Here is the update report. For those familiar with the company, H2 did not bring major upheavals, as is usually desirable for a residential real estate investment company 
Operational performance was slightly better than expected. The guidance for realized profit was quite strong, but it’s difficult to estimate how much of it includes profitable sales in Tallinn, which are expected to continue. Unless I have misjudged the balance sheet value, the situation is indeed interesting, as the company is able to sell apartments above valuation figures and buy back its own shares. In the short term, the impact of this is limited due to low liquidity, but in the long term, I believe this is a significant factor, and liquidity will likely strengthen if the stock remains at its current level and my thesis proves correct. Of course, I also don’t see why a tender offer aimed at the top 100 largest owners, similar to Lemonsoft, wouldn’t be possible.
In the case of Asuntosalkku, it is good to note that even though the NAV discount is so significant, I perceive the company’s investment profile more as a steady, low-risk residential real estate investment, which unfolds through share buybacks and apartment sales, and thus a gradual increase in valuation. In my opinion, a faster increase in valuation is still limited by low cash flow, Finland’s weak rental and housing market, and the low valuation levels of peers (especially Kojamo).