SUPERMAX is a Main Market listed company that makes & sells gloves. 

It has Net Cash of RM 2.762 bil. Its market capitalisation is RM 2.421 bil. 

It fulfils some of my favourite criteria: Net Cash, Dividend paying, Stable business & long profitability record, Selling below net assets.

Is SUPERMAX selling at cheap price now?

1. Using traditional valuation metrics, SUPERMAX is cheap. 

Low PE, below Net Cash, even price to revenue is lower.

2. But low PE also indicates earnings has peaked for cyclical stocks. 

Everyone knows that gloves' ASP has fallen from its all-time high.

3.  Share price has not fallen to 2017 levels yet.

SUPERMAX share price is still higher than 2017. But other glove shares like TOPGLOV and HARTA have plunged to 2017 price range. 

4. Revenue & profit is still on downtrend.

Hard to tell if SUPERMAX's business would show signs of improvement in near future, since it's unknown how long will glove oversupply issues continue. 

SUPERMAX holds a proud record of never suffering a loss in any quarter since 2012. (Data from this website) 

I have very few shares in SUPERMAX. Will consider buying when it's RM 0.45, equivalent to 2017 price.