As we wait for Subex’s annual results, due soon, the Indian vendor has experienced a slight improvement in its share price. At Monday’s market close, Subex shares were priced at INR9.75 on the NSE. This was up from the all-time lows experienced over the previous month, which saw Subex shares bumping along at barely over INR9. To put this into context, Subex’s 52-week high is INR27.3, the share options of CEO Surjeet Singh have an exercise price of INR13.5, and Subex is underperforming the rest of the market. With the share price so low, there may be some speculation about potential buyers. However, weak annual results would undermine the prospect of a takeover. Low or nil profits, and poor cashflows, will continue to undermine the market cap value, which is currently USD28M.