This stock is trading at less than 1X PE, after you deduct the S$36 million cash from its market cap of about $60 m. U get 60-36 = 14 m. The net profit for last FY was about S$20 million! Cheapest stock i know of in whole of SGX. Anyone can tell me which is cheaper? :laugh:
The FY10 results statement has an interesting paragraph which is reassuring to investors who are concerned about corporate governance: \"Our newly appointed internal auditor (Ã¢â¬ÅIAÃ¢â¬Â), Grant Thornton Transactions Services Pte Ltd, had in December 2009 completed their review on business cycles of the CompanyÃ¢â¬â¢s subsidiary company, Quanzhou City Quangang Hongli Shoes Co., Ltd. In addition, they had reviewed our follow-up implementation of recommendations proposed during the IPO in April 2008 and the past audits since then. The Audit Committee had reviewed the findings by the IA and noted no significant internal control weakness. The Management will be following up with the recommendations in the IA Report. Henceforth, the IA will conduct their reviews on the GroupÃ¢â¬â¢s selected business cycles until the end of year 2011 when the current appointment ends.
Ask me to audit I will also recommend improvement actions....to make them feel the aduit fee is worth paying for....and better still, can continue to engage my serivce to see through the implementation!