Small-cap adventures on the Singapore Exchange

Some enchanted evening You may see a stranger You may see a stranger Across a crowded room

- Some Enchanted Evening, from the musical South Pacific

THERE are times when you just feel like you've found The One. The vital statistics, at first glance, just seem too good to be true. A solid balance sheet free of debt, with decent free cash flow? Check. A double-digit net profit margin? Check. Wow, look at that ridiculously low price-to-earnings (PE) ratio!

You rub your eyes and apply the margin of safety, but the stock still stands coy, calling out for you to hit its asking price.

Has the company been around for a while…