"After tumbling from $13 to $3, the firm's 45 million outstanding shares are worth a total of $135 million. Meanwhile, the firm has accumulated a cash stockpile (net of a trivial amount of debt) in excess of $230 million. This isn't much different than somebody willing to sell you a dime for just five cents.

"All told, if you add up the firm's assets and subtract what it owes creditors, you are left with a book value of $322 million, or about $7.15 per share. Truly, this is a company that might be worth more dead than alive, but I wouldn't write the obituary just yet.

"Nam Tai Electronics is a leading supplier of outsourced electrical components. Consumer electronics makers like Sharp rely on Nam Tai for image sensor modules and other parts that are found in flat-panel TVs, laptops, digital cameras, video games and mobile phones.

"Whether global demand is rising or falling, companies that make products like mobile phones and laptop computers will always be in search of suppliers that can deliver the highest quality products for the most competitive price -- and that is exactly what Nam Tai does.

"The firm relocated its manufacturing facilities to China long ago to take advantage of lower costs for materials and labor.

"Today, a highly efficient manufacturing process allows it to sell backbone components like flexible printed circuits at low costs and still earn one of the strongest operating margins in the industry.

"Wall Street is essentially giving away Nam Tai's manufacturing facilities and future cash flows away for free. Overall, the company's cash position alone makes it an interesting candidate for further research."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.