…good news out from a couple of holdings this morning.

First Geong International (GNG), a China based software company, reported their interim results for the six month period ended 30 September 2009. The results were better than I expected on nearly all the key metrics & read really well. A positive outlook with a healthy order book and given that the second half of the year is normally better than the first there is the possibility that they will beat current market forecasts, although the company played that down this morning.

The shares are up over 8% today & I am more than happy to keep hold of these as a long term play - the potential here is considerable.

The second bit of news was from Globus Maritime (GLBS), a Greece based shipping company. It announced it had sold another 2 ships leaving them with 2 remaining vessels, both currently chartered out, and a very healthy balance sheet. It looks like management believe that they will be able to buy newer, more attractive vessels at some point in the future at a cheaper valuations. After receiving the proceeds from the ship sales they will have $20m USD in net cash and 2 ships worth a minimum of $50m USD versus a market cap of just $36m USD (based on share price of 73.5p = market cap of £21.23m @ GBPUSD of 1.665). That looks too cheap to me & share price just north of 100p looks justified.

The excellent beans4tea posted about Globus on the Motley Fool message board this morning & his figures match up with mine:

http://boards.fool.co.uk/Message.asp?mid=11765389&sort=whole#11766002

Overall another good day for the portfolio, Kryso Resources (KYS) continues to move strongly upwards - it might be due a retrace soon but I am holding onto my shares for now. Unitech Corporate Parks (UCP) is trying to move out of its trading range today, if it can finally break over 25p it could quickly move to 30p. Lastly, despite good news yesterday out from Eros (EROS) on excellent takings for their new movie, De Dana Dan, and strong buying off the back of it the share price is unchanged. There is still a large seller around but surely they will be finished soon and it certainly looks oversold at these levels and ripe for a bounce back.