Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AC Energy Corp (ACEN PM) is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines. Valuation of ACEN isn't an easy task. There are multiple moving parts as evidenced by the long presentation by FTI in their valuation of ACEN. Even so, at the top-end of their estimates and after accounting for proceeds and dilution from the placement, it only implies 5% upside from the bottom end of the price range. The deal scored poorly on our framework owing to the expensive valuatio...
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