Yes, that is one of the things that I found in favour of not being a fraud. Basically, the only thing that suggests a fraud is the low stock price - but that is somewhat expected with the dillution of shares in 2012, 2013 and 2014, the long timeline before shareholders get their return on investment, a CEO in full control, operating business in China etc.
Price/book isn't always a good estimate anyways, especially not for companies that invest a lot of money. At least in Norway there are rules of how the book value of these investments should be, a percentage of the original investment. For instance; during the time with high oil prices a company could have a low book price and perform amazing (since the old riggs had a book value close to zero) while now a company with a high book value might do bad (since the market price for new riggs are lower than the book value). For SIAF the book price can be way of and still be a good investment.
