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Strategies & Market Trends : Value Investing

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To: - with a K who wrote (24935)	10/5/2006 3:08:21 PM
From: TimbaBear	Read Replies (1) of 78652

I've recently taken positions in Emerson Radio (MSN) and Man Sang Holdings (MHJ). MHJ is selling for less than the cash on hand, has no debt, is cash flow positive, is selling below both book and tangible book, and owns commercial property in China that they are carrying on the books at their purchase cost in 1992. The drawbacks: 70% of shares owned by one individual so low liquidity; they are foreign so GAAP may be different. MSN is selling for just over book and tangible book, has had very nice revenue and net income growth, is very conservative on share dilution (I believe they have fewer diluted shares now than 4 years ago). Timba

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