LTC Corp (prev. Lion Teck Chiang)

[opmi]

LTC management compensation is quite reasonable, and unlike other companies, they don't issue share options to employees which may sometimes indicate management is "milking" the company

The NAV has also been steadily increasing over the past 5 yrs.
To put things in perspective, the investment properties was recorded as $115mil in FY13. In FY10, it was 79.8 mil. So in the last 3yrs, the increase in fair value recognized was 35.2mil.
That's 22.5 cents per share.
So if u exclude ALL the gains since 2010, the NAV would still be about $1.32
How many things u know cost the same in 2010 compared to 2013?

Having said that, I did previously mention one of the risks is that these fair value gains cannot keep rising. Eventually they will reduce, become zero (no gains) or even become fair value write downs if the market turns south
In fact, I think this yr (FY14) the gains will be lesser compared to FY13.
I am just saying based on some simple calculations, the moat is very large currently and unless there are dramatic changes, the NAV is unlikely to fall too much. That supports the share price to an extent.

part of the 'moat' is discount due to illiquidity and small caps and no catalyst.

If NAV not increasing or decreasing and same discount to NAV, then how to make money if buy at market price?