penny dreadfuls analysis

There has been a lot of discussion on penny dreadfuls(under 10c).On my calculations there are 908 penny dreadfuls on the ASX and of these about 12 may offer something from a fundamentals view.The rest in my view are speculative.Of these 12 I would say you could narrow it down to say 5 that are investment grade.So out of the penny dreadfuls that are worth looking at only 1% or 1 in a hundred will perform.The name of the game is to find that one company that presents that opportunity.