comparision of hwt and jet

A quick look at JET vs HWT makes interesting reading.

I current have some of each but am thinking of selling the HWT and buying more JET as looks to me that HWT is fairly fully priced and JET undervalued

Last annual reports showed :

JET revenue $ 22M, HWT $ 31M
JET made a 500K loss HWT $ 3M profit - however JET advised that this year carried some additional one off costs associated with aquisitions and have released Q results showing a net operating cash increase of $1M in the last quarter so would appear to be ontrack for a similar level of profit as HWT this year.
JET assests $ 18M HWT $23M
JET cash at end last fin year was $3.3M HWT $4.2M
JET liabilities $ 8.3M vs HWT $ 15.7M
JET Net Assests $ 9.7M vs HWT $ 7.8M
JET net asset backing 0.10c / share HWT 0.21c.

So Jet is currently making less profits but improving, has similar assets, less liabilities and therefore greater net assets.

To me JET should be prices at around 40% of HWT shares to allow for JETs greater number of shares and lower profits.

JET shares currently 24c HWT $1.26.

Something looks really wrong to me, either JET should be more like 50c or HWT is too high and should fall, any comments.

Dazzler