Thanks, that's what i thought. Now what if the receiving team muffs the punt and kicking team recovers?
As ET said, they will most likely decline the penalty. However if they wanted to accept it (like if there was first touching by the kicking team) then it would be enforced at the previous spot.
The really really simple explanation of PSK enforcement is that if the foul is part of the punt coverage, it's enforced at the end of the kick. If it's part of the punt rush, it's previous spot. Both of these assume the return team has the ball at the end of the play. If the kicking team has it legally, then it's only previous spot enforcement. This is an oversimplification of the rule, but is effective for the vast majority of punt plays.