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  1. #1
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    Default PTM - Platinum Asset Management

    Anyone subscribing to this? Looks like it is going to be a real winner if people get allocation before the float.

    Comsec just announced that their Broker Allocation Offer is CLOSED, one day after it was opened. It is quite an amazing response, consider that there was a limit of 4000 shares per customer (or per HIN).

    I applied for 4000 shares (20K worth) via Comsec yesterday but not sure if it will be scaled back or if I will be sucessful.

    What do people think the share price on the listing day will be? Current consensus on the market is $6.50.

  2. #2
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    I've heard $7-8

    Will be a screamer.. Getting an decent allocation will be the tough part

  3. #3
    Gold Member SEC's Avatar
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    quote:Originally posted by Z_Man

    I've applied for a couple of lots,
    I've just applied for lots!

    The forecast financials compare very well with listed peers on the ASX
    - AMP, AXA, Australian Wealth Management (AUM), IOOF (IFL), Challenger (CGF) and Perpetual (PPT).

    An analysis of forecast eps and dps for FY07 for listed fund managers are summarised as follows:

    <pre id="code">
    Price 26/04 PE07 yield07
    AMP $10.95 21.4 4.0%
    AUW $2.38 21.6 3.7%
    AXA $7.65 21.3 3.1%
    CGF $5.37 18.3 2.0%
    IFL $10.05 21.7 3.9%
    PPT $80.45 22.5 4.5%
    Average 21.1 3.5%

    PTM $5.00 15.5* 5.3%#
    </pre id="code">

    *Based on FY07 NPAT excl IPO costs.
    #Based on 90% NPAT payout for FY07.

    As you can see, the IPO price is set at a significant discount to its peers. Challenger also trades at a discount but that is probably because it pays a lousy dividend.

    A couple of small negatives that may see PTM trades at a small discount:

    1. Liquidity. Only 20% of stock is available for the IPO. May take a while to get included in various indices.
    2. No escrow period. Staff may offload their remaining stakes basically as they please (except for blackout periods like prior to profit announcements). This could be a good thing so long as it is done in an orderly fashion (eg BNB) since it will improve liquidity.

    All in all $5.00 is a good IPO price if you can get an allotment, and an opening price of $6 - $6.50 sounds fair. Any more and it could be a good stagging opportunity.

    SEC

  4. #4
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    Default

    Surely PTM will be opening in a significant premium compared to the rest of the fund manager's sector, Since the institutions (especially the index fund managers) gets NOTHING for the float? They would probably have to fight in the market to get their shares, and they probably want large quanities of them?

    Whilst $6.50 opening would be good I am hoping for a opening of $7.50 (50% profit) ..... As long as I have allocations of course

  5. #5
    Gold Member SEC's Avatar
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    quote:Originally posted by edison

    Surely PTM will be opening in a significant premium compared to the rest of the fund manager's sector, Since the institutions (especially the index fund managers) gets NOTHING for the float?
    Why should they scramble over stock if it isn't going to be included in an index anytime soon? Why should it list at a significant premium to the sector if its growth is similar to the sector average? On fundamentals alone $6 - $6.50 is justified but if herd mentality/greed take over then you may well get your $7.50. And a good stagging opportunity.

    SEC

  6. #6
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    Default

    If you're looking at fund managers SEC, HHL is probably worth a glance.

  7. #7
    Gold Member SEC's Avatar
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    quote:Originally posted by thereslifeafter87

    If you're looking at fund managers SEC, HHL is probably worth a glance.
    I looked at Hunter Hall but couldn't find any broker forecasts.

  8. #8
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    Default

    I've applied for lots. I see Huntleys have valued them at a bit over $6 and the normally very conservative mob at Intelligent Investor have them as a long-term buy up to $7.50


  9. #9
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    quote:Originally posted by SEC

    [

    I looked at Hunter Hall but couldn't find any broker forecasts.

    If you're with ASB or Direct, then you should be able to get the Aspect Huntley report - they have an "accumulate" recommendation with an intrinsic valuation of $15. If you want to get a copy of the PDF report, email me.
    God - Please give us just one more bubble....

  10. #10
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    PTM looks good to me. I'm happy to have a firm allocation - though only 2000 shares - through a local (Auckland) broker, cost NZD11,200 - again not too bad compared with the sickness of the NZD a few years ago.

  11. #11
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    Being a unit holder in Platinum funds I was sent an application form which included a unit holder number, which will have preferance over non existing investors, but they say all applications may still be subject to scalling.
    There is now no public pool due to heavy demand,so if the heavy demand is still there on /after listing it should rock n roll .
    I scrambled all my Ozzy funds and applied for 10,000 shares. Holdings are to be dispatched 17 May ,and trading starts 23 May, the same day I land in Cambodia. Good-luck to all applicants.

  12. #12
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    patsy can you email me that report

    munch_m@hotmail.com

    thanks
    “If you're worried about falling off the bike, you’d never get on.”

  13. #13
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    quote:Originally posted by Footsie

    patsy can you email me that report

    munch_m@hotmail.com

    thanks

    Have just done so! It's either in your inbox or spam folder....
    God - Please give us just one more bubble....

  14. #14
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    Patsy ,I would like a copy too
    Link on DB site dont work
    Cheers
    mac

  15. #15
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    Woo Hoo! Got all my allocations as requested in my Commsec margin account.

    Now I cannot wait for the opening day

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