Still not buy­ing in

Finweek English Edition - - Marketplace -

Re­sults show an in­trin­sic net as­set value (INAV), which ex­cludes in­tan­gi­ble as­sets, of 912c per share. Yet the stock trades be­low 600c. Sure, a hold­ing com­pany typ­i­cally trades at a dis­count, but more of­ten that dis­count is around 15%, not over 30%. I am not sure if the con­cern is the fee struc­ture (that cer­tainly both­ers me), the val­u­a­tions of the un­listed as­sets, or the start-up na­ture of many of the as­sets. Whichever it is, the dis­count looks like an at­trac­tive op­por­tu­nity. But the ques­tion is what will trig­ger it to nar­row to a more typ­i­cal 15%? Truth­fully, I am not sure, and it could take ages, so I con­tinue to stay away from this in­vest­ment.

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