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Consensus community valuation
$1.150
Average Intrinsic Value
11.1%
Undervalued by
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#FY20 H1 Results
Last edited 4 months ago

26-Feb-2020:  PAI's Total investment Income for the 6 months rose +188.1% to $30.73 million.  Profit from ordinary activities after tax attributable to members rose +171.9% to $19.224 million.  Net profit for the period attributable to members was the same (up +171.9% to $19.224m).

Half Yearly Report and Accounts

They've finally beaten their index - the MSCI All Country Asia ex Japan Net Index - which rose +6.6% (in $A's) in the 6 months to December 31, 2019.  PAI’s portfolio performance over the 6 month was +7.3%.  However, they have only equalled that index's +18.3% performance over 12 months and they've underperformed the index over 3 years and since inception.  At least their performance is finally improving.

In share price terms, they closed today at $1.015, and their pre-tax Net Tangible Asset (NTA) backing per share as at Friday, 21 February 2020 was $1.1824.  They closed at $1.075 on Friday (Feb 21), so were trading that day at a 9% discount to their pre-tax NTA.

Disclosure:  I do hold PAI shares as I think they're a sensible choice for Chinese and other Asian (ex-Japan) exposure, since most people still consider Platinum to be the Asian experts.  However, I attended the Magellan roadshow in Adelaide today and was interested to hear that on top of taking a significant stake in Alibaba (which Hamish Douglass considers to be one of the top 5 best companies in the world - FYI: Amazon was the only one of the 5 that Magellan does NOT own shares in), Magellan have also now added Tencent to their high conviction list (and added them to their various portfolios).  Other than those two companies, Hamish prefers to keep most of Magellan's exposure to China mainly via companies that are listed outside of China that have strong growth ahead in China, like Starbucks and Estée Lauder.  Platinum on the other hand have many more direct Chinese investments.

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#Quarterly Reports
Last edited 2 months ago

21-Apr-2020:  March 2020 Quarterly Investment Manager's Report

Also:  21-Apr-2020:  Weekly Net Tangible Asset Backing (as at Friday 17th April 2020)

PAI's pre-tax NTA at COB 17-Apr-2020 was $1.1238.  Their SP was 96c.  (14.6% discount to NAV).  I hold PAI shares.  Their two largest investments are Alibaba and Tencent.

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