yah man, never heard of this one until now. but did Google search and found its corporate website:
Amiral Gestion\'s goal is to realize a solid long term performance by looking for quality companies whose value is clearly undervalued by the markets. Since 2003, we have constructed a team of passionate asset managers and financial analysts with complementary personalities. Amiral Gestion is an asset management firm that manages four mutual funds: Sextant PEA (an international equity fund eligible for French equity savings plans) investing mostly in Europe, Sextant Grand Large to invest with caution with our strongest convictions, Sextant Autour du Monde to expand your investment options globally and Sextant Peak Oil to invest in companies likely to profit from \"peak oil\". Amiral Gestion is approved by the French Financial Market Authority (AMF).
dydx is a value investor and a smart one at that. he posts regularly at
, and i take the liberty to share his post on Q3 results here: Bearing in mind that 3Q is seasonally a \"low period\" for direct-marketing and that most of the terrible economic/market events and news actually happened just before and during the quarter, BW\'s steady rev. and NP in 3Q can be viewed as acceptable. Including 3Q\'s EPS of $0.0092, BW has achieved a total EPS of $0.0467 for the 1st 3 Qs. Bearing in mind that 4Q is seasonally a \"high period\", by extrapolation we can reasonably expect BW to achieve a full-year EPS of a conservative min. $0.0623 ($0.0467x12/9). Based on Friday\'s closing share price of $0.225, Mr Market is now pricing BW at a low PER of 3.6x(!) based on current-year FY08\'s projected EPS of $0.0623. Based on BW\'s large cash reserve of $30.889m ($27.18m in cash + $3.709m in other financial assets) as at 30Sep08, a projected full-year EPS of $0.0623, and last FY07\'s final div. of $0.02/share, it is reasonable to expect BW to pay a similar final div. of $0.02/share for FY08. This would bring total div. payout for FY08 to $0.032/share (incl. a $0.012/share interim div. paid on 9Oct08), giving a div. yield of 14.2% based on a share price of $0.225. BW has an existing div. policy of a min. 30% payout as a commitment to shareholders. Equity as at 30Sep08 stood at $48.09m, incl. a nett cash reserve of $28.039m (after deducting finance leases of $0.375m, and div. payable of $2.475m). Based on BW\'s 206.25m issued shares, this gives a NAV/share as at 30Sep08 of $0.2332, incl. a nett cash of approx. $0.136/share. So we have very good asset-backing, including cash, in BW. Projected NAV/share as at 31Dec08 is $0.2488. On the operating results side, while Malaysia as a market has clearly disappointed in the last 3 Qs, the all-important Indonesia market has continued to grow, and rev. from Vietnam and PRC (both potentially large markets for BW), captured under \"Others\", are fast increasing albeit from a low base. The great things about BW\'s cash-based direct marketing business include: (1) rev. growth has a very close correlation with profit increase; and (2) after the initial penetration and successful marketing efforts of 1 to 2 years, rev. and profit from a promising new market like Vietnam or PRC could \'take off\' like a rocket and run for a good period, like what had happened before in Indonesia. Next catalysts to watch out for - 1. The acquisition of the existing direct-marketing franchisee in Vietnam, which should have quite a major positive impact on BW\'s group rev. and profit. 2. The grant of direct-marketing license by PRC authorities, which will open up the huge PRC market to BW for business growth over the longer term. 3. Launch of new products into various key markets after the usual product registration process, which unfortunately will take varying time and efforts depending on the different markets.
Disappointing results. - only added 1 LC in Q3. ZERO new DC in China! - low membership growth. - revenue and profit Flat. - sitting on tons of cash, why not buyback company share if company share worth a lot more? - mentioned M&A for months...but no actions.
Given the tone of the Section 10, it looks like the management is being prudent and trying to guide for a conservative outlook. The Company has grown from a $5m profit company in FY2004 to a $14m profit company in FY2007. Give them credit for their achievements. I guess that you don\'t judge them on one quarter. Maybe put them on the radar screen and evaluate them in Feb 2009 again.