Sino Agro Food Inc (fka SIAF)

[RealDutch]

I see a dividend as just a tool to get that 'fair valuation'.

Well, it doesn't work. I pointed out half a dozen Chinese companies that all paid dividends, and the stocks crashed (with one exception maybe). The reason is, investors are not sticking around after they collect the dividend.

Now look at XIN. They did both, dividends AND substantial share buybacks. And the stock still went down.

So I'm thinking, a buyback will only help support the PPS if you use it as a tool to support your growth story.
But, it doesn't matter if buybacks lift the share price or not. As a growth company, with a ROCE of 87%, it's a WIN-WIN either way. All it requires is commitment.