I have considerable holdings in GSPN which has $3.31 per share in cash and is trading at $2.40. I tell you this to emphasize that this market doesn't always look at the cash. On the other hand ASIA has some earnings and GSPN has yet to perform. I look for ASIA to remain stagnant until the middle of 2003. Additionally, they have their cash earmarked for another acqusition and that event could change the whole game.
Agree with you, data... We'll see that kind of downward trend at least for 2 more Qtr's... The market doesn't give a s*** neither for ASIA's cash right now nor for the rest of their fundamentals. The markets are in deep crisis especially telecom sector, so ASIA's 3rd Qtr results (as well as next report for Q4) won't change anything substantially for their stock. (Unless there will be some dramatical events such as massive insiders selling or big acqusition/contract).
Of course the stock is undervalued. But it's in theory, under current circumstances that the price market pays for them (see geolongs remarks about right timing - it's so true)...
Again, think of selling and repurchasing for tax losses. In ASIA's case it's a good strategy.