Big Joe in the way.

New Zealand are on the attack when suddenly tall Juan Smith of South Africa breaks away with the ball. Challenged he passes to scrumhalf François Hougaard on his right. Hougaard runs and chips. After he has chipped he collides with Joe Rokocoko, the tall New Zealand wing.

The chip is near the half-way line. The ball lands about five metres inside the New Zealand 22 and about 16 metres in from touch.

The referee immediately penalises Rokocoko and awards the penalty where the ball landed. He makes a gesture to show that Rokocoko had moved out of his line to make contact with Hougaard. The contact is about five metres ahead of where Hougaard kicked and a metre in from where Rokocoko was standing when he kicked. If Rokocoko had not gone out of his way to be in Hougaard's way, he would not have been penalised.

Right?

Yes.

Law 10.4 (o) Late-charging the kicker. A player must not intentionally charge or obstruct an opponent who has just kicked the ball. Penalty: The non-offending team may choose to take the penalty kick either at the place of infringement, where the ball lands, or where it was next played.

Place of infringement. If the infringement takes place in the kicker’s in-goal, the penalty kick is taken 5 metres from the goal line in line with the place of infringement but at least 15 metres from the touchline.
The non-offending team may also choose to take the penalty where the ball lands or is next played before landing and at least 15 metres from the touchline.
Where the ball lands. If the ball lands in touch, the mark for the optional penalty kick is on the 15-metre line, in line with where it went into touch. If the ball lands, or is next played before landing, within 15 metres of the touchline, the mark is on the 15-metre line opposite where the ball landed or was played.