Servcorp (SRV) $3.31

The coworking office company released their HY numbers last Thursday with the stock up ~4.5% since the print. The numbers were solid, Net Profit Before Tax (NPBT) up 49% to $20.3m with North America, Europe and the Middle East the key drivers to the rebound while Hong Kong continues to underperform highlighting the important diversification within the business. The company also maintained guidance, putting the stock on a cash adjusted PE of just ~7x, couple this with a great balance sheet with $115m in cash, a growth target of floor growth of 10% in the next 18 months and floor occupancy that continues to rise (74% in the half), Servcorp looks incredibly cheap. We think the stock has been unfairly bundled up with US-listed We Work (WE US) which has $US20b in debt and remains loss-making.