Khong Guan just released its full year results. This company has always interests me due to its squeaky clean balance sheet - negligible borrowing levels ($31k, I have more borrowings as an individual) and a significant level of cash and cash equivalents ($20.7 million).  So far, I have kept a watchful eye and stayed non-vested because of entry price. I prefer to buy a stock when the stars are aligned - i.e. earnings are cheap, price backed by assets preferably, with good dividend track record, and lastly conservative financing. Last financial year, Khong Guan's earnings per share (EPS) was 56.96 cents. With average prices hovering around $2.10 per share, price-to-earnings (PE) ratio is 3.7 times.  Looks cheap, until you look deeper.  Contributed significantly to the full earnings of $15 million was a $12 million profit resulting from disposal of United Malayan ...