Seems to be unloved, but from where I sit, a very solid...

Seems to be unloved, but from where I sit, a very solid investment.

Low PE - currently under10 for a business that is extremely defensive through the cycle.
Good dividend yield - 6.5% FF before franking credits - based on last half payment of 3c. I think they will likely pay more for the final dividend
Business fundamentals strong in last report, profit dragged down by one off costs which should not be repeated for full year.
Strategy of increasing Asian penetration is the same as their bigger competitor IPH (which trades at a PE of 28 times, just for comparison purposes), & their Sortify product looks to have great potential.

What am I missing?