Not sure what JFs rationale is for target price up to 4, but a trailing p/e of 7.5 does the trick; also a forward p/e of - - for a listed company growing revenues 50% + and income closer to 100%.
Will SIAF earn > $1.00 in 2012? Watch.
The flower business alone has the potential to produce $30M in net profit, when currently owned acreage is fully planted and fully mature. That's $.50 per fully diluted share, $.56 per basic share, which is actually the better measure.
Mr. Lee has promised that preferred share will be converted into common shares only at:
"such time when there will be sufficient and additional extra-ordinary income to compensate for the conversion without affecting the EPS derived from the Group's business operations. Let me repeat, these preferred shares will not be converted until such time that extra-ordinary income is available to counter any dilutive effect they might have on EPS, if and when they are ever exercised."
