My latest column is up at RealMoney.

In a normal economy, shares of Au Optronics (AUO) would be rising as fast as the company’s sales. Instead, sales and cash flow are zooming, and the company has been topping estimates by a wide margin, but shares keep moving sideways and now trade for less than 5 times projected EPS. In time, look for shares to catch up with the growth metrics.

AU Optronics makes thin film transistor liquid crystal display (TFT-LCD) panels and other flat-panel displays, which are used in notebook computers and desktop monitors, as well as in portable consumer electronics devices and LCD televisions. AUO competes primarily with LG Display (LPL) and Samsung Electronics, both of which are larger than AU. Corning (GLW - Annual Report) is also a significant force and is one of the company’s primary suppliers for glass substrates.

The company

Major organized conflicts over the last 100 years have relied increasingly on air power. Military aircraft make decisive differences between the relative war capabilities of violently opposed nations. It is also a vital ingredient of deterrence for potential threats to homeland security. The stock market potential of the Aerospace & Defense Industry is extremely sound.

Brazil, Russia, and China have some civilian aircraft manufacturing potentials. However, they are not significant in the face of the entrenched positions of the United States and Europe. The latter has suffered from a series of management set-backs, leaving a field open for U.S. companies. India and China lead the world in demand for new civilian aircraft, and there are global requirements for more energy-efficient models. This phenomenon adds to the business values of the Aerospace & Defense Industry.

We have a similar position with respect to outer space. Though a handful of nations are able to