PUBLIC EQUITY

Activist Investing in a Stock Trading Below Net Cash Balance

Extremely undervalued sum-of-the-parts play with a large margin of safety, trading below net cash & investments

Foreword:

Cross-Harbour Holdings Ltd. (0032: HK)

Investment Thesis:

Background:

Catalyst:

Valuation

Western Harbour Tunnel ($7.7 per share value):

Western Harbour Tunnel

Alpha Hero Group ($2.5 per share value):

Alpha Hero Group Valuation

Autotoll ($0.40 per share value):

Car customs
Autotoll Valuation

Investment Portfolio & Net Cash:

Investment Portfolio Valuation
Main equity investments
Cheung Chung-Kiu
Net cash valuation

Other (-$3.6 per share):

Overhead valuation

Conclusion