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 > Points - i.e. stating the obvious

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Comment by Doug2Bon Jul 18, 2016 4:17pm

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Post# 25062931

RE:RE:Points - i.e. stating the obvious

Gek

Valuing an oiler is never easy as earnings, earnings growth, assets, debt, project risk etc all have to be considered - I state the obvious. However:

1. Ithaca's output estimates post GSA are very conservative indeed.

2. The oil price will be high by mid 2017, probably well over $100 pb IMO.

3. We know Ithaca's forward production costs.

4. We know Ithaca's debt will be rapidly disappearing by mid 2017 if all goes to plan.

5. Other nearby fields will be drilled for FPF-1 next year and beyond in addition to possible further acquisitions.

6. You do the maths, just GSA production added to existing fields, with projected output growth and falling debt will justify an earnings ratio approaching 10x. According to my calculator that should get us close to $10 - and the story would be far from over at that point.

7. I agree that an acquistion is likely sooner rather than later and it will probably be Delek.

Doug

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