Sino Agro Food Inc (fka SIAF)

[ValueInvestor01]

Pal, it's not my valuation. The company already told you that it's $1.33 for the first distribution. I simply accounted for dilution and it's now $1.263 per SIAF share.

They didn't give you the value of the 2nd distribution. Which I calculated for you, and it's $0.26.

So after the IPO, you think it would be trading around those numbers you mentioned above? Like I said, those numbers only has something to do with what TRW owns and not necessarily with what its intrinsic value. SIAF has 800M+ worth of assets, look where it is trading now. You wanna know why? Although it might have $800+ "worth of assets", only a fraction of it are producing, in other words, it has very low return on investment capital. Therefore, it is wrong to assume that just because TRW costs 390M+, it doesn't necessarily mean the market would value it as such. Unless you can convert those stock dividends to cash instead, those numbers you mentioned above are redundant.