RE: Looks cheap? At these levels, I would definitely agree that Hanfeng looks cheap. With a book value of $5.60 and the stock trading at $1.77, my concern with this stock was whether or not this stock could be a fraud (mostly by association with fraudulent chinese stocks that also became issuers through a reverse-takeover). Following the release of Hanfeng's financial statements with a clean audit opinion from KPMG Canada, I definitely feel A LOT more confident and comfortable with my investment in this company. Afterall, you've gotta think that KPMG did a pretty good scrub of this company given the elevated risk as a chinese RTO, it's significant discount to book value, and the Corporation's initial adoption of IFRS. I simply do not understand how a company can trade so far below book value! Consider that the companies cash + accounts receivable less ALL of it's liabilities already exceeds it's share price!
The non-IFRS net-income per share of $0.10 per share for the fourth quarter, and non-IFRS net income per share of $0.26 per share definitely makes this stock seem like an even greater deal at this price. That's a PE ratio of 6.85!
If I were management, I would be picking up shares hand over fist, through the share re-purchase plan and with their own wallets. Why this isn't happening, I have no clue! Definitely consider this stock a strong buy!