Thank you Orangie. Ewc still under the radar but it's clear that...

Thank you Orangie. Ewc still under the radar but it's clear that the rerating will come from Asian buying so we should keep an eye on Asian news flow .

The delivery of cp's on the dbp loan will in my opinion be the beginning of an unravelling of the financial risks associated with ewc. It should open the door to the financing of the Philippines terminal and the financing of Indonesia lng.

The completion of each will lead to a rerating to A$1.80 per share (in today's dollars). It's very doubtful that power is delivered until late 2016, and lng in Indonesia is a 2017 story if we're realistic about it. However, because the value of the projects is so significant it doesn't really matter. There are very few infrastructure investments in the world that would be as undervalued as this one. When the time comes, it will not be difficult to tell that story.