"no one invests in a company just because it has cash on hand"
OK, but we're not talking about some kind of money-losing pharma startup here. Namtai has one of the highest operating margins in the EMS industry. ROE on the noncash assets is over 50%. And it's selling for basically the cash in the bank. And they have a history of paying out cash.
Unless the business permanently falls apart, the stock is worth 10 or 15.