Was just looking at this lightly traded stock, which is also the only listed broker in Singapore as well. Its Singapore operations make up the largest source of revenue, followed by Hong Kong then Thailand, so it is exposed largely to South-East Asia and the more general Asian region. With the decline in trading volume in Singapore, its earnings have fallen quite a bit in 2012 and 2014, which has also dragged its share price down from $1.645 in Aug 2014 to the current ~$1.50. (Image source: http://www.thesas.org.sg/component/content/category/8-web-pages.html) At a price of $1.50, UOB Kay Hian has 0.9 P/B ratio, (slightly higher after the company paid its dividends for the year). Most of its assets and liabilities are also current, which can be expected to be fairly valued (as opposed to long-term assets like buildings where valuations can take years to show). Although the company has a patchy record ......