Ann: Net Tangible Asset Backing - May 2017, page-2

a few good catalysts for pai and asia at the moment:
1) great 20% return over the past 12mo
2) comparative underperformance of the asx and a weak outlook for the asx over the next 12mo (commodity weakness, debt issues, financials dropping, retail and property and telco sectors all under pressure)
3) plenty of cash (15%) to be used as dry powder to deploy for buying opportunities
4) building dividend cash reserves to pay out to investors once enough franking credits (within 6months likely given recent performance)
5) good chance of china being added to the msci world index at upcoming review
6) positive outlook for china, india, philipines, thailand etc
7) public debt issues for china looking manageable
8) fund hedging against the remnimbi
9) pai trading at a 10% discount to nta

certainly my money appears to be exposed to superior return/risk profile via pai compared to asx stocks at present.

My price target for 12mo from now is 1.20, but could even be higher.