Seeking Alpha: Hollysys Automation Still Good, Just Not As Cheap

I last wrote about HollySys Automation (HOLI) on December 18, 2012 ("HollySys Looks Like A Name To Watch..."), saying at the time that I thought it was a very interesting (and undervalued) company in the Chinese industrial automation and trail/subway control markets. Since then, the shares have risen about 34% - doubling the return of the S&P 500, and doing considerably better than other players in automation and mass transit like Siemens (SI) (up 5%), ABB (ABB) (up 10%), Emerson (EMR) (up 20%), Invensys (up 22%), Rockwell (ROK) (up about 23%), and even Honeywell (HON) (up about 32%).

Certainly plenty has happened over the past nine months, including ongoing struggles in the Chinese industrial automation market and delays in rail and subway projects. Along the way, HollySys also spent about $73 million on an acquisition in Singapore/Malaysia, and continued to make progress with its automation portfolio. I no longer see HollySys as a table-pounding buy, but I'd suggest current owners hang on and non-owners keep this one on their watch list.

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Hollysys Automation Still Good, Just Not As Cheap