. Just check this link and select the site named 'Eelctro-help'. There are detailed description about most of the faults that can occur to a plasma tV. Functionally all plasma TV s are the same, except in brand name.
Philips TVs tend to have issues with bad capacitors in their power supplies. Failing capacitors tend to have slightly different ESR (equivalent series resistance) values when they have been left off, versus after they are warmed up and charged up. Either a new power supply board or replacement of the faulty capacitors will fix the problem.
With most flat panel TVs, the TV turn itself OFF when it has a fail electronic part and the red light starts flashing. They call this "Protection Mode". The flashing red light should be a error trouble code.
But, it's weird that everything is working and the red light is flashing. Since you just recently bought the TV, I would get it check out while it's still under warranty. Better safe, than sorry.