retracing, page-4

I bought some of these a while ago at 0.81.

They look good at these prices with a p/e of 8.5, fairly stable underlying earnings, a market that is unlikely to get anything but larger, and tangible assets. Suspect that their share price is somewhat depressed as many investors don't like a low dividend payout ratio. Dividend return on FKP is around 2.2%. This is too low for many, but if you don't mind making your money on long term sp appreciation, retention of the bulk of earnings as equity gives the company flexibility and ability to grow while reducing upward pressure on short term share prices as dividend seekers steer clear.

Potential for takeover by a larger player is worth a couple of cents also.

I'd normally get some more of these, but there are so many shares trading below (imho) their value that I'll probably just hold my fkp parcel and rinse and repeat with another company.