Asia Pulp & Paper Company (NYSE:PAP) Message Board

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Non-Tech : Asia Pulp & Paper Company (NYSE:PAP)

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To: Peter Speyer who wrote (11)	7/17/1998 4:51:00 PM
From: peter michaelson	Read Replies (2) of 63

By my rough estimates PAP is selling at a discount to its holdings on the Jakarta Stock Exchange. That is, if one assumes that PAP is composed of 75% Indah Kiat and 25% Tjiwi Kimia and assuming a 70:1 ADR ratio, one can calculate an artificial premium/discount for the ADR. While these assumptions are questionable, I have made this calculation on a daily basis for 4 1/2 months and the value has ranged from a premium of 30% to a discount of 35%. Right now the discount is 35%. I bought today at $10. Peter

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