For all its negatives (i.e. Lack of shareholder communication)...

For all its negatives (i.e. Lack of shareholder communication) this little baby is definitely under the radar & should fire sooner rather than later.
Key Facts
- Nil debt cash of $18m (market cap $26m)
- 2 businesses in China which both make money (All geared towards Chinese domestic consumption)

1. SmartPass http://www.smartpass.com.cn/
Own a 50% share in China’s largest pre-paid card operation based in Shanghai. Cards can be used at over 40,000 Point of Sale locations throughout Shanghai. ONC’s 50% share of profits was $2.65m for FY12. Business is for sale!!! My opinion it will be sold on multiples of greater than 10 X’s. Perhaps 15 -20 X’s

2. http://www.buffetclub.com/
Own 100% of Asia’s largest loyalty card membership dining program. Business has only been cash-flow positive for a year now. This business made $1m EBIT for FY12. I expect it to make $3-4m EBIT in FY13. High margin business making margins of over 38%. Sold over 200,000 memberships

- Management have skin in the game. CEO owns approx 8% of shares
- Peter Scanlon (Ex Patricks net worth $1bn) owns 30%
- CEO doesn’t give any broker presentations and just concentrates on business