Global Value Investing

[throwerw]

Ryan, let's get real here, it's worth about four times the market cap based on market values of their properties, haha. Taking the market values and cutting them in half is ultra conservative.

Cash covers all liabilities with HK300m left over.
Macau: HK2B
US: HK1.2B
Vietnam: HK800m
Japan: HK600m
China: HK200m
Possible liability in Vietnam: HK300m

Total: HK4.5B
Market cap: HK1.1B

If you look at the Macau properties on Google Maps you will see some adjacent land in the mountain that has been leveled and looks like a construction site. We will confirm, but I'm pretty sure that belongs to KS and they could easily double whatever money they spend to develop it.