PRA is a net-net company now (current assets slightly above total liabilities)   Let's look at its problems. 1) Weakening Ringgit 2) Poor consumers sentiments at even its home turf Malaysia 3) Declining profits (excluding one-off disposal gains) 4) Coporate governance 1 - making a young daughter director with executive powers 5) Coporate governance 2 - 2 independent directors have resigned or quit 6) Coporate governance 3 - Complex owner structure of parents company, just look it's sister company PRG propose transfer/ sale of stake from left hand to right hand. It got voted down, which I cannot understand. 7) Poor execution records. Hanoi expansion is a disaster. PRG, it's sister company, helmed by the same chairman, also incur high ligitation costs for Beijing Metro 8) Indonesia profits unpredictable, lastest 2Q show a small loss. 9) FCF is QoQ is worsening 10) Payables is ballooning. The valuation: 1) No ......