Ann: Half Yearly Report and Accounts, page-31

Disappointing SP result today for everyone who thought the market would see SHJ's value.

These are the key points out of today's announcement:

(Note all sums are half yearly)

- NPAT $1.3mil (down 90.2% - due to a 13.6m once off provision)
- EPS 0.77c

What I would like to remind shareholders of:

Gross operating cashflow: $3.6m (up 9.1%)
NPAT (if it werent for the provision): $14.9mil (up around 12%)
EPS (pre-provision): ~8.6c (up around 12%)

On those figures I'd say it wouldnt be hard to believe that SHJ would meet or even exceed last years' EPS of 0.18.

As it stands on last year's result P/E is around 4.1. At an ASX average between 14-16 I get a valuation of between $2.52 & $2.88 (conservatively).

The good news is that SHJ has confirmed that it continues to produce business as usual cashflow and has low debt so I remain confident of higher skies ahead.