BEG­GING TO DIF­FER

Finweek English Edition - - SIMON SAYS -

Pere­grine re­sults were ab­so­lutely top notch and here is a lo­cal sec­tor that is do­ing well (An­chor Cap­i­tal a nd Coro­na­tion i n par­ticu l a r). Pereg r i ne s aw HEPS up 28% while t he div­i­dend was up 50% and it is on a very good tra­jec­tory, with more up­side very likely. I do how­ever dis­agree with mem­bers of man­age­ment who stated t hat nor­malised earn­ings are a bet­ter ref lec­tion of how the busi­ness is do­ing as they ex­clude share-based pay­ments. So are they say­ing that these free shares have no cost to share­holder or the com­pany? I to­tally dis­agree, hence I use the real HEPS i ncrease of 28% rather t han it s nor­malised HEPS in­crease of 36% that man­age­ment prefers to pa­rade.

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