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Lets just see where it ends upon the completion of year end window dressing. If you look at EPF shareholdings, it has increased from 20.78M shares to 22.97M shares from Feb'23 to currently. Share price has been going down starting Feb'23. I presumed there are changes within the top30 shareholdings that resulted in additional 2M of shares available in the market for EPF :) Perhaps some adjustment (minor window dressing) started end of Q1'23 until now.
ya, PE 40X is quite high if we compare with other international peer.
The Kraft Heinz at PE14. Mondelez at PE21 and nestle S.A. (switzerland) at PE 27,