Ah Choon Wong, personally I would look at both value and growth. But in this case, the problem I dont think is only value - it is a case of corp governance & capital efficiency. Personally, it is very hard for me to buy this share because: 1. it is majority owned by a family and in Msia, minority protection is rather weak. Money can be decided by controlling shareholder into wasteful expenditure, and minority shareholder would have no say. 2. The mgmt here is not maximising capital efficiency i.e. maximising shareholder value. If they have no efficient use of the cash, they should pay out all the cash as dividend.