The answer is in the Q1 results, which include capital gains from the dairy sale. Also, the company is exempt from income taxes, so net margins will remain high.
The best measures for 2011 progress, imo are:
1) increasing NTA by about 25%
the shares sell for 1/2 of current asset value, which is growing
2) establishing critical mass for each profit center, particularly in the fish, cattle, and fertilizer profit centers, growing revenues in each multi-three digit percentages.
3) Fish
a) announcing new fish/prawn/eel farms (constrained until Form-10 approved/SEC documents filed)
b) establishing fish sales from existing farms such that future sales from new farms and farms under construction are easy to extrapolate; believable for the investment community
4) same for cattle houses, and planted HU and asparagus acreage
5) any announcement to start retail franchising
2010 was about proof of concept for several wholesale businesses, and jettisoning the dairy business to provide capital to grow these businesses.
In general, 2011 is about establishing critical mass for these several very fast growing wholesale businesses which will feed a wholly owned distribution network in 2012.
If/when 2011 projections are met -- or even approached -- imo, 75% of 2012 projections are easy to foresee, which would result in earnings approaching the current share price. The remaining 25% comes from 100% execution and establishing the retail franchises.
These franchises are targeted to provide retail services to 50,000 people; therefore, the 2013 target of 40 stores would serve 2M people. Of course, China has 12 cities with more than 5M people, and over 100 cites with population over 1M.
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