You bring up an interesting issue, though I don't think they'll necessarily have a big wad of cash, unless they also borrow.
They've devised innovative schemes to grow their businesses in highly leveraged ways. But, they are not capital free. For instance, looks like in many cases,the government will contribute to capital for the cattle business on a one to one basis. But SIAF still has to come up with cash.
For the flower business, there are still a large number of uncultivated acres. I recall reading that planting and nourishing a new acre requires $20,000 investment -- $2M for each new 100 acres. Such investment would be expected to provide $2.5M million in net profit yearly, three years down the line.
The marketing and distribution business will not be a JV, so capital will be needed there.
Because they've been creative, there's no need for any equity dilution in the foreseeable future, imo. However, if an attractive, synergistic acquisition target popped up, or if accelerated growth in the distribution business appeared justified, for instance, I'd like to see them have that flexibility.
I'd also like to see them maintain healthy cash balances and debt to equity ratios.
They've mentioned that the land leases can be used as collateral, and that Ag banks will loan at very low rates, as Ag is government favored.
Within the confines of sensible gearing, and promoting both prudently aggressive business growth and a healthy balance sheet, I'd love to see SIAF borrow money. I'd see this as quite a promising signal, akin to announcing new fish farms, particularly if they articulated the reason(s) and anticipated returns. This is how small companies can become very big companies.
On top of operational excellence, balancing these financial trade offs is a good part of what good managers do.
AI
