Genting Berhad is the LARGEST allocation among my over 200 portfolio stocks

1. It's 52.7% stake in Genting S'pore ( M$17.95 bil ) and 49.4% stake Genting M'sia (M$9.14 bil) alone is > M$3 bil higher than its entire market cap of M$24.08 bil (the gap was as high as M$5 bil when I tripled my stake in Sep/Oct to maximise my portion of the recent dividend). This is not including its stake in Genting Plantations, profitable Genting Energy and soon to launch Resorts World Las Vegas.

2.The NTA is hovering near all time highs of M$9.03 (versus mkt price of below M$6.00 when I was tripling my investment in it). Since its listing in Dec '71, its share price had only dipped below its NTA briefly in '98, '01,'09, late '15 and '16. But since a raft of bad news hit the company late last year, it has traded well below its NTA, with the gap widening to as much as M$3.44 when the price touched a decade low of M$5.59 in October. One of those bad news has since been reversed with the resumption of the scheduled opening of the outdoor theme park in Genting Highlands.

3. At its recent low, the prospective dividend yield of 3.4% exceeded the risk-free bank time deposit rate of 2.95% for short-term deposits.

4. Its borrowings(which are marginally less than its cash equivalents) are predominantly fixed-rate bonds that mature between 2 & 10 years from today.

5. Trading at an undemanding 12X free cash flow per share(48.8 sen). 

6. During the major low of '98(M$1.20), its revenue was averaging 600-700 mil per quarter and its EPS was just under 3 sen per quarter. At its recent low of M$5.59, the comparable figures were 5000-5500 mil per quarter & 10-15c per quarter, implying that this is a low price compared to that shopping opportunity of a lifetime! Comparative analysis of operating cashflows in 2000, 2006 and 2009 implies fair value of no less than M$7.21 currently.

Chartwise, it has U-turned from a 10 year low of M$5.59 with a 70+% probability as indicators on the weekly & daily timeframes show bullish crossovers on MACD & Stochs, not to mention persistent bullish divergences in the RSI on all timeframes. The current monthly candle looks similar to the situation both in Sep '98 and Apr '01 and a little like Aug '15