Hi, Mr. Icha,

One more thing. CPF's only potential problem is sour loans. It'll do a secondary to cover that. My original thesis is that no matter how thin it's diluted, the book value would work out to be above $2.5. So, your investment would "eventually" work out under this assumption. Buying at this time is betting on that dilution will be done in open market. This may allow it to avoid selling at below, say, $2 per share, but you'd never know.

In the unlikely event that the losses would be so horrendous that it can't float a secondary, then its anyone's guess. Certainly, 3Q would give us more clue.

We have ridden the wave of revaluation toward book value. The picking in that area is getting thin, and what's left may carry above average risks. We are moving toward earning driven valuation. That's going to be less directional, I think.

Best,
Sam