Sino Agro Food Inc (fka SIAF)

[viking86]

Treit: we may not even see a PR at all on new contracts depending on circumstances, not at least until the contract has been officially approved which may take months, sometimes even years.

In the case of the baby prawn farm, we know that the contract was signed on Nov 18, 2011 and design/construction started soon after that with $2.4M (out of $8.1M total contract value) invoiced until Dec 31, 2011 as shown in 10k. But the official announcement didn't come out until Feb 29, 2012 with Phase 1 approved by then but Phase 2 still pending approval. Still, Phase 1 was completed in time and is already in operation. I suspect same thing will happen with Phase 2 (contract value about $13m). Construction may have already started (with upfront partial payment that may or may not get booked to Q2'12) and the approval may not come until (or after) Phase 2 has been completed by the end of the year.

http://sinoagrofood.investorroom.com/index.php?s=43&item=14

In the case of the 2nd FF (fish/eel farm in Jiangman City, Guangdong), it's even more interesting. The 2-phase contract was signed on May 18, 2011 and construction of Phase 1 involving 16 APM and ancillary facilities is still underway and to be completed by Dec'12. As of Dec 31, 2011, $5.86m invoices were billed out of a total Phase 1 contract value of $10.4m. As of today, we haven't seen a PR yet about this project although more than 1 year has gone by since the contract was signed and started. Phase 2 involves another 16 APM and will start right after completion of Phase1. Who knows when we will see a PR about this but that doesn't mean really much imo.

Note that both projects involve Capital Award and GaoQiang Aquaculture Farm. So if the 2 new FF contracts also involve GaoQiang, there is a good chance we may not see PR at all this year !