Well, it's been halted since March 2021. But we've seen the numbers already up to June 2021 and they are pretty good. So I don't see why the pps should come down when it resumes trading in Hong Kong. It's only a P/E of 6.
So you get $1.80 for that subsidiary (which is only a fraction of XIN's total revenue, like < 10%) and you get the rest (which was not profitable in 2020) for free.
A typical case of where the sum of the parts is worth much less than the individual parts
I think my $3 target is a good one, for now. Until we see the 2021 results.
Any self-respecting hedge fund would be loading up with XIN stock and shorting the subsidiary in HK. But hey, they are not that smart in general
Of course it is hard to see in how much "trouble" XIN really is. But I think it will be ok.
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