In the cc for q3 he mentioned that they have considered to sell the fish pond, this will most likely remove the tax burden on the dividend in form of a loss. so when 2018 comes and the tax burden get lowered we will have the dividend for sure. They are doing the right move here and waiting to give the dividend.
I am thinking about looking into the balance in general
Yes, that might be a good idea. Not that it matters at the current PPS, our 36.6% of TRW alone is worth more than the market cap of SIAF and it seems this is where we'll have our success, but it is interesting to test the book value.
I tried a very simplyfied version of looking at the balance, but I didn’t put too much effort in it. Unfortunately it isn't straightforward to find all the numbers you want (for instance how much of equipment that belongs to each division) so you might need to go back in old filings and compare, or make assumptions.
In the CC they did indicate that accounts receivables might not go down for SJAP, i.e if SJAP really struggles maybe it can affect the farmers and ultimately accounts receivables.
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