reason for the low sp

I think some people are being thrown by the (unintentionally) misleading research on comsec site. The price earnings ratio research by pattersons is showing a drop of 90% plus for this year.
This anomaly is a reflection of the fact that in the 07 annual report the earnings per share figure was something north of 40c (current projections for 08 are @6c according to the research).
This anomaly arises because of the 'weighting' (time and number of shares on offer) ascribed to the figures during the 07 year. The company only listed in November / December (ie about 1 month before the end of MES's financial year). Clear as mud I hear you say.
In any case I think that some of the punters are reading it as a 'real' drop in earnings this year of around 95%, whilst the reality is that the earnings are on the up.
Opportunity knocks.