Haven't seen the research, and have a degree of scepticism of...

Haven't seen the research, and have a degree of scepticism of most research reports, but the fact is that a number of offshore funds have chipped in hundreds of millions of dollars suggests to me that they think it should trade at a premium, and they wouldn't bother for 10%, so 20% seems plausible.

I suspect a large number of local funds will be underweight in PIH, and will need to buy in once the risk is removed - which might also push the price up.

DYOR.