It is true company is selling at less than net cash position (even after considering their warrant which is a surprise). But I would say the downside is whether the cash position will still be the same for its coming quarter. None of their retail outlets are operating since MCO and no doubt this will drain their cash very fast indeed. So dont buy thinking this is fool proof.
DK66, may I know how can you derive the losses after tax for non-controlling interest of 32m for this quarter? As you stated, NCI accounts for 49% of the losses in property segment which is 29m before tax. How does that figure goes to loss of 32m after tax?
CEO of large companies often cannot comprehend or accept that its business are in mature/declining stage. So they often try to embark on new ventures outside its core competencies on the expense of minority shareholders. This is what I think of seeing AA venturing into restaurant business.