Global Value Investing

[throwerw]

not going to happen. There is a HK listing requirement to maintain at least 25% free float (any 10%+ owner counts as an insider for this calculation), and insiders own a collective 74% or so. There is very little left that can be bought, and some of the controlling shareholders are still buying small amounts on the market from time to time.

The Macau residential property market has risen nearly 100% since the last time KS sold a flat in H1 2012. Unfortunately they don't have to record this increase in value for the properties held for sale, but I would expect that the commercial investment properties recorded similar gains. This could add an additional HK300m or so to net income after minority interests in 2013.

KS's stake in Macau is likely worth over HK$4B. The one bit of info I managed to pick up at the AGM is that the chairman has decided to hold most of the properties until after the HK-Macau bridge is completed in 2016.