Nam Lee Pressed Metal

[Greenrookie]

1H results look dismal on the first look, but managed to calm myself down after breaking down its quarter to quarter results

2012Q1 2012Q2 2012Q3 2012Q4 2013 Q1 2013 Q2
Rev 50992 42377 31269 30483 37146 42212
GP 8700 10445 7636 8166 7330 7749
NP 3445 4228 2134 3580 2519 2787
GP margin 0.17 0.24 0.24 0.26 0.19 0.183573391
NP margin 0.067 0.099 0.068 0.117 0.067 0.066023879

Inventory 32661 28750 30070 35209 34169 36135
Receivables 39329 34920 22754 24606 30150 31935

While I wish results could be better, there does not seem to be any red flag in terms of accerated slow down of actvities.

I also observe that they made a 6 million investment in bonds. NOt sure if there is what they are trying to do with their cash hoard...Given that their NP margin is only around 6-7 % on av... doesn't seem like a bad idea to me...

any comments anyone???