Pimco New York Municipal Income Fund III V.PYN

Primary Symbol: PYN

PIMCO New York Municipal Income Fund III (the Fund) is a non-diversified closed-end management investment company. The Fund's primary investment objective is to seek to provide current income exempt from federal and California income tax. Under normal circumstances, the Fund invests at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal, New York State and New York City income. The Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund also invests at least 80% of its net assets in municipal bonds that at the time of investment are investment grade quality. Pacific Investment Management Company LLC (PIMCO) serves as the Fund's investment manager.

NYSE:PYN - Post by User

Pimco New York Municipal Income Fund III

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Post by post2006on Jun 21, 2011 11:11am

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Post# 18743787

WATH THIS!!

Location Technology/Wireless
POYNT CORPORATION
PYN : TSX-V : C
.15 | C$84.50M
Speculative Buy, C
.26
An early stage mobile advertising play; initiating coverage with a SPECULATIVE BUY rating and a C
.26 target price
Investment recommendation
We are initiating coverage of Poynt Corporation with a SPECULATIVE BUY rating and a C
.26 target price. Formerly known as Multiplied Media, Poynt provides location-aware mobile search tools and location based advertising enablers but is best known for its award winning Poynt app. We assert that Poynt is very well positioned for a mobile advertising surge over the next three years.
Investment highlights
•We expect spending on mobile advertising to grow very rapidly as household brands and agencies shift spending towards the channel. We see mobile advertising taking a greater share of ad campaigns and growing at 25-35% per year over the next three years. We believe that the subset focused on location targeting, where Poynt's expertise is strongest, will grow significantly faster.
•Poynt has exhibited strong user growth through viral word of mouth and some pre-loads but has struggled to monetize. In 2011, however, we see a path to strong revenue growth as Poynt rolls out mobile advertising on its application.
•In the short term, we expect Poynt to launch several new initiatives to further cement its position. Among these are an automated offer engine for self serve advertising campaign provisioning, a geo-fencing ad solution with enormous potential and a joint venture (TimesPoynt) in India. We also expect Poynt to roll out new advertising options in rich media, couponing and promotions.
Valuation
We value Poynt using a Discounted Cash Flow (DCF) analysis, which employs a weighted-average cost of capital of 25% and a terminal growth rate of 4%. Based on this analysis, we arrive at a target price of C
.26. This implies a 12-month return of 73%, which supports our SPECULATIVE BUY recommendation.
For current disclosures, please visit our Online Disclosure Database at https://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx . For more information, please contact disclosures@canaccordgenuity.com.

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