PIA 1.42% $1.04 pengana international equities limited

hhvo - clear value?

  1. 2,499 Posts.
    Can't say I share your optimism for the oppies here.

    Using rough, and I stress rough, measurements...

    Their NTA at listing on March this year was 98c per share. Last reported NTA as at 31 November was 104c.

    Annualised that's a 6.12% gain so far.

    So between now and April 07, there is 2.25 months approx. Using past performance as a guide, you'd expect NTA to be at around 118c at April 07. (6.12% compounding yearly)

    Upon exercising of the options the NTA of the fpos will halve - to 109c per share.

    For simplicity sakes we'll say while the NTA is 109c the FPOs too will trade at $1.09. Of course no one knows what the NTA will be in april 07, and using past performance is a very poor guide of future returns - but you'll need to have a crystal ball to come up with anything more concrete than that.

    So, you can buy the options at .088c today, but to hope for decent gains is putting a lot of faith in management. They have themselves admitted that the current market is very difficult. Sticking to the fpos when they're at 96c now seems like a much better idea.

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