You are correct. i also consider the following,
Why don't you consider investing in stocks with lower PE (below eight)and good NAV (less than 1.5) and companies which pays good dividends.
1) LFIN - A dividend of 6.50 declared per share and trading at a PE below 6.
2) VFIN - Trading at a PE below 5. A dividend due soon may be 2/=
3) LIOC - Trading at a PE of of less than 5. A dividend may be declared soon.
4) CDB - PE around 6 and a dividend of 3/= due
5) TKYO - PE less than 6 and a dividend soon
6) LGL - consistent dividend with low PE. Declared a 2/= dividend.
7) TAFL - Q on Q increase in earnings and trading at forward PE less than 5. It will be a future winner for you if you enter at right price.
9) TJL - Excellent share if you have entered at the right price
10) SAMP around 180/=