"The only thing that I want to say is this: With situations like this, whereby a good stock is for whatever reasons under-appreciated and under-valued by the market for a long time, the situation can persist much longer than our patience can withstand. In other words, even if your thesis is correct, this stock might go nowhere for a few more years. The question then becomes: How long will be you willing to wait?
Personally, in situations like this, I usually start to question myself and will seriously consider to offload the stock for other better opportunities!"
I can understand this sentiment, but I would normally limit myself to thinking like this where the stock price is less than the asset value. That normally requires a change in management or catalyst, otherwise you're sitting on your hands for a while.
Bruce Greenwald covers this nicely in a few of his lectures (available on YouTube) - specifically his case study on Hudson Pacific (or is Magna the name, I forget).
UOS is not in this basket. The market may ignore it for a 3, 4 or 5 years, but how can it continue to ignore a growing dividend that has an amazing amount of certainty behind it? This is not just assets, but a strongly performing business too. Eventually, value will be realised. If I have to wait 5 or 10 years, so be it.
Try to 'simulate' a huge recession in KL by adjusting balance sheet/P&L values accordingly, then see what you'd be left owning at the end of it. The company holds a phenomenal amounts of assets per share - and with some of that being cash, a property crash bigger than that of the US in '07/'08 would be required for book value to be less than the share price (it was at the time of my purchases).
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