China Air Ltd has issued a Convertible Bond of US$100,000,000 with the following conditions:

Price at Issue	100
Annual Coupon	4%
Maturity	5 year (final payment at par)
Conversion	At any time, a bond with a US$6000 nominal (or face) value can be exchanged against one China Air share.

On issue date, a China Air 5 year straight bond with a 4.25% coupon was quoted at 83.00 (which gives a yield to maturity of 6.75%). The share price of China Air at issue was US$5660.

An investor who is considering buying the China Air Convertible Bond, has a very bullish view on China Air share price over the next 5 years seeing an upside of at least 30% from share price on issue date. Analyse using conversion premium and minimum target share price to determine if the investor should buy the China Air Convertible Bond?