pricing doesnt make sense. i would think around 12 or 13 p/e is...

pricing doesnt make sense. i would think around 12 or 13 p/e is suitable, because growth is negligible on NPAT FY15. Underlying NPAT only 5% growth. sustainable yield was 3.5% at the top end of the range only. thats too many % points different from the banks.

Also funds will get their full allocation, if retail investor demand is weak. Govt is selling full 100%, funds will get a lot of stock, no shortage. therefore giving much less stag on this one or even a slight discount/neutral on listing is possible.