Sino Agro Food Inc (fka SIAF)

[ks1977]

Earnings per share will grow but not move to a high level for years I think

EPS should leap forward as soon as the loan is closed - compared to the current PPS that is, maybe not compared to the old times (which might be what you refer to?).

TRWs EPS should improve next year even without the loan (without retrofitting and upgrades), and the loan itself should improve EPS next year as well if they use it for boiler and water treatment (i.e start with the prawns). Much of the capex might be spent on (G)ODRAS, which should ramp up EPS sooner. However, whatever amount they put into APMs will probably not increase EPS next year (a longer constuction time and hence no room for the biofilters to really kick in this year).

For SIAF we also have CA, so 30% of whatever TRWs spends on capex ends up as EPS. Can we expect TRW to spend 100 MUSD in 2018 it they get the loan? If so, then that alone is more than 1USD/share in EPS.

The big gain EPS-wise for 2018 would be from the pre-IPO. If it happens in 2018, and if they achieve 2-2.5 x NTA. Although I don't think it's fair to include that gain in the question of EPS-growth.

I fear that we will not see any CA-deals in the near future, but if we do then that will also affect EPS significantly.

I think it will take several years to reach a pps of 17 dollars

Unless we are hit with bad luck on every single segment (i.e neither SJAP nor HU recovers, and no deals for CA) and in every single way (i.e no loan), we should be able to reach a PPS of $17 (including dividend shares) at least by TRWs listing?