The low p/e, small cap, high yielders vs. FTSE all-share

For my next study, I have decided to compare the performance of the following companies against the FTSE all-share index over a period of around 3 years. The companies in question are:-

Bischi Mining (BISI) -110p
21st Cent. Tech (C21) - 7.5p
Fairpoint (FRP) - 130p
H&T Group (HAT) - 145p
Hydro Intl. (HYD) - 113.5p
MS Intl. (MSI) - 174p
Quarto Group (QRT) - 163.5p
Tandem Group (TND) - 75p
Walker Crips (WCW) - 44.75p

Again I don't hold any of these shares in my personal portfolio, and I haven't conducted any research on the individual companies. However, the selection is not a totally random one. Each of the companies listed has a current market cap. less than £100m and pays (or has paid) a dividend of over 3% (relative to it's current share price) covered more than twice by earnings. Their current p/e ratios are all less than 10 (based on last year's earnings). I have listed each company's current mid-price alongside it's ticker. The FTSE all-share currently stands at 3605.

Value investors will understand why I have chosen the nine companies above, and I intend to research each in turn and post my thoughts on this blog.

I'll start with Bischi Mining which already looks interesting to me. Bischi describes itself as a UK mining company with direct coal mining operations in South Africa. The current share price weakness appears to be related to "a short term impact on production following an incident at one of Black Wattle's main production pits, where we have mined into old underground workings which were never recorded on any historical mine plan". This will impact earnings for 2013, but they don't expect production or profitability to be impacted in 2014.

Looking at the financials, the historical p/e is below 9, the dividend yield is above 3.5% and the shares are trading at a significant discount to TNAV (169p). It also appears that they have a UK property portfolio linked to the retail sector which is performing well. Cash on the balance sheet looks healthy, and they don't appear to be heavily indebted. In fact what's not to like about this company with a medium to long term view?

Generally, I don't invest in mining companies but I am going to research this one further, and it will definitely go onto my monitor.

As ever, no advice intended or given.