Is there any value in XOX?

I am watching XOX with a weird feeling. It is a MVNO with its price pushed to a market capitalisation of RM65 million as at yesterday (RM0.215). Last year, it raised RM42.6 million before 30 June 2011.

Balance Sheet as at 30 June 2011

Today, it has burned off almost all the cash and left with slightly more thaabout RM8 million in cash after 15 months. In fact if you look at its working capital ratio, it is in trouble already with the ratio much below 1x. It does not build momentum from the cash spent. I do not know where is the bullishness coming from...

If it is about Syed Mokhtar buying the company, I doubt it. Let us ask ourselves, would anyone buy a company that has yet to build a brand, a MVNO (which means hardly any valuable physical assets) for more than RM65 million. If this is the case, Green Packet would seem to be more attractive, don't you think?