APWC--Good to see volume spiking in past few weeks as this is my largest position. Hopefully not all company purchases per buyback program. I doubt company would drive the price up so aggressively so there must be other interest as well. APWC owns a 51% interest in Charoong Thai, a Thai wire company that's publicly traded on the Thai stock exchange (symbol: CTW). CTW's share price and volume have also surged recently such that APWC's 51% interest in its market cap equates to $5.70 per APWC share. This is still substantially below APWC's 52 week high of $4.30 today--and you get APWC's operations in China, Singapore and Australia in addition to their CTW interest. It's also interesting to compare the Q3 quarterly numbers for CTW and APWC. CTW's were off the charts but, even though they are consolidated on APWC's financials, APWC recognized lower revenues and earnings from CTW for Q3 as different accounting conventions most likely required APWC to defer recognition of some of the revenues. The point here is that there should be significant "imbedded" revenues from CTW (which they already reported for Q3) which APWC should recognize in Q4--in addition to the "current" Q4 revenues. Q4 should be a monster quarter. Also, APWC is opening a new higher margin wire factory in China in Q1 which, while not driving revenues dramatically, could still materially boost earnings. Finally, the balance sheet is very strong with a book value of over $11 per share and $6.34 per share in cash and equivalents compared to $3.94 per share in debt. Now that this stock is getting some notice/volume, it should be poised for a great run in 2013.
AI
