IPCO

IPCO - Latest news on the co. was its recent results where the grp saw 1QFY14 revenue grew 35% y/y to $7.9m but lower than net profit of $12.8m (-19%) was higher due to fair value gains of $12.2m (-32%) from investments in financial assets. The stronger topline was achieved on back of a 47% jump in sales of ESA Electronics and contributions from China Environment Energy. Note however that the above is likely to be a non-event. More interestingly: IPCO holds a 6.61% stake in Blumont, which currently has a market cap of $5.68b. In contrast, IPCO's market cap currently stands at only $178.5m, versus its stake in Blumont which is wroth $375m.