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 shakerman640on Apr 13, 2015 9:24am

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Post# 23622502

Mackie Research: Buy rating & $1.40 target for Ithaca Energy

According to Mackie Research:

https://personal.crocodoc.com/IsPFol6

ITHACA ENERGY INC. – BUY

TARGET: $1.40

Five for Five At Stella

DETAILS – The Fifth Stella Well Tests 8,080 boe/d

Fifth Stella Well Tests 8,080 boe/d: Ithaca Energy Inc. (“IAE”) announced that the 5th Stella development well (“A3 Well”) tested over a 12 hour period at an average rate of 8,080 boe/d from the Ekofisk formation comprised of 6,191 bbl/d of 39° API oil and 11.3 mmcf/d of natural gas. Note that the Ekofisk reservoir underlies the main Andrew reservoir, which was the target of the first four Stella wells. The combined flow test of all five wells was ~53,000 boe/d, substantially higher than managements current initial annualised production guidance of 30,000 boe/d (16,000 boe/d net). Based upon the results to date, we believe that management guidance is easily achievable and leaves the door open for a future increase once actual production data is collected when the Stella field has been placed on permanent production in mid-2016.

IMPACT – Positive. Fifth Well Test Better Than Expected

The Fifth Stella well results considerably de-risked managements 30,000 boe/d gross production guidance which we believe to be conservative.

ACTION – Maintain BUY And Target

The FPF-1 is scheduled for sail out in the spring of 2016 with first production on-track for mid-2016 taking corporate producing to ~27,000 boe/d. At this production rate, IAE should be generating substantial free cash flow which should quickly repay debt leaving surplus capital to fund the tie-in of the GSA satellite fields. We maintain our BUY recommendation and our $1.40 target price.

Upcoming Events

- Q1/15 financial and operational results (May 2015).

- Stella first production (Q2/16)

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