valid point, Crotch -- population density and geography will play into the valuations. Yeah, the 7 million people in HK are crammed into the size of practically the GTA, lol.

So, lets wipe out 50% to be ultra conservative keeping in mind that HK does have higher penetration rates and more competition -- we can still come up with $1.70 share price based on just spectrum before other assets. It would appear that 6180's method of valuation a week or so back on SH does appear to be close.