Sino Agro Food Inc (fka SIAF)

[bradford86]

This is really undervalued or it is a fraud. My bet is on the latter.

Why?
$60M of EBITDA in 2012?
Growth > 30%
EV/EBITDA < 1.

Evidence:
1. They keep diluting shares.
2. No Coupon Bond.

You will notice that "good company developments" have not been subsequently followed by equity appreciation.

I noticed that the auditor is still a nobody:
http://ih.advfn.com/p.php?pid=nmona&article=58065675

Truth of the matter: I don't know and I don't care. I'm not involved here or in this space anymore. I believe that these companies are in the business of creating SEC filings as opposed to the actual business they claim to be in.

A real company can and would get a bank loan against that sort of EBITDA of at least 1.0x EBITDA.

I'll read replies to this but don't expect me to make one.