So Whatever Happened To Our Kampung Google And Baidu?

I mentioned this one stock, AsiaEP on the posting And So P&O Reported Its Earnings.

Yeah, our homegrown Google and Baidu in the making. So said KN Research back in 2007. 'Buatan Malaysia'.

• A homegrown Google and Baidu in the making. Visit the site: http://b2b.itah.com and compare Itah SE with Google’s generic Search Engine (“SE”) by typing in keywords that may link to any products, and then check the returned results from the perspective of a businessperson. You will be pleasantly surprised by Itah SE’s search results’ simplicity and high relevancy – just what a businessperson needs. We believe Itah SE has the potential of becoming a popular B2B SE.

That bold statement insinuating that AsiaEP could be the homegrown Google. *chuckles* ( It's now 2010, that statement is turning into an insult, no?)

And the valuation.

• STRONG BUY with a 12-month target price of RM0.99, which is based on a FY09 P/E of 10.0x. We believe Itah SE is worth a lot as a technology. Wall Street will not accord Google and Baidu with a market capitalisation of US$149b and US$4.0b otherwise. Moreover, players without a strong presence in the paid-search space, such as Microsoft, EBay and etc., may be willing to pay top dollars for Itah SE once proven.

For some, this report is a non issue already. No one cares anymore because what matters most is that AsiaEP soared and many made their Mah-Silly-Ben-Si from their punt on AsiaEP. ( LOL! And this very post is deemed to be a post of sour grapes! LOL! ).

The target price was set at rm 0.99. It's seductive because even 0.99 sen, the stock is trading at a mere pe of 10.0x. (LOL! AsiaEP must be on a freebie when it traded below 20 sen the previous year).

And the mere 'cheapness' of the stock was based on 2 years forward earnings. Yeah.. Auntie reminded me that no one values the stock based on current earnings because nothing seductive can be sold about the stock!. Apparently there is a brief chat at Sahamas on the stock: AsiaEP and others could see the nakedness of the stock! LOL! Anyway, fy2009 was made on the suggestion from K&N that AsiaEP could earn a whopping 21.8 million. ( you can view the earnings projection table here! )

So AsiaEP was a company making some 3.1 million. in 2006. In 2008, it should make 10.1 million and in 2009 AsiaEP it should make 21.8 million!!!

LOL! LOL! LOL! Hmmm.... where have I heard such earnings projection before? (* wink wink *)
And needless to say, with such projections, the stock is sure deemed to be cheap. And how did AsiaEP actually perform for its FY 2009? (Does anyone care anymore today?)

April 2009: Quarterly rpt on consolidated results for the financial period ended 28/2/2009 - AsiaEP posted a LOSS of 7.469 million!!!

Amen!

And needless to say it wasn't baffling that the stock tumbled down hard!

Last night AsiaEP announced its earnings.

Guess what?

It made money!!!!!!!!!!

Yes it did.

A turnaround? :P

Sure... if and ONLY if... you consider their profit is only 7 thousand.

Our 'kampung' Google?

:P

If I am not wrong, me remember that they said time is not a friend of a not so good business. :D

ps: just for the record, AsiaEP last traded at 8.5 sen.