Hi kcchongnz, thank you for the clarification, that makes a lot of sense.

For the sake of debate, I would perhaps enquire more about the use of 100% weightage for the land and investment properties. I'm not familiar at all with properties and the buying and selling of properties, so I was wondering if the time frame and selling price of the properties would be a major concern, say, in the event of liquidation?

Or rather, what sort of scenarios would exist where we would best apply a significant discount to land and properties? Thanks again!

Hi kcchongnz, I'm probably terribly mistaken, but I'm just wondering why the inclusion of "Property development projects", "Land held for development", and "Investment Properties" in the NCAV calculations? I thought those are considered non-current assets? At least, from the reports they're listed as non-current i mean. I apologise for any mistakes, I still have a lot to learn, and thanks!

Hi Intelligent Investor, I'm curious about the Graham Number. If I'm not mistaken, it means that a high P/E is acceptable as long as the P/B is low enough to get a Graham Number of less than 22.5? Or is there something extra that we should look at if a Graham Number of less than 22.5 comes from a relatively high P/E (or P/B)? Thanks!

Hi Intelligent Investor, I see, thanks a lot for the replies! And thank you for the worksheet, it is extremely helpful, especially for someone like me who's just starting out and learning.

Hi Intelligent Investor, yup, I meant the calculations for Excess Cash. So that means Current Assets should be used for the deduction instead of Non-Current Assets?

Hi Intelligent Investor, in cell E112 in the "Finance" worksheet, I think you might have mistakenly deducted the Cash from the Non-Current Assets(E63) instead of the Current Assets(E40)? If not, then I apologise for my bad eye haha.