One of my sleepy dividend stocks from yesteryears proposed distributing some of their shares as stock dividends to shareholders. I want to take a moment to reflect upon this. Pacific Century Regional Development (PCRD) is the holding company of Li Kar Shing’s son Richard Lee. The holding company’s main assets are stakes in HKT Trust, one of the dominant telecom companies in Hong Kong and PCCW, which owns HKT Trust as well as other services complementary to telecoms. Almost all the profits of the holding company were derived from the dividends from PCCW and HKT Trust. Since PCCW and HKT Trust are listed, would owning PCRD be more beneficial than owning PCCW or HKT Trust directly? Owning PCRD is more beneficial if it trades below its intrinsic value. You own something that owns some other things. If PCCW and HKT Trust are undervalued, we have options to own them directly...