Link: https://valuendiscipline.wixsite.com/edumalaysia/post/investment-idea-3-poh-huat-resources-holdings-berhad

Summary

POHUAT is a home and office furniture manufacturer with 67% and 23% of sales coming from USA and Canada respectively. On Earnings Power Value basis and assuming all cash on hand is used to pay 2 years worth of fixed costs (assuming that's how long till the Covid situation is under control), current valuation assumes it will suffer a 20% permanent loss in revenue into perpetuity. On net asset value basis, you could buy PH with its lands at cost value and all other PPE written down to zero.