Agreed, it’s a very difficult business to properly value. I’ve been watching Pakistan closely as the most crucial holding is Zameen. They have introduced a number of measures to help boost construction and the property market. The big unknown is whether this will merely help to limit the downside or if it will actually turn out to be a boost for Zameen. Only time will tell.
It’s a risky holding, but I think the current price is an attractive risk vs reward play.
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