Wrong Call?

So I went long @ 1.15 due to cheap valuation. (PE 5, cashflow @ 10% of market cap, only 25% payout & 5% yield(if 50% payout then 10% yield.. easily done in my opinion). Its cheap cheap cheap, but that doesn't mean it will go up. it may become cheaper, and it has.

So my thoughts?

I think the IPO holders (39m shares @ 1.00) are selling down, and are most likely happy to sell to the IPO price. Yesterday we had institutions trading which is quite rare - citigroup traded 250k shares, Goldman traded 240k shares, Deutsche bank traded 178k shares BTIG traded 150k shares). retail players don't trade with these guys so I think the downside is NOT stop losses, rather just institutions who got in at the IPO, getting out with a small profit to allocate capital elsewhere.

So, in summary, I think its still a long-term buy here due to it being undervalued for no particular reason. However, I think until these institutions unwind then we will go no where... unless the company reports better than expected results(unlikely due to FX), AND/OR increases dividend payout ratio to 50%(so yield will be 10% here).

I'm still holding, but abit annoyed I am down 10-13%.

Goodluck,

PB