So you are saying that a company that does not grow should be valued the same way as a company that will grow volume from 12,000MT to 200,000MT over a 7-10 year period?
It seems to me you are missing the essence of investing.
The reason why we will get a P/E of only 12 initially is because as far as the bank and the investing community is concerned, there is a lot of uncertainty surrounding the future prospects of Triway. And the bank wants to be able to sell the shares to investors. As far as SIAF or Triway is concerned, a P/E of 12 is already a big improvement from a P/E of 1 currently. But mark my words, we will get a P/E of 24 after the first week of trading in Hong Kong. It's anyone's guess how high we can go after that. But a P/E of 24 is still way too cheap.
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