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Universal Security Instruments Inc. Message Board

  • mmmparsley mmmparsley Nov 9, 2007 12:24 PM Flag

    P/S ratio nearing 1, Book Value coming Up Fast.

    AT 16 bucks a share, book value is closing in rapidly.

    I would imagine UUU assets will continue to increase this quarter vs. liabilities. Let's not forget that UUU's real book value is actually much higher than the balance sheet shows because UUU doesn't fairly value the HKJV asset.

    Although UUU is being treated like a housing stock, what many people don't seem to realize is that their inventory is turned over at drastically faster rates than homebuilders. That's usually the case for 5-50 dollar products, vs 600,000 items!

    UUU also has been adding cash invested into their CAD operations, but has not fairly valued the operations assets as they have gone up in value due to improved efficiencies because of higher production volume.

    Dave

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    • If we're all in agreement, who's selling?

      • 1 Reply to mmmparsley
      • I am not selling, but I am not sure I can agree with everything presented.

        "New homes in the U.S. must be a tiny % of revenue"...

        This is not true. Still the majority of sales of Smoke and CO2 detectors come from new housing in the US. New housing starts (not sales) determine the health of this channel, and they are down between 20% and 25%. UUU opened a new retail channel through HD which should help to stem the sales slide in the new home market, but this is not nearly as big a channel as new home starts.

        Commercial construction appears to be holding up OK for now, and the CAD (I think) is feeding mostly into that market. Additionally, the smoke and CO2 feed that market.

        Regarding HKJV, I will defer to others that are more knowledgable.

    • Well stated. Plus, demand comes from mandatory legislation, replacements, impulse decision to add to a safe home, etc. New homes in the U.S. must be a tiny % of revenue and if that declines 15% it can't be a big deal. While I may be wrong, intuitively I don't see the sale of an existing home as being a source of much demand, over and above the demand from people who stay in their home.

 
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