In any case, to address your comment on being biased, I valued Latitud, Pohuat and Liihen's PE ratio all based on annualized latest quarter earnings (in your opinion, the strongest quarter) as well, thus making comparisons apple-to-apple.

After checking some retail data for furniture sales, 2nd half of calendar years have typically witnessed peak sales. Thus, as the quarter ending Sept had already exhibited strong numbers, I expect the quarter ending December to show improved numbers.

There is a possibility that some normalization could occur for the quarters ending March and June. However, based on the past 2 years track record, the quarters ending March and June have been good quarters suggesting that SHH's customers could have restocking needs in these 2 quarters.

Thanks for pointing out seasonality. In fact the first quarters have been the weakest quarter for SHH in which it made losses in 2008, 2009, 2011 and 2012 while making the weakest quarterly profits in years 2014 and 2015. Thus if you are arguing on seasonality, the following quarters should be even stronger compared to first quarter and my assumption is rather conservative.