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I screened with Finviz for companies that trade with a Price/Cash ratio of less than 1 and checked if the companies had any debt. I then calculated the net cash (cash - debt). I wrote the part I of an article titled "5 Stocks Trading Below Net Cash" on August 18, the part II on August 19 and the part III on August 26. Here is a look at five additional companies that trade below the net cash level currently:

1. AirMedia Group (NASDAQ:AMCN) is a leading operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers. AirMedia operates the largest digital media network in China dedicated to air travel advertising. AirMedia operates digital frames in 33 major airports and digital TV screens in 35 major airports, including most of the 30 largest airports in China. In addition, AirMedia sells advertisements on the routes operated by nine airlines, including the four largest airlines in China. In selected major airports, AirMedia also operates traditional media platforms, such as billboards and light boxes, and other digital media, such as mega LED screens.

In addition, AirMedia has obtained exclusive contractual concession rights until the end of 2014 to develop and operate outdoor advertising platforms at Sinopec's (NYSE:SHI) service stations located throughout China.

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Financials

The company reported the second-quarter financial results on August 14 with the following highlights:

Revenue$68.1 million
Net loss$1.5 million
Cash$114.0 million
Debt$0
Net cash$114.0 million
Shares outstanding (ADS)62.6 million
Net cash per share$1.82

Outlook

AirMedia currently expects its total revenues for the third quarter of 2012 to range from $71.0 million to $73.0 million, representing a year-over-year increase of 1.3% to 4.1% from the same period in 2011.

AirMedia currently expects its concession fees to be approximately $45.0 million in the third quarter of 2012. The quarter-over-quarter increase from the second quarter of 2012 will be primarily due to the concession fee commitments under concession rights contracts that were newly signed or renewed or are expected to be signed or renewed.

My analysis

The stock is currently trading at 12% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am not expecting the company to be profitable for the full-year 2012.

2. China Digital TV (NYSE:STV) is the leading provider of CA systems to China's expanding digital television market. CA systems enable television network operators to manage the delivery of customized content and services to their subscribers.

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Financials

The company reported the second-quarter financial results on August 21 with the following highlights:

Revenue$23.5 million
Net income$7.1 million
Cash$180.4 million
Debt$0
Net cash$180.4 million
Shares outstanding59.1 million
Net cash per share$3.05

Outlook

China Digital TV expects smart card shipments for the third quarter of 2012 to be in the range of 3.5 million to 3.8 million. Net revenues for the third quarter of 2012 are expected to be in the range of $20.6 million to $22.1 million.

My analysis

The stock is currently trading at 3% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am expecting the company to be profitable for the full-year 2012.

3. Targacept (NASDAQ:TRGT) is developing a diverse pipeline of innovative NNR Therapeutics for difficult-to-treat diseases and disorders of the nervous system. NNR Therapeutics selectively modulate the activity of specific neuronal nicotinic receptors, unique proteins that regulate vital biological functions that are impaired in various disease states. Targacept's clinical pipeline includes multiple Phase 2 product candidates, all representing first-in-class opportunities. Targacept leverages its scientific leadership and proprietary drug discovery platform Pentad to fuel its pipeline and attract significant collaborations with global pharmaceutical companies.

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Financials

The company reported the second-quarter financial results on August 7 with the following highlights:

Revenue$33.6 million
Net income$14.5 million
Cash$205.9 million
Debt$1.6 million
Net cash$204.3 million
Shares outstanding33.6 million
Net cash per share$6.08

With the upfront payment from AstraZeneca (NYSE:AZN) becoming fully recognized in the second quarter of 2012, Targacept projects its net operating revenues for the remainder of 2012 to be substantially lower than for the first six months of the year.

Upcoming milestones

Mark Skaletsky, Targacept's Chairman of the Board of Directors commented on August 7:

"We look forward to our next clinical readout, from a Phase 2 study of our lead alpha7 NNR compound, TC-5619, in inattentive-predominant ADHD, where we expect to report top-line results next month."

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My analysis

The stock is currently trading at 24% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am not expecting the company to be profitable for the full-year 2012.

4. Exceed Company (NASDAQ:EDS) designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps.

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Financials

The company reported the second-quarter financial results on August 13 with the following highlights:

Revenue$88.3 million
Net income$4.7 million
Cash$125.9 million
Debt$1.6 million
Net cash$124.3 million
Shares outstanding33 million
Net cash per share$3.77

Outlook

The company expects to continue to operate in unfavorable economic conditions for the remainder of 2012 and believes that consumer demand for sportswear products will remain generally weak. As a result, the company will continue to carefully calibrate production levels in line with its expected consumer demand while proactively working with its distributors and authorized third party retailers to effectively manage inventory levels at the current stable levels.

As a result of the foregoing, Exceed expects to generate net revenues in the range of $95.8 million to $102.1 million in the third quarter of 2012, representing an approximate year-over-year decrease of 39% to 43%, as compared with $167.4 million in the same period of 2011.

My analysis

The stock is currently trading at 54% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am expecting the company to be profitable for the full-year 2012.

5. Gravity (NASDAQ:GRVY) is a developer and publisher of online games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 79 markets.

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Financials

The company reported the first-quarter financial results on May 16 with the following highlights:

Revenue$14.4 million
Net income$1.0 million
Cash$48.4 million
Debt$0
Net cash$48.4 million
Shares outstanding27.8 million
Net cash per share$1.74

My analysis

The stock is currently trading at 3% discount to its net cash per share value. I would recommend buying the shares below the net cash level. I am expecting the company to be profitable for the full-year 2012.

Source: 5 Stocks Trading Below Net Cash - Part IV