Buy @ $2.13
The official SGX Annc was released yesterday on Nan Fung acquiring their 29.98% stake and the 100% of the Management company. This is after the unofficial release on 23-Aug when I jumped in to increase my stake at $2.21 to $2.36 for an average price of $2.2919. It's not performing to my expectations of moving towards the $2.98 price they paid. Coupled with the 10 days STI decline, it looks very scary…. 😀
Today, with the STI finally turning positive, fingers got itchy and decided to buy more to bring down my average price. In the worst case, be prepared to hold for longer term. If my analysis of their Q213 (Jun) Financials are correct, their recent sale of an asset has inceased the Amount available for Distribution to 19ct / unit. I'm hopeful that they'll resume their DPU payout from 2H (Dec-13), unless the cash flow need to be deployed for either debts reduction (for Q213, Finance Cost > NPI) or to be utilised for other Developmental projects.