Sterling Shoes Income Fund P/E and P/B

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A few more stocks came up on my screener today:

Sterling Shoes Income Fund (SSI.UN)
http://finance.google.ca/finance?q=ssi.un

This one dropped a lot in price mainly because of the cut in dividends. Looking at their financial results, their year over year revenue has been up even though they've been scaling back their growth for 2009. The stock is basically paying out 40 cents per 1.54 (last day) closing per year of yield. Amazingly this stock is ridiculously cheap trading at a P/E of 2.83.

Be warned though retail numbers have not been great as of late and I expect that there may be some further weakness in this one. Despite all that, I am looking for an entry in this stock and have put in a buy order at 1.40.

Also, this stock is very thinly traded so if you are planning on buying, it will be difficult to flip this one.

When the economy turns around I am confident that this one will trade at higher multiples.

Generally speaking this stock is not followed by many/analysts and as a result it appears that this stock is mispriced.

Disclosure: I do not own any stock but am looking for an entry at 1.40.

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