You are correct.  They have 0 debt and $2.75 per share in cash which
can be thought of more ar less as an absolute bottom rather than 0.  I
own a small position myself (400 shares) but won't be buying any more.

One problem with basing your investment on the implacations of "0
debt" is that they rent (don't own their stores) and it looks like
they may hold those leases off balance-sheet as operating leases and
expense them through the IS.   When looking at cap structure, you will
want to add that back in to debt for comparison purposes.  Their
annual report doesn't seem to make the appropriate disclosures in
regards to how they treat these leases.

In general, Chinese companies are much harder to analyze.  I have even
heard rumors about NPD being a potential target for nationalization,
but I assume those rumors to be completely unfounded.  Hopefully we
get some major growth in China this year and they continue to make
profits and open new stores.

From a technical standpoint, it's barely trading above its 200 day
moving average around $4.50.  This SHOULD act as a strong technical
bottom BUT If it breaks through that you may want to sell and buy back
again as it could easily drop to $3.50 without hitting more
resistence.  Being that my position is small, I'm not sure if I'll
take my advice or not.....may sell if it closes below $4.50, may ride
it lower...hopefully it won't come to that.  Good luck.

On May 28, 3:03 pm, mrgrac...@gmail.com wrote: