Most impt is that the company is able to grow fast. If it grows fast and earnings increase exponentially then either PE will fall a lot or Price will rise significantly or both.If price will to rise significantly then it is a matter of time that the management have to declare a share bonus or split to reduce the share price.

Sunright 1h2017 NTA is 58.2cents (Singapore cents). KESM 1h2017 is RM7.15. Share price of KESM is currently at RM16.18. Sunright booked its stake in KESM at book value. Compared to current price of RM16.18, the stake is undervalued by RM188.05m ((16.18-7.15)*20.825). Convert this amount into Sing Dollar it is S$60.66m (188.05/3.1).

Readjusted NTA would be 58.2 cents + 50.6 cents (60.66m / 120m shares) = $1.088.

sunright's mgmt could not initiate something on kesm without losing control on the company(Kesm). But it could issue bonus shares on sunright or even privatise sunright if it remains at a big discount to valuation.

as long as sunright is above 50 cents, there is a possibility that the management would issue bonus share when the full year result is out in sept. There are currently only 120m shares in issue.

Sunright
https://valuebuddies.com/thread-3917-post-138023.html#pid138023

NTA of Sunright as of 1H2017 $0.58
They booked their stake in KESM at book value which is RM$7.51.

If present share price of KESM is RM$10.8. Then the excess valuation would be S$21.75m ( (RM$10.8-RM$7.51) * 20.825 /3.15) Sing Dollar.

That would be around S$0.177 (122.8m shares)
Adjusted NTA would be $0.76

KESM closed on 17/3/2017 at RM$11.00

Sunright owns 48% of KESM or 20.825m shares. The value of the stake with KESM at present price of around RM$9 is around RM$180m or S$60m (Sing Dollars)

There are 122.8m shares in Sunright. So the stake in KESM alone is already worth S$0.49