UPDATE
26 May 2009
PanAust Limited
Major Capital Raising Announced: No Further B/S Pressure
Extract only
BUY
Key Information
Stock Code PNA
Share Price $0.395
12 Month Price Target $0.50
Expected 12M Total Return 26.6%
Investment View:
• We retain our BUY recommendation and price target of $0.50/share.
• Copper is our preferred base metal commodity which on a 12 month
time frame we see supply struggling to meet demand and PNA has
volume driven earnings growth as well as expansion options available.
• The key risk as a short term pull back in the copper price in the event
that the Chinese driven buying currently evident in global markets
eases - we would use any share price weakness as a buying
opportunity.
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