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Hi Boon Chin,  
 
Your estimation of intrinsic value for Wing Tai seems valid at $3.60 at a glance. However, I noticed development properties and investment in associated companies in the Balance Sheet form the basis of the intrinsic value. You may want to check out if these are liquid assets. For example, the location of properties and how quickly can these properties be unlocked and sold? If they can be easily converted into cash, it’s considerably cheap by the definition of your intrinsic value.