ASIA Securities International's net asset value is $1.67 per share, a premium to the latest offer prices in the takeover battle for the company, its 1992 annual report reveals. Although the figure was significantly below the range of $2 to $3 per share expected by the market, stock analysts pointed out that annual report numbers were generally more conservative than market estimates. They said a better reference could be found later in the offer document by Hongkong China. The annual report also disclosed contingent liabilities of $126.4 million which arose from the guarantees given to third parties in respect of facilities granted to subsidiaries. However, it did not specify the subsidiaries. The report also revealed that Asia Securities director Horace Lung Don-cheng held a total of 1.21 million shares as of April 13. Mr Lung resigned in March and his resignation will take effect on June 7. He said yesterday he had been selling down his stake in the company since tendering his resignation. However, he stressed that he sold the shares through a broker and did not known who the buyers were.