Rowsley

A read through on Rowsley recent 1Q12 results showed that the co. was still loss making, with net loss at -$742k vs -402k yoy. The increase in the loss amount was largely attributed to the non-recurrence of div income, increase in other loss incurred and record of share of loss from the associated co’s in the reporting period. Basically, the stock does not have much fundamentals, it only holds stakes in an associated co. Streamax, which also reported losses and continues to be adversely affected by global decline in nickel prices and production issues at its supplier’s factory. Apart from that, the only comforting point is that the grp is in a net cash position of $6.2m, with no debt, and has $8.3m available for sale financial assets and that Peter Lim still owns abt 29.8% of the co’s shares.