No, the dividend would be worth $1+ plus $2+ in cash. Let's make it $3.50 total.
The rest of the company would be worth $2.5 billion, if acquired by the sister company. If that's the plan. It might not be.
I don't think we should pay much attention to average P/E's in Shanghai as there are 10 different ways to calculate this stuff and I don't trust any of them.
You can't afford to miss out on the dividend. Because that's where most of the cash is.
It makes you kind of cringe though. They move the cash to the spin-off, so that is hidden (for now). And because they do that, they can't report the earnings either, so the plantations are hidden as well.
I suppose that's the world we live in. We always get screwed.