Viking--You do not think increasing one's interest in a semi-mature project like a fish farm is accretive to earnings in the second year? You are the micro-specialist, but I would be surprised if that were not true.
However, you have never addressed the macro-relationships that I have pointed to, namely return on assets excluding land and loans. How do you explain that if you claim that the projects themselves will not be accretive in the second year? Invested capital generated by the sale of shares at the level of eps in a given year IS accretive to SIAF in the second year beyond a doubt. Is that due to the influence of the revenue generated by design, engineering and construction of projects, where the return on invested capital is phenomenal? Perhaps so. But if the actual investment in fish farms, beef farms, etc. is dilutive (relative to building farms), that would be true whether SIAF were selling financing shares or not. I'm sure the best investment for any moment is just construction, engineering, et al., but SIAF must establish a reoccuring income stream which engineering is not.
Clearly it's a very complex issue with no easy answer.
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