Nambawan Super sold it's stake in KSL to the (Asian...

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01/09/23

10:52

Post #: 69683569
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Originally posted by JackDusty: ↑

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.

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Nambawan Super sold it's stake in KSL to the (Asian Development Bank /Japan?) 3 or 4 years ago.
KSL share price will have a bid if Nambawan Super (PNG Govt employee's superannuation fund?)
decides selling their KSL stake wasn't such a smart move.

It is also interesting that BSP non performing loans are increasing while KSL non performing loans are decreasing.
Maybe this could be due to BSP having older dated loans on their books.
Just guessing.

KSL Price at posting: 83.5¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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