Ann: Termination of Myanmar Development Project Agreement, page-4

I'm pretty sure the whole things a scam!

They've sneakily developed a nearly 30 year long track record of exceptionally shareholder oriented practices, and after factoring out the two returns on capital, have generated more than a 20% IRR.

They did all this so they could trick people into buying at 55 cents and selling at 48 cents. Someone needs to look into it! Call ASIC...

Either that, or you could wait until the half-yearly comes out, see whether the accounts indicate the businesses are performing well (this is my preferred method) and decide what a reasonable valuation is. If you find the shares are trading substantially below the conservative valuation you estimate, you might think about buying more. If you find you can't justify the current price based on business performance & prospects, sell.

You might, for example, look at the recurrent revenue stream from the rental and car-parking assets. These generated $20.7m in the first half last year and $21.5m in the second half. I would hope to see a figure a little higher than this come the half-yearly, perhaps $22m. Any more than that and I shall dance a merry jig.

A 6-month return of $22m on the investment property assets at a capitalisation rate of 6.5% (which is pretty standard for good quality office & retail property in Kuala Lumpur) would indicate the value of the underlying property book was worth about $675m. Given the investment properties were carried on book at $648.8m at December 31 2013 (at a cap rate of 6.51%), this would indicate the properties are performing well.

Property developers have lumpy profits. Share prices often are very different from the exact value of the underlying asset. If the shares trade at 40 cents, know that there will be one very happy shareholder hoovering up plenty (that would be me) - Eternalgrowth