Sino Agro Food Inc (fka SIAF)

[ValueInvestor01]

The interesting argument here would be what PE TRW deserves upon listing on HKSE (or whereever it ends up), i.e whether the PE of 10-12 is fair or not (although it should be conservative).

Another interesting question is how much TRW will grow until listing.

For his statement to add TRWs profits since the appraisal value from 2016 this is wrong if TRW is unable to use those profits to generate more profits, they are right if they have been used to generate more profits of the same PE (10-12 in this case), and they are conservative if they are able to ramp up faster with these profits than what they have proven in the past. However, I believe this uncertainty drowns in other uncertainties (like the issues they have with AF4)

This is something that I completely agree with! And it has nothing to do with "investment of cost" to value the company. All is based on its profitability in the future. Thank you!