Sino Agro Food Inc (fka SIAF)

[snow]

Some may now forget that SIAF har earnings per share of more than 6 dollars (taking into consideration the reverse split). At the growth rate that then obtained it seemed reasonable to expect earnings per share to exceed 10 dollars. Given this growth rate a p/e of 5 seemed very cheap. But much of those earnings were of a low quality. Some profits were based on arifically high prices for sleepy cod or consultancy where SIAF itself decided the profit margin.