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Voya Asia Pacific High Dividend Equity Income Fund T.IAE


Primary Symbol: IAE

Voya Asia Pacific High Dividend Equity Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of dividend yielding equity securities of Asia Pacific companies. The Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in dividend producing equity securities of, or derivatives having economic characteristics similar to the equity securities of Asia Pacific Companies that are listed and traded principally on Asia Pacific exchanges. The Fund will invest in approximately 60-120 equity securities and will select securities through a bottom-up process that is based upon quantitative screening and fundamental analysis. Voya Investments, LLC is an investment adviser of the Fund.


NYSE:IAE - Post by User

Post by CalifDreamingon May 07, 2009 1:05pm
405 Views
Post# 15975018

IAE should be a $1-$1.50 stock right now.

IAE should be a $1-$1.50 stock right now.This unwelcome dumping really took the wind out of IAE's sails - obviously a big seller used news of production as a liquidity event to unload a large position. 

But based on strong cash flow and netbacks, IAE should be trading 1-2x higher right now.  I guess the market has to be slapped awake first with firm numbers from financials.

But with Brent less $21 for netbacks, at US$57 Brent, IAE is cash flowing US$36 (C$42) bbl.  With 7500 bpd net, that's C$115MM annualized vs current EV of C$150MM.  Trading just over 1x annualized cf

If oil prices keep moving, Athena may soon be revived.  Last year they said they need ~$60 bbl for the economics to work (assuming high service and rig costs of the past few years) - with falling rig/service costs and rising oil prices, Athena could well be viable right now...

I expect IAE to do some sort of farm out to raise cash to put Stella/Carna and Athena into production.  Current sales prices in the market are multiples of what the equity market is giving.  BVX/OIL sold in the dark days in early '09 for about C$10 bbl 2P reserves.   Endeavour just sold their Norwegian assets for C$20 bbl 2P, so sales prices are rising strongly already...
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