Today, Kasen’s only viable segment is property development, a melting ice cube as the Company sells off the last of its remaining residential units. Given that its other segments generated losses, at best Kasen should be valued on a price-to-book ratio of other similarly situated situated Hong Kong property developers (0.5x). After adjusting Kasen’s net asset value to account for projects or assets we think do not exist, we value Kasen at HKD 0.67 per share, an 85% downside from its last traded price. This is likely conservative, as a Company which fabricates capital expenditures and allows the chairman’s family to loot the public vehicle of its most valuable business is, in our opinion, simply uninvestable.