Value Investor, Frontier Asia Capital

Winston Chu

Value Investor

Frontier Asia Capital

Equity Bottom-Up

<p>Yahoo! was the easiest 25% return for discerning investors in 1Q16, but the time is ripe to head for the exits as the current share price already implies bids at a premium to the disclosed range of $4-8bn.  </p><table class="table table-striped"><tbody>
<tr>
<td><strong>Company</strong></td>
<td><strong>Ownership %</strong></td>
<td><strong>Share Price</strong></td>
<td><strong>Shares O/S</strong></td>
<td><strong>Market Value</strong></td>
<td><strong>After Tax Value (30%)</strong></td>
</tr>
<tr>
<td>Yahoo</td>
<td>100%</td>
<td>37.03</td>
<td>947</td>
<td>35,067</td>
<td>35,067</td>
</tr>
<tr>
<td>Alibaba</td>
<td>15%</td>
<td>79.16</td>
<td>2,476</td>
<td>29,400</td>
<td>17,640</td>
</tr>
<tr>
<td>Yahoo Japan</td>
<td>35%</td>
<td>489</td>
<td>5,695</td>
<td>8,980</td>
<td>5,388</td>
</tr>
<tr>
<td><strong>Implied Value of Core</strong></td>
<td>12,039</td>
</tr>
</tbody></table><p>While the values vary with mark to market prices for Alibaba and Yahoo Japan, but effectively, the…</p>

Yahoo! was the easiest 25% return for discerning investors in 1Q16, but the time is ripe to head for the exits as the current share price already implies bids at a premium to the disclosed range of $4-8bn.  

Company
Ownership %
Share Price
Shares O/S
Market Value
After Tax Value (30%)


Yahoo
100%
37.03
947
35,067
35,067


Alibaba
15%
79.16
2,476
29,400
17,640


Yahoo Japan
35%
489
5,695
8,980
5,388


Implied Value of Core
12,039

While the values vary with mark to market prices for Alibaba and Yahoo Japan, but effectively, the…

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