S A ADVISORY April - May 2001
"New Micro-Cap Recommendation - Score One, Inc."


S.A. Advisory
2274 Arbor Lane #3
Salt Lake City, Utah 84117

SCRO - OTC BB ($.40)- 818-783-0054

Score One, Inc. is a Hong Kong based designer and manufacturer of application specific printed circuit boards (PCBs), including flexible, double-sided conductive carbon and polyester based flexible PCBs for use in the consumer electronics market and in teleco devices. Companies such as Sharp, Canon, Citizen and Samsung use SCRO's boards. SCRO is also certified at the ISO 9002 level. The consumer electronics and teleco products include hand-helds, organizers, calculators and mobile phones. SCRO recently changed from May fiscal year to December.

On January 30, 2001, SCRO announced that it had entered into a letter of intent with Jiang Yin Kai Sheng Copper Clad Laminated Sheet Co., LTD - the acquisition is principally engaged in the manufacture of board material for printed circuit board manufacturers. Accordingly to Mr. Ho, President, "Our anticipated acquisition of Copper Clad symbolizes our commitment to maintaining our edge over the competition by, amongst other things, expanding and diversifying our revenue base." For more information see January 30, 2001, press release, plus more details concerning pending acquisition.

Select Financial Data - Year ending December    
  9 months   11 months    
  Dec 98A 99A 00A 00E 01E
Revenue 5.7 mil 21,591 18,456,000 20,000,000 40,000,000
Net Income
556K 3,952,000 4,962,963 3.2-4 mil 8,000,000
Net Income/sh
.24 ..26 16-.20 .40
Shares outstanding NA 16,300,000 18,115,000
20,000,000 20,000,000


In our opinion, SCRO could very well be one of the cheapest OTC BB stocks that we have tripped over during the past 12 months. When one considers that SCRO currently trades at around .40/share (52-week high almost $6.00) and has demonstrated during the past few years that profits and growth are real, it is only a matter of time before SCRO is noticed by the herd. If we examine the estimated numbers for 2000, a severely undervalued situation emerges with little or no downside risk, but offers investors 1000% appreciation, if, of course, management's numbers come in as estimated during the next 12 - 18 months.

In a conversation with management associates with respect to 2000 numbers, please review the following explanation.

As you noticed in the above Select Financial Data, for the 11 months ending November 2000 SCRO earned .26. As mentioned earlier, SCRO changed the year end to December. If we look at estimated earnings for the year ending 2000, one can see that for the whole year earnings will range between .16 and .20!

The reason for this short fall according to management results from obsolete inventory write-downs, expenses related to the "Copper Clad" acquisition and higher administration costs due to ramping up of new product lines. The company intends to focus on PCB's and other related technology than offer higher profit margins.

If we assume that the earnings for SCRO come in at .18 for the year and if we assign a very reasonable PE of 10, then our SCRO should be selling for at least $1.80/share, not .40. That's a 350% appreciation from current levels. SCRO's PSR is equally attractive; that is, .4. A value of 3 is considered fairly valued. If SCRO was to trade at that PSR, its share price would be around $3.00/share. This, of course, would be over 7x the current price.

Upon closer examination of our estimated 2001 numbers, it appears that SCRO is ridiculously priced. Assuming that SCRO earns .40 for 2001 and we assume a PE of 15 (note: rev anticipated to grow by 100%. Because of this we will assign SCRO a conservative, but slightly more aggressive PE), then our share valuation explodes to $6.00/sh over 15x the current price. If you question the strategy of SCRO, visit and read past press releases and SEC filings. This should convince any investor type that SCRO is real and growing rapidly.

In summary, we have an obscure technology company with contracts with major electronic companies, extremely attractive fundamentals, talented and highly experienced management, entering a rapid growth mode, highly prized business connections within China, and the capability of manufacturing PCBs and related products at very attractive levels. In our opinion, this will generate additional business within a business climate that is looking to cut costs, but to also deliver quality products. SCRO is fully reporting with the SEC and all filing can be viewed within the "EDGAR" site. We believe that the most recent 10K should be released by April 15, 2001.

We intend to monitor SCRO for percentage gain performance.

We are rating SCRO with a strong buy recommendation at current levels.

PS: Personally, I think SCRO will be a huge SCORE for the aggressive investor type that has 6 - 18 months investment objective.

We currently hold a position in SCRO. We have not been paid for this recommendation. We may trade our position at our own discretion.

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