buy this one for yield not gain, page-2

Had a quick glance at this one... I've been a supporter of the intelligent investor for quite some time but have to say I can't see the attraction in this one at all.

Fundamentals look terrible. New competitor with a superior E-catalogue in Europe looks to be cleaning up there.

Forecast net profit of $15m next FY, company capitalised at over $200m.

Where their main prized asset is just bits of 1's and 0's, I'd certainly require much higher profits to justify the shaky nature of the asset. I mean, software changes with the speed of light, any old bright kid off the block can come up with a better program after spending some time behind his computer.

Have to stress though only had a brief look at the co. I'm totally baffled at how it holds its price where it is. Based on what I know I'd only be comfortable paying a PE of 5 for IFM, which equates to $75m or roughly 20cps.

I'd imagine the director dumping nearly all of his $0.5m IFM stake on market wouldn't help sentiment much either.