Ann: 1H 2023 Results Investor Presentation, page-13

Listed now for 8 years, metrics are generally solid, Capital Ratio from memory has always been conservative (which you need to be in PNG), and Kina has only grown and produced dividends. Morgan's used to put a target price of $1.50+ on KSL, so $1.09 target price might have other investors looking more positively without Morgans trying to send the SP to the moon and Perpetual then selling down - creating that sense of what the hell is happening.....

Some of the things I liked were the continued diversification into other sectors in the loan book, arrears dropping nicely too.

FUA and FUM hold indicators that I feel are positive about PNG as a whole.

Member increase of 30,000 people in 6 months on the back of 30,000 over the previous 6 months. That's a really good number! That means more middle income earners, better business growth. Businesses must register with a Super Fund once they have hit 15FTE's, and some sectors are exempt. Foreigners are voluntary (only beneficial if you intend to stay in PNG for some time).

FUM is also really positive considering Nambawan Super's constant battle with the PNG Government (likely affecting the FUA overall) over unpaid property rentals. The Kina Wealth metrics show really positive growth signs for PNG as a whole. Read the 2022 Annual Reports from Nasfund and Nambawan Super to validate my comments.