World Precision Machinery

[Scg8866t]

Time to relook at this gem? Very strong cashflow, mainly from depreciation. 88% owned by boss, ard 12% public float left. 0.41x book. If we assume a 40mil sgd net operating cashflow on avg annually, company should get back 10cts per share a year. More conservatively, we can just look at depreciation alone and it would give ard 7cts per share. Also transitioning to net cash soon. Risk includes being an s chip and rmb currency risk in China. My view only, to each his own.