I believe Mera’s point was that 5-10 earnings is a conservative PPS for stocks in general. Earnings for SIAF should be going up again, but for SIAF earnings doesn’t seem to affect the PPS much.
The 16$ value is less than book value, although we might see a revaluation of SJAP and our «left over aquaculture assets». Also, as soon as TRW has its financing (loan or pre-IPO we have the growth story which would dwarf the 16$ Mera talked about, cfr posts by TS and RD). Although if you’re conservative you might want to disregard that until TRW has it’s financing in place.
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