QUOTE(darkknight81 @ Mar 10 2010, 03:14 PM)
First of all we must ask why it is deeply undervalued? The owner is trustworthy? Too many RPT? All these while what VT has done is for his own benefits or all stakeholders?
The Edge featured the cover story in Jan '10
http://www.theedgemalaysia.com/features/15...ch-in-2010.html" Note that BCorp pumped in the Cosway direct-marketing business into Hong kong-listed Berjaya Holdings (HK) Ltd (renamed Cosway Corp Ltd) in December 2009, and the company is now worth, in theory, HK$10.09 billion (RM4.34 billion) on a fully diluted basis.
On that basis, BCorp’s near-79% holding of Cosway Corp is worth RM3.43 billion. This, compared to BCorp’s current total market value of RM5.41 billion (at RM1.26 a share and including the value of irredeemable convertible unsecured loan stocks, or ICULS), would suggest that BCorp is significantly undervalued. This is because it also controls other major listed outfits, key of which is Berjaya Land Bhd, where BCorp’s 57.9% stake is worth more than RM2.6 billion."
------------------------------------------------------------------------------
To summarise,
BJCorp owns 79% Cosway + 57.9% BJLand = RM3.43bil + RM2.6bil = RM6.03 bil
while BJCorp market value only at RM5.41bil (RM1.26 per share)
Is above computation a good reference to what BJCorp worth? ... consider it yet to add BJToto (which BJCorp is also holding) into the equation!