Yes, Pros queries are valid. The point of view is valid.
However, the implication that constructing for a JV invalidates or diminishes those revenues is not correct, imo. It would be if the revenues were grossly above a fair market price. But SIAF is a fully reporting company, and those contracts are public.
Pretty sure that Pro would have no qualms about this if SIAF constructed farms for the same revenues to third parties, and did not have an equity interest.
In my opinion, they should do this -- at least once -- because it would be another cash flow positive business, while revalidating their construction pricing. They could still derive the same ongoing consulting and servicing fees they now get from the JVs. After all, it is proprietary technology; they have the license for China; and they have the only construction and operational experience in the country.
