AP Oil is a company that engages in distribution and production of lubricating oil used in automotive, shipping and industry machinery. The company also produce specialty chemicals used in shipping and oil/gas industries for cleaning and maintenance purposes. Its products are marketed throughout Asia and as far as Middle East. It has been listed on Catalist in 2001 and was upgraded to the Mainboard in 2003. The company appeared in my radar due to my chat with a friend who invests like Walter Scholes and specialises in unearthing stocks trading way below the RNAV. He impresses with his depth of research and a good grasps of quantitative valuation, and his stock calls had good track record for the past few years. Back to AP Oil. It is trading at a 38% discount to its NAV. Applying a 50% discount to its inventory and 1/3 discount to all other non-core and unstable ......