I dont think that a company with 40M shares, 3,5M debt and EPS of 0,20 is better than a company with 70M shares, no debt and 0,40 EPS (the numbers are just for example but they partly follow the SIAF figures).
The company might be better, but the PE and share price might be a lot worse. Bottom line: tens of millions of shares are issued = tens of millions of shares dumped onto the market. The market can only digest so much. If there was no dilution the last few years the company might be smaller but I think we would have a much larger PE ratio, and therefore a higher stock price.