amazing half-year result predicted, page-15

GK, you asked, but I don't know that I am so much of an expert as to how Malaysia is going economically, but I do think about it a lot.

It certainly feels like it's booming when you're there. The level of construction is quite staggering, but Malaysian population growth is among the highest in the region and there is still a good deal of Urbanisation left to come I suspect, Malaysian Urbanisation levels are at the low 70% range and somewhere in the middle 80% range would seem to be the logical medium-term level considering demographic/geographic factors.

This would imply urban housing for another 3 million or so people in the medium-term will be required, plus the natural attrition/rebuilding. When it comes to re-building, many people don't realise what a lot of good UOS (UOADB) does in terms of the amenity of KL and surrounds, a great many of the developments, whilst described as 'greenfield' by the company are in fact replacing squatter-colonies and the like, greatly improving the appearance, function and productivity of the areas developed.

Whilst it is very nice to see the price of UOS rising, and conditions in Malaysia very positive, the 'value investor' in me secretly yearns for a substantial property crash in Malaysia. Though there would be some short-term pain in this (falling price of holdings), the very sound cash position our directors keep us in would present some extraordinary opportunities longer-term. I assume most holders would be aware that UOADB are an (extreme) outlier in respect of their avoidance of debt for Malaysian property developers. The remainder of the sector on balance is leveraged/mortgaged to the eyeballs, there would be some wonderfully priced opportunities for a cashed up buyer in the event of a crisis of some kind.

As to valuation, UOS is not a stock you want to 'trade', I always try to keep a good idea of what stocks I own are worth, but really, provided you are happy IV is a reasonable distance off, there is no need to have it down to the cent. If I found UOS was trading somewhere north of $1, I would suddenly be looking much harder at valuation to discover an exact figure, but until it gets into that range I am pretty happy with 'A lot more than 57c' for my valuation - Eternalgrowth