buy rec by apsec

Apsec put a buy rec with a valuation ff 90c here is an extract from report.
Financial Performance and Valuation
For the last 5 years since 2006 to 2011 CSG has managed to grow revenue from $32.71 million to $376.30 million with 39.86 % growth in 2011. During the same period Net Income After Tax grew from $3.54 million in 2006 to $39.14 million in 2011 and grew 24.41% in 2011. During those 6 years Revenue, Net Income and Earnings Per Share increased every single year. We point this out to show that management has a very good track record in growing the business and that current issues facing the company are likely to be short term and resolved over time.
CSG also pays a 5.5 cent dividend which we expect to continue, placing the shares on a high dividend yield of 8.87%. After completing its capital raising the company is better capitalized with $30 .98 million in cash and $75.26 million in debt placing the shares on a debt to equity ratio of 26.40%
We think the market has overreacted to issues that CSG has encountered which we believe are likely to be short term. We value the shares using a PE multiple of 9 which is slightly less than the 2011 industry average of 9.96 and assume earnings per share of 10 cents per share which brings our valuation to 90 cents per share and provides us with a 33% margin of safety.