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.

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Voya Asia Pacific High Dividend Equity Income Fund

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Post by Resilienceon Apr 05, 2011 3:00am

496 Views

Post# 18385380

The market is clueless

Can't believe the reaction on this news, add 2700 boepd (largely oil) and it closes down a cent? Ridiculous.

These guys pay in Q3 and are only $ 50 mln. out of pocket. Considering 2 quarters of acquisition production this is how their production profile roughly looks like (at 85 days a quarter & $ 75 netback, not a stretch with $ 120 Brent):

Q2: rounded down 5000 boepd = $ 32 mln.
Q3: rounded down 8000 boepd = $ 51 mln.
Q4: with Athena 12500 boepd = $ 80 mln.
Total: $ 160 mln

They pay this acquisition in a bit more than a quarter while increasing their borrowing facility with nearly the same amount as out of pocket costs ($ 45 mln.).

They can do this 4 times a year without noticing it.

And they buy this as production! No expensive drilling & time consuming development plans. Installations (presto!) already there. No wonder these guys aren't exploring anymore, why the hell should they? CF opportunities come running in the door.

Now let's take that 12.500 boepd end production on a yearly basis this brings $ 310 mln or $ 1.20 cf/s:

At 4x cf this is: $ 4.80
At 5x cf this is: $ 6

Let alone at what now will be a ramp up to around 25.000 boepd:

At 4x cf this is: $ 9.70
At 5x cf this is: $ 12.10

I am accumulating at these prices, wouldn't you?

R.

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