Couldn’t agree more. Remember, $102 per pearl was the average for H1 FY24 YTD, which includes Q1 results, and the amount per pearl fetched at the November auction exceeded that figure i.e. $14,810,000/130,000 pearls = $114 per pearl.
My only concern is the length of time until the next auction (4 months from now and 5 months from the last auction). Understanding that this will allow additional time for the pearls to grow, which should theoretically fetch higher prices, I wonder how much the pearl market will change in this time. Management must be confident that the price will hold up in the short term to push the auction out 5 months.
That being said, I really think that the SP has a long way to go. Overweight and very happy/comfortable holding/adding to my position at these prices.
Not financial advice. DYOR.
ATP Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
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