Private label, online digital photo processing for large retail companies. Market is still in nascent stage, but triple digit revenue growth is likely for years to come. Total market size could be huge if significant portion of photo development switches to uploading v. bringing files in on memory card. Has strong competitive position, only 2 main competitors. Risk of margin squeeze at some point and increased competition. Very bullish on the market, but verdict is still out on this company. At this valuation, I'll pass for now.

Brazilian fast food chain, 30%+ growth, #2 behind McDonalds. Brazilians prefer kiosks and regional cuisine to standardized fare--Bobs has done a good job catering its menu to the local market. Plenty of room for this to grow into the foreseeable future

Interesting growth story in WAP. Not crazy about the WVAS business (not sure how much longer it will be around for), but strong cash position and excellent management makes this interesting. I think there's a good chance of bad news to come that will push the price down to around the value of cash on the books. At that level, you get a free option on the WAP business. No brainer at that point.

Trading at cash value. WVAS story is similarly tough with KONG, but margin of safety is sizeable. Need to do more work to understand some of their deals with entertainment companies (at first glance, these revenue streams look attractive and sustainable). Potential catalyst in new TV contract.

Had been following this for some time. Popped 40% before I could buy. Very cheap, but was acting like value trap. Will purchase if this pulls back.

Has huge audience share in China. Online games division is attractive, but non-game products will become more valuable as online ad market matures in china. As of 3/6, stock is trading at about 20 P/E, and about 10x revenue. I think the space will get more competitive and margins will decline near term, but this is a company I would like to own at the bottom of a prolonged Asia selloff.

Update: Very poor earnings report. Has serious operational issues and I'm not sure they'll get their act together anytime soon. Expenses appear bloated. Will keep an eye on this and consider position if signs of operational improvement or if stock falls to cash value. EV is about 140M, or about 4.5 trailing revenue (vs. about 25x revenue for market leader CTRP). No doubt, LONG has not executed as well--its expenses appear bloated (G&A is 2mil more annually, despite less revenue); sales seems bloated as well (LONG has more call center staff than CTRP). It has chronically under-invested in its product development, though its 2006 investment was much more in line with where they need to be. Long-term, I do not see a reason why their margins should not approach those of CTRP long term as the internal systems improve due to increased product development expenditure. LONG's hotel booking rate and revenue is about half of CTRP's, but its airline booking rate and revenue is much lower. LONG is working on building out this technology better. Current ratio of hotel:air booking is 3.5:1. Over time, this should approach 1:1, which gives a nice boost to growth going forward. 80% repeat business on par with CTRP, suggesting strong loyalty. At a 25% net margin (CTRP's is 42%), the company would generate about 8M in net profit, giving it a P/E ratio of about 15 on an EV basis at current rate. Very cheap given the growth potential. That said, I'm not comfortable with their execution currently, and am not sure how long it would take to reach those net margins (or if they are indeed attainable). I'd be much more interested in the stock in the $8 range. I believe the opportunity will come at that price (or lower) soon enough.