Sino Agro Food Inc (fka SIAF)

[RealDutch]

Some things to consider.

I have an older email from Tony saying that the ponds at AF4 are "dirty ponds". i.e, non-RAS. And yet the 10-K states that it is 2nd Gen ODRAS

In conjunction with this exercise, AF4 had to develop 800 Mu of open dams (“ODRAS” that were built using CA’s 2nd generation open dam recirculating aquaculture systems)

So did they convert it recently?

Also, the cost of 2G ODRAS is much lower than 3G ODRAS IMO. Perhaps as low as $0.1M per hectare versus $1.1M for 3G ODRAS. And I'm pretty certain that some of the contracts CA was looking at abroad was for 2G ODRAS.

The Q1 2015 report tells us a number of things. The RAS (2G) versus non-RAS margins are 28% versus 14%. Which is the result of a lower feed conversion ratio (1.5 versus 1.9) and lower mortality. But the growth rate is the same.

So are the big shrimp they are growing (in Yangjiang and the experimental farm) a 3G ODRAS thingy? It appears that way. And profit margins should be much higher (even though the cost is higher as well).