One of my biggest concerns about HollySys Automation Technologies (HOLI) (“HollySys”) for some time now has been the risk of this stock performing more as a value trap than an undervalued play on China’s automation and high-speed rail sectors. It is, after all, relatively small and under-followed by the sell-side, and management’s communication with the Street and investors has often been below average. While the shares haven’t done too badly since my last update, they have lagged other large automation names like Emerson (EMR) over the past year and beyond.