Hisaka Holdings

Hisaka Holdings: for 3Q14 ended 30 Jun, Hisaka reported $0.8m profit against $13m revenue. Revenue was up 28.2% y/y in line with global recovery in manufacturing, profits up 91.0% helped by decrease in allowance for impairments, improvement in associate performance but offset by increase in operating expenses in tandem with revenue increase. Hisaka has zero debt and net cash of $26.2m. Management is cautious on sustainability of recovery and expects FY14 to remain challenging. Hisaka trades at 11.6x 3Q14 annualized P/E and 0.83x P/BV.