NOT too late yet. We first highlighted the disparity of the share price performances between YTL Corp (RM4.32) and its key listed units in late November, noting that the holding company had been a significant laggard in the past three months. YTL Corp subsequently rose 12 sen to a high of RM4.44, but has since given up all its gains. We see this as another window of opportunity.
Less than RM150mil for the holding company? At current market prices, YTL Corp’s investments (including shares and warrants) in its listed subsidiaries are estimated to be worth RM6.12bil. Deducting this from the holding company’s own market capitalisation of RM6.26bil, investors would effectively be paying less than RM150mil for the unlisted businesses of YTL Corp, which comes with the proven leadership.
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