I do not believe the assets are stranded, I think they are...

I do not believe the assets are stranded, I think they are highly valuable and EWC is a fantastic stock.

The below is an absolute worst case scenario and must be the view being taken by the market currently to have the share price where it is. I am fully aware there are legitimate counterarguments to all of the below but this is the only thing I can think of that has the price where it is. Here are my devils advocate scenarios:

You could view the LNG export terminal as unable to export without a license and therefore worthless.

There is no contract in place for import of gas to Pagbilao which puts a doubt to fuel supply that is feedstock for the power plant. This renders the terminal useless as there is no other method of gas delivery as there is not currently a pipeline to major load users. Needless to say no fuel makes the power plant useless also.

The power plant (if it did have fuel), is merchant and therefore no guarantees on achieving a price above the marginal cost of generation given existence of coal.

If the Sengkeng BOT power plant experiences a technical fault that was not covered by insurance this could bankrupt the company given the quantum of debt service on current leverage.