Hotung

Hotung\'s under value is being realised. NAV of 30 sg cents (please check the financial statements) which will undoubtedly rise with a buoyant equity market. Patience is needed.

1. Shares trading at steep discount of 0.55 P/BV 2. Announced dividends of 0.76 US cents 3. Cash of NT$ 2.3b that will likely see a. sustainable and generous dividend payout b. share buyback 4. China effect as Taiwan forge closer economic ties with China under Ma Ying-jeou. What better way then for China to invest in Taiwan\'s high tech firms which Hotung is a good proxy for. Already, Taiwan is preparing for the arrival of luxury property investors from China where prices are only 1/4 that of Hong Kong\'s Watch out for May when the Economic Cooperation Framework Agreement is signed with China. Look at what the Closer Economic Partnership Agreement did for HK in 2003 - the mother of all booms! 5. Improving macro-economic environment that Hotung operates in.

Ah... just announced that one of its directors have bought 3million shares 1. Date of change of Deemed Interest 12-03-2010 2. Name of Registered Holder Tai Lung Capital Inc. 3. Circumstance(s) giving rise to the interest or change in interest Open Market Purchase # Please specify details 4. Information relating to shares held in the name of the Registered Holder No. of Shares held before the change 142,450,008 As a percentage of issued share capital 12.87 % No. of Shares which are subject of this notice 3,000,000 As a percentage of issued share capital 0.27 % Amount of consideration (excluding brokerage and stamp duties) per share paid or received 0.1183 No. of Shares held after the change 145,450,008 As a percentage of issued share capital 13.14 %

sgmarket, you have highlighted a gem. I have done some preliminary checking of their past announcements. Indeed this company has S$100 mn in cash and no borrowings. The market cap is just US$137 million (equiv to S$191 m). No wonder they have been busy buying back truckloads of their shares.

Hotung looks like a pretty diamond. Waiting to see if it will aggressively buy back shares during this Greek crisis as it has done in the past few months, and in 2009.

Neontat, SGD 1 = NT 23 With the markets in turmoil, its exit market conditions have deteriorated, NAV might fall from here.