Holdings with a discount are common. The discount that Tianjin Development is trading at is quite absurd though. Below half of net cash & good quality assets make it interesting.
Otis China, Tianjin Port and the utilities business have moat and are probably worth at least HKD6 per share. Re the surplus cash balance, do you have a rough idea how much is actually owned by the company (vs the non-controlling interest)?
I have not checked in this case. My thesis does not change by it. Normally though cash at non controlled entities is not consolidated and should not be on the balance sheet. Not an expert on Chinese accounting though.
Otis China, Tianjin Port and the utilities business have moat and are probably worth at least HKD6 per share. Re the surplus cash balance, do you have a rough idea how much is actually owned by the company (vs the non-controlling interest)?
I have not checked in this case. My thesis does not change by it. Normally though cash at non controlled entities is not consolidated and should not be on the balance sheet. Not an expert on Chinese accounting though.