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As you can see in my post on Monday I was quite aware of the FY accounts listed... however the February statement I had not bothered to scan through until yesterday. Considering that was issued post-year end then yes the company should have explained exactly what a third of the cash has been used for. "Strip out the INVESTMENT and the $1.6m decrease in cash and it appears net cash would have increased by around $800k otherwise, not including the dividend payment." So we wait and see what this was used for. If's all fine and dandy then nothing to worry about...

It's hardly deramping to highlight the complete lack of transparency and conflicting statements put out by the company is it really... Companies can leverage by all means, but a third of total cash jolly? And why not mention this in the FY results?

Wow missed the bottom today so will be looking for an entry tomorrow. Yesterday looked poor but today it's up on good volume, well done anyone in sub 5p!

Assuming it's just clever wording and the short term investments prove to be short term then the next set of results should state a cash position around $9.4m so holders have nothing to worry about. But then why are the company not transparent over exactly what the $3m has been spent on? How can shareholders weigh up the risk when $3m has been ear-marked 'short term investments' and no adjoining explanation!? You have to laugh.. In the audited report 'long term' is mentioned 16 times whilst 'short term' is not mentioned once. Only in the list of assets does it feature. Very bizarre way to run a public company

It's actually worse than I imagined. The company put out an announcement post year end stating "The Company's balance sheet remains strong with over $9m of liquid cash at 31 December 2014". This was on February 10th 2015. They issued their audited results to 31 December 2014 two months later, no mention of why the cash position is $3m lower than originally stated in the trading statement.

Still no end in sight, wait for the bottom guys, load up once the seller(s) cleared

Some buyers about but we wait and see. Of interest, Chinese property market showing positive signs according to reports today, perhaps unnoticed compared to US housing data spewed across every major news outlet - China property prices continue to rebound as policymakers' easing of the curbs are taking hold. June home price declines were in 34 cities, down from 43 prior, while the number of risers was up to 27 from 20. Across top-70 cities, prices were up 0.4% v 0.2% prior, and y/y the decline slowed to -4.9% v -5.7% prior. Stats Bureau noted the trend of polarization was evident, with top-tier cities seeing the most pronounced demand. Among first tier cities, new home prices in Shenzhen recorded the highest monthly and annual growth of 7.1% and 15.7% respectively. Separately in China, researchers forecasted H2 GDP at 7%, which would assure the economy would meet the annual target of 7%. Pres Xi also remarked economic growth outlook remains promising despite downward pressure, and Fin Min Zhu was confident China can sustain 7-8% growth in next 5 years.

This is a stress-free ride. USD currency gains will be boosting profit growth and then some :)

Down to 5p today, not sure what to make of those early trades around 6p but something going on behind the scenes to cause this sell-off. Suspect there is an internal divide here which might be the reason for continued selling pressure. It does look attractive value even if margins and earnings are falling, still profitable and flush with cash. Need to see a bottom before dipping toes though. A weekly gain needed. The risk here is someone breaches AIM codes disposing of their holding without notice etc and this becomes de-listed very quickly. Have seen that happen recently, ofcourse hard to prove it's intentional but given the collapse here it would hardly be surprising...

Ian.B - if Israel carries out on it's threat to neutralise Iran's nuclear ambitions I could see this down to 12p. On a company level the increase in operating profits appears to be linked to the significant reduction in cash position. If this is how they sustain growth I would be worried, for instance how are they masking the falling net cash from activities? If they can repeat operating profits and turn the balance sheet around to cash gains then yes this will look cheap

Despite record profits here the cash position has been depleted and borrowings increased. All in the name of 'growth' but will this prove sustainable. Also a lot of goodwill attached to those recent acquisitions... Maybe improving operating profit figures will continue to appease the market but it's difficult to see the board's vision, indeed their YE results statements were only a brief read. More details needed, balance sheet trend reversal is a must.

jolly - The cash position i've included but the accounts suggest this is still expensive for a couple of reasons IMO... the recent investment spend distorts cash inflow and growth projections. Strip out the investment and the $1.6m decrease in cash and it appears net cash would have increased by around $800k otherwise, not including the dividend payment. That's around a £500k net cash increase to come although perhaps it is a little harsh to exclude the dividend for p/e purposes. Trade receivables were up by £150k too which begin to account for the reported headline operating profit. Just taking the past three years of comprehensive income it looks positive, reported figures show growth following each year but take a look at Net Cash provided by Operating Activities and the trend is reversed. $2,515,000 in 2012 down to $1,929,000 in 2013 down to $1,087,000 in 2014 Like you say jolly MWE fails to attract market excitement and they trade below cash + office asset value. Based on that comparison your 12p shout here looks a certainty

SUBSTANTIAL SHAREHOLDERS As at 23 June 2015, the Company had been notified of the following beneficial interests in 3% or more of the issued share capital pursuant to Part VI of Article 110 of the Companies (Jersey) Law 1991: Total of 83,336,323 shares or 78.4% of the capital held by 1. Dato’ Hussian @ Rizal bin A. Rahman (‘Dato’ Hussian’) (53,465,724 shares = 50.29%) 2. Thornbeam Limited (16,048,922 shares = 15.10% 3. Dato’ Shamsir bin Omar (9,131,677 shares = 8.59%) 4. Perbadanan Nasional Berhad (4,690,000 shares = 4.41%) The freefloat is just 22,962,457 shares (21.6%). At 3.25p per share it's roughly £750k worth of equity available to trade assuming there is stock readily available to buy. This for a company that turns over £50 million, made a record Gross Profit of £3.62m and swung back into profit during the year. In the annual report it states "The Group’s and the Company’s normal trade credit terms range from 30 to 60 days (2013: 30 to 60 days)." and there was a record backlog of Trade Receivable built up and will be due in the coming period. Mobility One Indonesia which has now been sold ate into profits to the tune of £186k during the first half of 2014 and will no longer impact the Groups performance. The majority of the loan interest is 2.5% (bankers acceptance) except the £159k overdraft which is 8.85% and £260k Term Loan at 4.6% likely the first figure to be repaid. Once higher cash generation and loan repayment capabilities are recognised in the next set of Interim results - and they have to be as the majority of loans are due within 12 months - the company will command a far higher valuation than its current £3.4m http://www.mobilityone.com.my/pages/pdf/MOL_AR2014_010715_r1.pdf

One point of view out of Israel http://www.timesofisrael.com/iran-deal-will-set-off-nuclear-conventional-arms-race-warns-top-israeli-official

YA have been selling into this recently and still have over 4 million shares remaining (7.95%). Whatever their reason if they continue to offload which it appears they are given selling pressure recently this will continue to fall. Anyone know when YA were gifted shares? I'm presuming they didn't buy, past experience tells me it was some form of loan for equity swap. On metrics SIM's growth in profits last year was impressive but otherwise p/e isn't that cheap, nor is revenue growth (ultimately new business). It looks like they are streamlining costs but given risks to location (especially after the Iranian deal) it's not surprising investors are washing their hands with this in favour of better growth prospects in a safer part of the world.

Was another good opp trading out on results today, like last month but those figures look very impressive, bodes well for future trading updates.

Hello! Thankyou for your comments on the article, I hope it is of use to your investment decision making. This is one stock I like to keep tabs on, mainly because the accounts aren't too complicated to interpret and actual cashflow hidden amongst the figures suggests the underlying picture here has been positive for some time. I believe the market is still discounting far to much risk This may be because of its location, lack of liquidity (large number held privately) or perhaps due to past performance. Lack of newsflow deters traders but when volumes do pick up this moves very quickly. This is why the MMs are able to set such a ridiculous spread for 90% of the time. I've been able to trade my holding a few times when volumes increase within a close spread but I am more interested in realising investment value here. There are very few shares on the market so it doesn't take much to cause a jump, in fact just a couple of days before results the intraday spread moved up to 3.5 - 3.9 after half a dozen buys, the highest it's been since 2013. Revenue growth this year should be similar given the repeat business model and established presence within the sector amongst larger clients. The company gave us a very tasty glimpse of the pie in those FY results just two weeks ago. - "More than 1,000 new agent banking points introduced by one of the Group's banking partner recently in Malaysia is expected to contribute positively to the performance of the Group in 2015" Gross profit margin should improve slightly as 2014 accounts included 3 months (Jan-Mar) of loss-making subsidiary. It all helps though when we are talking about a company valued at £3.25m You can see my forecasts for the first half 2015 trading results, in blue italics which again show a huge improvement on the period last year. I wouldn't be surprised to see an operating profit before tax of £550,000 booked during the Interim period. There are no more sizable impairments (non-cash) that I can see which would reduce actual trading performance figures. This is why I wouldn't worry about the spread now if you take a 2-3 month timeframe or are prepared to hold for 12 months for the 2015 FY results. The amount of trading in the second half of 2014 took me by surprise and so the growing balance sheet did too. Increased assets and liabilities. The huge increase in trade receivables listed will also contribute to an improved 2015 performance as they become due. HAYT is a solid mid-cap investment (in terms of AIM listed) with exposure to both US and Asian markets, strong currency exchange and high growth respectively. I'll try find time to highlight their case at some point, but really no qualms in recommending it to friends at the current price. It's nice to hear other pi's following local companies also and the company returning success in earnings for investors :)

You beauty :)

nutsy that was back when oil prices yielded an attractive ROI. Unfortunately for PET they have nothing except a depleting cash position and hope that Ireland will yield them an 'elephant discovery'. Better smallcap value in AIM listed MBO which turns £50m per annum, back in profit and around £3.25m market cap. Completely off the radar but still in a 6 month uptrend. Half Year results due in September. GL

"The Shanghai Composite tumbled nearly 6% in volatile trade on Wednesday after having fallen as much as 8% shortly after the open with trading in more than 500 companies listed in Shenzhen and Shanghai suspended. The index is down almost 37% over the past four weeks." Until this levels JSI will get cheaper.