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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (8746)	2/18/1999 9:07:00 AM
From: DBCAP	Respond to of 8798

"MSHI" - DOES IT MAKE SENSE THAT THIS STOCK IS SO UNDERVALUED? I've come across a small-cap company that has substantial cash and it sells for approx $1 per share, LESS THAN IT EARNED LAST YEAR. The Company is MAN SANG HOLDINGS, INC. ("MSHI" - Bulletin Board). It's one of the largest suppliers of pearls in the world, based in Hong Kong, and sells its products throughout the U.S. and in Europe and Asia. The NY Times described how pearls are in hot demand and the dramatic increase in their price and value (5/24/98 front page). Man Sang has a pristine balance sheet with more CASH in the bank than its total liabilities. As of 9/30/98: - Cash - $11.3 million - Current Assets - $40.3 million - TOTAL Liabilities - $10 million It has a Book Value of over $8.15 per share - made up of Real assets. It has liquid net working capital of $7.90 per share. Man Sang's subsidiary, Man Sang International Limited, trades on the Hong Kong Stock Exchange (Symbol: "938"), since Man Sang last year sold to the public in Hong Kong 27% of that sub; it kept and owns 345 million shares of the sub (73%). That sub's shares now sell in Hong Kong for about 3.2¢US per share. Therefore, parent Man Sang's shares in its sub have a current trading value of over $11 millionUS - over $2.55 of current market value for each share of Man Sang parent for this one asset alone. I've considered that its numbers are made up, or that it's a hoax. BUT: - Man Sang's accountants is the Big-Six accounting firm of Deloitte Touche. - Man Sang's legal counsel is the well-known firm of Kaye, Scholer, etc. Even in its current 6-month period with all the problems in Asia, Man Sang has been impressively profitable; more than 50% of its sales comes from outside Asia. Its price of less than 1 says it's going under, but its performance and numbers make this absurd. It makes no sense. CHECK THIS ALL OUT YOURSELF, and contact me with your assessment. All of Man Sang's SEC filings - 10-K, 10-Q, etc. - including financial statements are publicly available. (IN MILLIONS of U.S. DOLLARS) 3/31 3/31 3/31 3/31 9/30/98 1995 1996 1997 1998 6 MOS. SALES:$20.5 $26.7 $32.1 $33.9 $14.1 - 6 mos. NI: $2.6 $4.0 $5.3 $7.6 $1.1 - 6 mos. EPS: 92¢ $1.44 $1.40 $1.74 $.26 - 6 mos. MAN SANG has about 4.3 million shares outstanding.