Gents, I stand by every word. The assets that matter here are...

Gents, I stand by every word. The assets that matter here are not actually operating, but even if they were they are fully exposed to markets that will determine their actual value. Book value has nothing to do with it. The markets to which I refer are the WESM (where there is a surplus) and the global LNG market (surplus as well, in case you are wondering what Sengkang would face if it came into production). As an example, take Seadrill, an offshore drilling company - SDRL. Now in Chapter 11. 2014 share price above $40. 2015 financials: $15 billion book value operating rigs, $2.5 billion revenue. Today, share price 30 cents (500 million shares issued). Turns out drilling for oil offshore is not as valuable as John Fredricksen thought it was! And he really is an investing legend. By hook or by crook EWC will be valued the same way, by the combination of contract and merchant exposure that the company actually has. The Philippines power market is what really matters here, and the actual numbers should tell you that what was once a reasonable investment thesis (say, at 2012 WESM prices) looks different at 2017 prices and trends. As always, DYOR - if you are happy with the exposure you have, I am delighted for you but I would encourage you to try and gain a deeper understanding of how the power market in the Philippines actually works. And maybe how valuation works too.