- By David Goodloe
The Matthews Pacific Tiger Fund (Trades, Portfolio)'s top four transactions in the second quarter involved sales or reductions of stakes in the fund's portfolio.
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Warning! GuruFocus has detected 4 Warning Signs with BOM:500411. Click here to check it out.
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The intrinsic value of BOM:500411
The fund's largest transaction of the quarter was its sale of a 5,310,034-share stake in Thermax Ltd. (BOM:500411), an energy company based in India, for an average price of 765.88 Indian rupees ($11.46 in U.S. currency) per share. The divestiture had a -0.93% impact on the fund's portfolio.
Thermax has a P/E of 50.1, a P/B of 4.9 and a P/S of 2. GuruFocus gives Thermax a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10 with ROE of 10.03% that is higher than 65% of the companies in the Global Diversified Industrials industry and ROA of 3.56% that is higher than 53% of the companies in that industry.
Thermax sold for 882.3 rupees per share Friday. The DCF Calculator gives Thermax a fair value of 188.35 rupees.
The fund pared its position in NAVER Corp. (035420.KS), a South Korean Internet content service provider, by nearly 25% with the sale of 100,499 shares for an average price of 687,823 South Korean won ($615.88 in American dollars) per share. The transaction had a -0.85% impact on the fund's portfolio.
The remaining holding of 306,817 shares is 1.05% of NAVER's outstanding shares and 2.88% of the fund's total assets.
NAVER has a P/E of 31.8, a P/B of 8.4 and a P/S of 9.3. GuruFocus gives NAVER a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10 with ROE of 28.56% that is higher than 85% of the companies in the Global Internet Content & Information industry and ROA of 20.33% that is higher than 93% of the companies in that industry.
NAVER sold for 710,000 won per share Friday. The DCF Calculator gives NAVER a fair value of 238,828.35 won.
The fund trimmed its stake in China Vanke Co. Ltd. (HKSE:02202), a Chinese residential real estate developer, by more than 67% with the sale of 17,192,200 shares for an average price of 18.34 Hong Kong dollars ($2.36 in U.S. dollars) per share. The deal had a -0.64% impact on the fund's portfolio.
The remaining stake of 8,305,504 shares is 0.08% of China Vanke's outstanding shares and 0.25% of the fund's total assets.
China Vanke has a P/E of 10.3, a forward P/E of 9.4, a P/B of 1.9 and a P/S of 0.9. GuruFocus gives China Vanke a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10 with ROE of 19.64% that is higher than 86% of the companies in the Global Real Estate - General industry and ROA of 3.15% that is higher than 55% of the companies in that industry.