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Several years ago, I followed Multi-Fineline Electronix (MFLX) as a smartphone play. Offering assembly and its flexible printed circuits, the company seemed poised to benefit from the proliferation of new mobile devices that used content valued at up to 3X what the previous phones needed. The company failed to benefit from the growth that transpired, and, after a series of disappointing quarters, is now priced very inexpensively. Despite a huge cash balance and a valuation below tangible book value, MFLX doesn't appear to be timely.


Based in Irvine, CA, MFLX operates facilities in China, England, Korea, Taiwan and Singapore, offering its services to Apple (AAPL) as well as several EMS providers like Foxconn Electronics, Jabil...

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