In today’s briefing:
- Intouch’s NAV Discount Not Supported By Higher Look-Through Payout
Intouch’s NAV Discount Not Supported By Higher Look-Through Payout
- Intouch Holdings (INTUCH TB)‘s discount to NAV is back to levels last seen in November 2021, where euphoric trading was rolling over subsequent to Gulf Energy Development (GULF TB)‘s VTO.
- Intouch’s net cash increased in the 2Q22 and its look-through interim dividend payout is the highest in at least five years.
- I’d be shorting Intouch here and buying Advanced Info Service (ADVANC TB), with a view to mean reversion of ~25% NAV discount.
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