Global Investments

[D123]

GIL with PE = 3x, NAV = 0.245, Dividend yield = 10%.

- How did you get P/E of 3X? By annualizing their half-year results which consists of several one-time gains, not least of all the gain on sale of the two aircraft which contributed 30% of total half-year revenue? P/E is hardly useful as a valuation metric if the earnings are not recurring.

- NAV per share is 0.2156 post-rights issue.