Sino Agro Food Inc (fka SIAF)

[prokopton]

My OPINION on SIAF is that it's a legitimate company with some accounting shenanigans to pad its revenue.

The idea of obtaining cash on the open market, paying/loaning JV partners to build facilities, then booking revenue from those partners as "construction and consulting services" sounds similar to what some Chiscams have done. It's shuffling money around to pad the revenue of all parties involved. In SIAF's case, until revenues from real products are realized.

At first glance, SIAF appears to be a company that builds facilities to raise animals and produce agri products. But the ownership structure of SIAF is a bit convoluted and leaves a lot of room for accounting interpretations or irregularities.

To be safe, I would remove all revenue items related to "construction and consulting services" from the financials and re-evaluate the company's intrinsic value from there.