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F40 – All Asia FY16 numbers: way overvalued

By Nigel Somerville, the Deputy Sheriff of AIM | Friday 30 June 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I haven’t covered ShareProphets AIM-China Filthy Forty All Asia Asset Capital (AAA) much before its shocking contender for most expensive loan on AIM, but since our list is now only 13 members long, and with an 'interesting' disposal to record now seems as good a time as any to take a peek. And so, with the Chairman pleased to present the results… (and the shares down by 30%)...

The 'interesting' disposal was of a company called Andaman Power & Untilties Co Ltd which was acquired for £1.4 million at current exchange rates, and 11 million shares in 2014. By last year’s interims it was independently valued at £4.3 million – goodie goodie – but a few months later it seems as though All Asia’s interest in the company was (cutting a long story short) heavily diluted. All Asia looked for a disposal and was offered £0.8 million. So much for the independent valuation!

The loss (£4.35 million for the year) leaves All Asia with just £2.13 million of assets at the full year. ADVFN has £7.4 million as the market capitalisation, meaning that the company has a net asset of about 1p per share – yet its shares are 3p.

So despite the Chairman’s pleasure at presenting the company’s figures, this looks to be heavily overvalued even after the recent fall. Not one for me, then!

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