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  • Asia Standard - Dollar Selling For 4 Cents [View article]
    Thanks for a good article.
    The asset values marked to market obviously makes the stock dirt cheap and deep value.
    But let's go devil's advocate and consider the following:

    Could this valuation discount actually narrow?
    Because the top tier / large landlord peers in HK are easily selling at anywhere at 35-40% discount to NAV.
    Various sellside research sources will say long-term historical HK landlord valuation discount to NAV is ~30% with 1SD +/- 10%.
    So given that the "best of breed" so-to-speak landlords are selling cheap and are more active to pursue practical catalysts, maybe ASI's valuation discount right now is here to stay?

    I understand you have considered possible catalysts to narrow the discount, but....(again devil's advocate)
    1. Increasing dividends: Unless we have an understanding of the management's tone or view, this is probably a hope?
    2. Agree with this. But what are the downside risks? Esp since some are residentials in PRC.
    3 - 5 seem well-known by the market and could be somewhat circular reasoning.

    Do you know what's their strategy with HK investment properties and how that's changed / improved recently? I have seen the lower levels of Asia Standard Tower in Central getting some key strategic tenants so that's great.

    Do you know management's thoughts / intentions regarding the equity investments? That is a negative that reminds us all of C&T (46 HK)!

    Thanks, hope to discuss further.
    May 13 09:41 AM | 1 Like Like |Link to Comment
  • Hollywood Media: Something Is Going On Behind The Scenes [View article]
    Is there any update on this? I guess the 4Q13 results seem like a non-event and not much new information?
    Apr 16 01:05 PM | Likes Like |Link to Comment
  • Bally Technologies: Macro Headwinds Create Attractive, Best-In-Class Buying Opportunity [View article]
    Yes that's it. The ongoing patent dispute basically prevents/stops SHFL from any Macau exposure until the dispute is tried and done, which should take more than a few years. Hence, we shouldn't get too excited about SHFL by linking it to any Macau growth....
    Apr 1 10:09 PM | 1 Like Like |Link to Comment
  • 21Vianet Group: Lynchpin Of China's Internet Industry [View article]
    COO is retiring due to health reasons. They hired the President a year or 2 back and also hired respective specialists in Cloud, enterprise client for hosting, etc. So the mgmt team is well set up.
    Apr 1 12:45 PM | Likes Like |Link to Comment
  • Bally Technologies: Macro Headwinds Create Attractive, Best-In-Class Buying Opportunity [View article]
    Thanks for your article.

    I see you have wrote about Macau potential for SHFL, but there seems to be no mention of SHFL's inability to sell any ETG machines in Macau given Paradise Entertainment's general patent issue.

    Paradise basically has a monopoly in these ETG where casino operators substitute 1 table for 100 "live-multi gaming" LMG machines. So basically SHFL can only sell ordinary slot machines, not LMG/ETG, which is much less exciting.
    Apr 1 10:52 AM | 1 Like Like |Link to Comment