Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Key Stock Statistics
Source S & P, company reports, Vickers
Price as of May 30, 2014
52-Wk Range
Trailing 12-Month EPS
Dividend Rate/Share
$0.45
$0.62–0.34
$0.58
Nil
Corporate Information
NM
$1.59
$7,994
1.66
Yield (%)
Total Shares Outstg. (M)
Market Capitalization(B)
Institutional Ownership (%)
Nil
157.0
$0.071
0
Price Performance
Investor Contact
Telephone
Email
30-Week Mov. Avg.
86 20 2205 7860.
info@sinoagrofood.com
...................................................................................................................................................................
Company Address
Room 3801, Block A, China
Shine Plaza, Guangzhou,
China 510610.
...................................................................................................................................................................
Website
Trailing 12-Month P/E
Tangible Book Val/Share
$10K Invested 5 Yrs Ago
Beta
http://www.sinoagrofood.com
Relative Strength
10-Week Mov. Avg.
GAAP Earnings vs. Previous Year
Up
Down
Volume
No Change
Above Avg.
Below Avg.
1 1/2
3/4
1/2
Revenue/Earnings Data
1/4
Revenue (Million $)
1Q
2014
90.93
2013
55.11
2012
15.98
2011
3.12
2010
-2009
--
2Q
-54.40
25.35
6.71
---
3Q
-70.71
48.35
20.70
---
4Q
-81.21
48.93
----
Year
-261.4
138.6
51.88
40.55
21.73
Vol.
(000)
4954
4949
5412
2400
1600
800
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A
2011
2012
2013
2014
...................................................................................................................................................................
Earnings Per Share ($)
2014
0.14
2013
0.14
2012
0.07
2011
0.01
2010
-2009
--
S&P Financial Writer Joseph Cowan_E
-0.12
0.13
0.05
---
-0.15
0.25
0.10
---
-0.18
0.16
----
Fiscal year ended Dec. 31. Next earnings report expected: Late August
Dividend Data
No Dividend Data Available
-0.58
0.63
0.23
0.14
0.13
Operational Review Apr 17, 2014
Income Statement Analysis & Financial Review
Revenues for the year ended December 31, 2013 were $261.4 million vs. $138.6 million in the prior year,
advancing 89% year over year. Gross margin narrowed 23%, despite higher revenues. General & administrative
expenses rose 6%, and operating income was $92.7 million, vs. $61.4 million for last year. For the fiscal year net
income was $74.2 million ($0.58 a share), vs. $57.5 million ($0.63 a share) in 2012.
Key Operating Information
Revenues generated from sale of goods increased by $121 million(or 137% from $88.1million for the year ended
December 31, 2012 to $ 209 million for the year ended December 31, 2013). The increase was primarily due to
increase of revenue from organic fertilizer by $32.8 million and was attributable to 27% of total increase of $121
million. Revenue from organic fertilizer of $41.3 million (2012: $8.5 million) was attribute 20% (2012: 101%) to total
of revenue generated from sale of goods of $209 million (2012: $88 million).
Revenues generated from consulting and service is continued operations increased slightly by $2.3 million (or 5
%) from $50.5 million for the year ended December 31, 2012 to $52.8 million for the year ended December 31,
2013. The increase was primarily due to increase of revenue from corporate by $5.7 million but revenue from
corporate of $9million (2012: $3.3 million) was attributable to 17% (2012: 7%) of total revenue generated from
consulting, service, commission and management fee of 52.8 million (2012: $50.5 million).
Recent Developments
Capital Award, Inc., a wholly owned subsidiary of Sino Agro, has licensed its A-Power Technology to Glory
Ocean Development Ltd, a Hong Kong corporation, who has signed a Sino Foreign Joint Venture (SFJV)
agreement with a group of business partners in Zhongshan City, Guangdong Province, PRC. Pursuant to the
SFJV agreement, a Sino Foreign Joint Venture Company will be incorporated to develop an 8,000 MU prawn
and agriculture center in Zhongshan. Hong Kong law governs the license agreement.
During the fourth quarter Capital Award began work on a new prawn project which calls for phase dependent
development, yielding approximately $150M in Phase I, Stage I revenue, and a total of $2.6B over the project's
expected 20 year life cycle.
All of the views expressed in this research report accurately reflect our quantitative research models regarding any and all of the subject securities or issuers. No part of our compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in this research report. This report is for information purposes and should not be considered a solicitation to buy or sell any security. Neither S&P
nor any other party guarantees its accuracy or makes warranties regarding results from its usage. S&P receives compensation from the issuer or an agent thereof for initiating coverage, and for distribution including
licensed redistribution of this report, and/or for inclusion in other S&P publications, generally in amounts up to U.S. $14,175 per year. Redistribution is prohibited without written permission.
Page 1 of 11
Please read the Required Disclosures on the last page of this report. Redistribution is prohibited without written permission
Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Business Summary April 17, 2014
Sino Agro Food, Inc. (SIAF), an agricultural technology and organic food company,
is focused on developing, producing, and distributing agricultural products in the
People's Republic of China. Revenues are generated from activities that they divide
into five stand-alone business divisions or units: (1) Fishery, (2) Cattle, (3) Organic
Fertilizer, (4) HU Plantation, and (5) Marketing and Trading. This fifth and newest
division, "Marketing and Trading" represents the strongest push to vertically
integrate the company's operations, furthering the company's overall "farm to plate"
concept.
Sino Agro conducts its operations through various subsidiaries to work with local
governments and farmers to form agricultural cooperatives. Once these
cooperatives have been formed, Sino Agro Food develops the infrastructure and
provides the education and training to bring what were once small individual farms
and communities into commercial-scale operations.
A-Power Technology (APT) is an engineered, self-contained water treatment and
recirculating aquaculture system (RAS) for the growing of aquatic animals on a
commercial scale. The treatment mainly consists of the A-Power Grow Out Basin
and the A-Power Treatment Stack equipment and operating techniques and
procedures which Capital Award has established as essential or desirable for the
establishment, development, and operation of the A-Power aquaculture system. An
APT-designed fish growing system is fully integrated, automated, and
climate-controlled. According to the company, the enhanced growing conditions
enable improved productivity, mortality rates of less than 8%, and a feed-to-fish
conversion ratio of 1:1 for pallet feed and 2:1 for non-pallet feed. The system is
housed on land in an enclosed environment under fully controlled conditions, and
by avoiding contact with any outdoor contamination and using treated water, APT
RAS produces healthy farmed fish guaranteed free of antibiotics and other
pollutants, according to the company.
Capital Award, Inc. (CA) is a wholly owned entity of Sino. Currently engaged in
modern fishery project management and consultancy services, CA provides
consulting and management services to fish farms that are adopting the A Power
Technology and for the development of fish farms using A Power Technology
systems. Capital Award commenced engaging in the marketing and sale of fish and
seafood in 2011. CA is the sole marketing, sales and distribution agent of the
Re-circulating Aquaculture System for fishery and prawn farms, and purchases all
marketable fish and prawns (or shrimp) from SIAF's farms, in turn selling them to
wholesale markets. CA also supplies the farms with fingerling, baby or adult fish or
prawns and stock feed.
Another subsidiary of SIAF, Jiang Men City Heng Sheng Tai Agriculture
Development Co. Ltd., engages in the farming of Hylocereus Undatus, commonly
known as Bean Capers or Pitaya (also known as dragon fruit), at Juntang Town, in
the vicinity of the City of Enping, Guangdong Province, China. The company
generates revenue by harvesting the green flowers from the Hylocereus Undatus
plants before they mature into fruits and selling them as vegetables; drying the
green flowers harvested and selling them as dried vegetables for human
consumption; and processing and packaging the dried and fresh flowers into salted,
pickled, and in brine vegetables.
Sino Agro Food holds a minority interest in Qinghai Sanjiang A Power Agriculture
Co. Limited, which engages in manufacturing of bio-organic fertilizer, livestock feed,
cash crops farming, and beef cattle rearing and fattening in the County of
Huangyuan, in the vicinity of the City of Xining, Qinghai Province, China.
In addition, the company anticipates that its Tri-way Industries Limited subsidiary
will generate revenues through participation in a fish farm project to be developed
in the City of Enping, Guangdong Province, under the supervision and consultancy
of Capital Award using the APT RAS.
The system recycles all water used in the farm and enables the consistent
production and supply of fish in the vicinity of an urban area all year round. The RAS
has been commercially applied in Europe and Australia for the past 30 years and
APT has been commercially developed and used in Australia since 1998. However,
the RAS and APT are relatively new to Asian countries including China, according
to the company.
Peer Comparison Chart - 1 Year
Company vs Market Comparison Chart - 1 Year
Sino Agro Food
Agria Corp ADS
Brasilagro Cia Bras De Prop ADS
Company
Sino Agro Food
Index
S&P 500
Sector
Consumer Staples
Industry
Food Products
60
60
40
40
20
20
0
0
-20
-20
-40
-40
-60
-60
-80
-100 May
-80
Jun
2013
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2014
-100 May
Jun
Jul
2013
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2014
Page 2 of 11
Please read the Required Disclosures on the last page of this report. Redistribution is prohibited without written permission
Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Key Growth Rates and Averages
Past Growth Rate (%)
Sales
Net Income
Expanded Ratio Analysis
1 Year
3 Years
5 Years
9 Years
88.61
28.95
92.97
NM
75.64
87.60
NA
NA
.................................................................................................................................................................................................................................................
Ratio Analysis (Annual Avg.)
Net Margin (%)
% LT Debt to Capitalization
Return on Equity (%)
28.39
0.57
30.35
NA
NA
NA
Price/Sales
Price/EBITDA
Price/Pretax Income
P/E Ratio
Avg. Diluted Shares Outstg (M)
2013
0.25
0.67
0.68
0.87
127.4
2012
0.35
0.75
0.76
0.84
92.0
2011
0.75
1.86
1.85
2.48
67.2
2010
2.01
3.86
6.41
9.58
61.2
33.38
0.22
NA
30.49
2.00
16.95
2013
1.58
0.61
0.58
Nil
Nil
0.71
0.34
1
1
2012
1.19
0.65
0.63
0.01
2%
1.05
0.25
2
NA
2011
0.93
0.25
0.23
0.01
4%
1.60
0.36
7
2
2010
0.93
0.17
0.14
Nil
Nil
1.90
0.44
14
3
2009
0.56
0.16
0.13
Nil
Nil
1.28
0.02
NM
NM
2008
0.43
0.09
0.07
Nil
Nil
1.80
0.01
NM
NM
2007
0.43
0.07
0.06
Nil
Nil
10.00
0.25
NM
NM
2006
NA
NA
NA
NA
NA
NA
NA
NA
NA
2005
NA
NA
NA
NA
NA
NA
NA
NA
NA
2004
NA
NA
NA
NA
NA
NA
NA
NA
NA
261
96.2
3.50
0.39
94.4
NA
74.2
139
64.3
2.38
0.28
63.3
NA
57.6
51.9
20.9
1.26
Nil
21.1
NM
15.7
40.6
21.1
2.21
0.35
12.7
NM
8.50
21.7
11.2
1.69
0.47
9.02
NM
6.81
16.2
6.74
1.31
0.42
4.97
NM
3.69
16.2
10.4
0.40
0.08
3.36
NM
3.14
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
93.7
188
368
34.0
1.91
291
334
58.2
77.7
5.5
0.6
28.4
24.3
30.4
8.42
134
243
22.7
0.18
198
217
29.9
59.9
5.9
0.1
41.5
NA
NA
1.39
74.2
152
16.5
Nil
125
135
1.60
17.0
4.5
Nil
30.2
12.1
14.7
3.89
43.8
108
2.94
3.78
87.5
105
7.47
10.7
14.9
3.6
21.0
8.9
11.3
2.36
27.5
84.1
7.73
4.40
63.0
76.3
1.41
8.49
3.6
5.8
31.3
8.6
11.4
1.73
21.2
75.2
5.65
6.84
56.0
69.5
1.98
5.01
3.8
9.8
22.8
5.4
7.2
0.36
28.5
62.8
6.21
4.11
47.1
56.6
5.42
3.54
4.6
7.3
19.4
7.3
9.4
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Figures based on calendar year-end price
Company Financials Fiscal Year Ended Dec. 31
Per Share Data ($)
Tangible Book Value
Cash Flow
Earnings
Dividends
Payout Ratio
Prices:High
Prices:Low
P/E Ratio:High
P/E Ratio:Low
Income Statement Analysis (M $)
Revenue
Operating Income
Depreciation
Interest Expense
Pretax Income
Effective Tax Rate
Net Income
Bal Sheet & Other Financial Data (M $)
Cash
Current Assets
Total Assets
Current Liabilities
Long Term Debt
Common Equity
Total Capital
Capital Expenditures
Cash Flow
Current Ratio
% Long Term Debt of Capitalization
% Net Income of Revenue
% Return on Assets
% Return on Equity
Data as orig reptd.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under Review.
Quantitative Evaluations
Relative Strength Rank
58/MODERATE
58
Lowest=1
Volatility
LOW
High
AVERAGE
HIGH
Highest=99
Technical Evaluation
NEUTRAL
Since May, 2014, the technical indicators for SIAF
have been NEUTRAL.
Page 3 of 11
Please read the Required Disclosures on the last page of this report. Redistribution is prohibited without written permission
Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
Corporate Information
Corporate History
List of Officers
Y. Lee Chrmn, Pres, Chief Acctg Officer & CEO
O. Lai CFO
B.
Chen Secy
...................................................................................................................................................................
List of Board Members
Y. Lee
B. Chen
D. Ritchey
N.E. Sandberg
L. Soh
P. Tan
K.
Yap
...................................................................................................................................................................
Founded
1974
...................................................................................................................................................................
Employees
(#)
556
...................................................................................................................................................................
Stockholders
5008
...................................................................................................................................................................
Transfer Agents
Broadridge Corporate Issuer
Solutions, Inc.
...................................................................................................................................................................
Auditor
Anthony Kam & Associates Limited,
CPA
...................................................................................................................................................................
Subsidiaries
A Power Agro Agriculture Development (Macau) Limited
Capital Award Inc.
Jiang Men City Heng Sheng Tai Agriculture
Development Co. Ltd.
LEAF Ventures II, LLC
LEAF Ventures, LLC
Macau Eiji Company Limited
Merit Capital Advance, LLC
Merit Capital Manager, LLC
Merit Processing, LLC
Parkwin Services, LLC
Prompt Payment, LLC
RA Equity Co.
RCP Bent Oaks Manager, LLC
RCP Cape Cod Manager, LLC
RCP Chenal Brightwaters Manager, LLC
RCP Coach Lantern Manager, LLC
RCP Foxglove Manager, Inc.
RCP Heritage Lake Manager, LLC
RCP Heritage Lake Manager, LLC
RCP
Magnolia Manager, LLC
...................................................................................................................................................................
developing, producing, distribution of agriculture and aquaculture produce and products in China.
INCORPORATED in Nevada Oct. 1, 1974, as Volcanic Gold, Inc.; name changed to A Power Agro Agriculture
Development, Inc. Aug. 24, 2007, and to Sino Agro Food, Inc. Oct. 9, 2007. On Aug. 24, 2007, the company
acquired all of the outstanding Common stock of Capital Award Inc., a Belize corporation, for 32,000,000
Common shares of the company. Capital Award Inc. was incorporated on Nov. 26, 2004.
Company Management Bios
Y. Lee Chrmn, Pres, Chief Acctg Officer & CEO
Mr. Yip Kun Lee, also known as Solomon, has been the Chief Executive Officer of Sino Agro Foods, Inc. since
August 2007 and serves as its President and Principal Accounting Officer. Mr. Lee has been the Owner of
Accurate Asset Group Ltd., and the Chief Executive Officer of Capital Award Inc. Since 2003. He is Pioneer of
Fish Protech Projects in the South Pacific Region. He has over 35 years experience in the Fishery Industry and
Food Industry. He served as the Chief Financial Officer of Sino Agro Foods, Inc. He served as the Chief
Executive Officer for Irama Edaran Sdn. Bhd. (“Irama”), AA Concepts Sdn, Bhd., the Companies located in
Malaysia and in the Business of Aquaculture Fishery Development from 1998 to 2002. He has been Chairman of
Capital Award Inc. Since 2003. He serves as the Chairman of Sino Agro Foods, Inc. and has been its Director
since August 2007. He has been a Director of Accurate Asset Group Ltd. Since 2003. Mr. Lee holds B.A in
Economics & Accounting from Monach University Melbourne Australia.
O. Lai CFO
Ms. Olivia Lai has been Chief Financial Officer at Sino Agro Foods, Inc. since May 21, 2014. Ms. Lai has over 20
years accounting and finance experience and held senior positions in many multi-national and public
accounting and consulting firms; including Cisco Systems, Ernst & Young and PricewaterhouseCoopers. She is
a U.S. and Hong Kong Certified Accountant with memberships in the American Institute of Certified Public
Accountants, Charted Global Management Accountants, Hong Kong Institute of Certified Public Accountants,
and the Taxation Institute of Hong Kong. Ms. Lai received her Bachelor of Science in Accounting with the
Highest Distinction. She has an Executive Master of Business Administration from the Kellogg School of
Management of Northwestern University in the U.S., and the University of Science and technology in Hong
Kong.
B. Chen Secy
Mr. Bor Hann Chen, also known as Michael, has been a Secretary of Sino Agro Foods, Inc. since August 2007.
Mr. Chen serves as Manager of its office in Macau. He is a merchant with many years of experience in the
Fishery Industry and is one of the pioneers of Fish Protech Projects, Malaysia. He served as Secretary of
Capital Award Inc. and was responsible for the marketing and development of aquaculture farms in the P.R.C.
From 1998 to 2005, Mr. Chen worked as Project Manager for Irama responsible for the development and
commissioning of farms. He has been a Director of Sino Agro Foods, Inc. since August 2007. He served as a
Director of Capital Award Inc.
Page 4 of 11
Please read the Required Disclosures on the last page of this report. Redistribution is prohibited without written permission
Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
Stock Performance
Sub-Industry Outlook
Based on S&P 1500 Indexes
Month-End Price Performance as of 5/30/14
We have a neutral fundamental outlook for the agricultural products sub-industry for the next 12 months. We
think there were some relatively large crop harvests in 2013, and we expect product demand to be bolstered by
foreign markets. However, we view an EPA proposal to lower expected renewable fuel use in 2014 as a
negative for a U.S. ethanol producers.
S&P 1500
Sector
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Sub-Industry
250
We think prospects for a much larger U.S. corn harvest in 2013 helped bring corn prices in the futures market
down from the highs of the 2012 summer, when we believe futures prices were affected by hot weather and
drought conditions in parts of the U.S. Corn costs can affect various businesses, including ethanol and
livestock producers.
200
In December 2013, the USDA forecast a 35% narrowing of the U.S. agricultural trade balance in fiscal 2014
(ending September) to +$27.5 billion, which would be the smallest surplus since 2009. In FY 13, the trade
balance was +$37.1 billion, up 14%, year to year, with exports up 4% and import value largely unchanged from
that of the year-ago period.
150
We are not expecting a major near-term impact on crop prices from the Environmental Protection Agency
(EPA) announcing waivers for increased ethanol use in newer vehicles, which could result in fuel containing
up to 15% ethanol, versus up to 10% previously. However, over time, a shift toward a 15% blend could bolster
demand for the use of U.S. corn in ethanol production.
100
Long-term, we anticipate that overall agribusiness-related production and revenue will increase, helped by
world population growth, heightened global demand for proteins and grain-based crops, and continued
industry consolidation and globalization of operations. With the U.S. market relatively mature, we think
developing international markets will provide faster future demand growth than the U.S. market does.
50
0
2009
2010
2011
2012
2013
2014
Note: All Sectors & Sub-Industry information is based on the Global
Industry Classification Standard (GICS)
Over time, we expect that U.S. food processors will boost their presence in international markets. Continued
globalization should lead to improvement in sourcing raw materials and increased capabilities in meeting
global demand. We expect product demand in international markets to reflect rising income levels in
developing markets, and changes in consumer lifestyles and diets.
Year to date through February 21, the S&P Agricultural Products Index was down 3.2%, compared to a 0.5%
decline for the S&P 1500. In 2013, the S&P Agricultural Products Index was up 45.9%, compared to a 30.1% rise
for the S&P 1500.
--Joseph Agnese
Sub-Industry: Agricultural Products Peer Group*: Based on market capitalization within GICS Sub-Industry
Stock
Symbol
Recent
52 Wk
Yield
Quality
Stk Mkt
P/E Fair Val
S&P IQ
Ret on
LTD to
Stk ($)
H/L ($)
Beta
(%)
Ranking
Cap (M)
Ratio
Calc($)
%ile
Rev (%)
Cap (%)
Sino Agro Food
SIAF
71
0.45
0.61/0.34
1.66
Nil
1
NA
NR
NA
28.4
0.6
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Agria Corp ADS
GRO
39
1.41
2.12/1.05
2.20
Nil
NM
NA
NR
8
NA
18.7
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Brasilagro Cia Bras De Prop
LND
267
4.59
5.47/3.18
1.02
Nil
51
NA
NR
31
NM
8.7
ADS
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
China Fruits
CHFR
2
0.05
0.10/0.01
2.02
Nil
5
NA
NR
7
NM
NA
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Global Clean Energy Holdings
GCEH
3
0.01
0.03/0.01
0.88
Nil
NM
NA
C
3
NM
50.5
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Imperial Ginseng Prod
IGPFF
NA
0.00
0.37/0.25
-1.09
Nil
NM
NA
C
NA
39.5
9.6
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Le Gaga Holdings ADS
GAGA
3
3.54
3.83/2.94
-0.26
Nil
11
NA
NR
28
26.6
NA
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Limoneira Co
LMNR
329
23.40
27.41/18.98
0.79
0.6
49
14.80
NR
40
5.8
36.2
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Origin Agritech Ltd
SEED
52
2.27
3.47/1.17
2.69
Nil
NM
NA
NR
7
1.9
14.2
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Royal Hawaiian
NNUTU
24
3.14
3.79/2.00
0.39
Nil
NM
NA
NR
16
NM
12.7
Orchards'A'LP
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
S&W Seed
SANW
78
6.68
9.21/4.82
-0.15
Nil
NM
5.20
NR
8
NM
8.4
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Scheid Vineyards'A'
SVIN
25
31.00
31.00/19.02
0.69
Nil
NM
NA
B38
NA
NA
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Shandong Zhouyuan Seed &
SZSN
1
0.01
0.07/0.00
NM
Nil
1
NA
NR
39
NM
NA
Nursery
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
YaSheng Group
HERB
137
0.89
2.49/0.35
-1.78
Nil
1
NA
NR
30
13.5
NA
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
Yew Bio-Pharm Grp
YEWB
10
0.00
1.10/0.12
NA
Nil
NM
NA
NR
NA
52.4
NA
..................................................................................... ...................................................................................................... ................................................. .............................................................. ............................. ............................... .......................................................................................................................................
NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.
Page 5 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
S&P Analyst Research Notes and other Company News
May 22, 2014
Sino Agro Foods, Inc. announced that Ms. Olivia Lai has accepted the position of
Chief Financial Officer. Ms. Lai has over 20 years accounting and finance
experience and held senior positions in many multi-national and public accounting
and consulting firms; including Cisco Systems, Ernst & Young and
PricewaterhouseCoopers.
operations attributable to the company and subsidiaries was $49,462,486 or $0.40
per diluted share compared to $38,686,788 or $0.47 per diluted share a year ago. Net
cash provided by operating activities was $38,065,409 compared to $10,291,120 a
year ago. Acquisition of property and equipment were $4,188,660 compared to
$2,527,245 a year ago. Acquisition of land use rights was $489,904. Payment for
construction in progress was $31,494,031 compared to $2,317,082 a year ago.
May 19, 2014
Sino Agro Foods, Inc. reported unaudited consolidated earnings results for the first
quarter March 31, 2014. For the quarter, the company's revenue was USD 90,927,789
against USD 55,107,751 a year ago. Net income from operations was USD 25,891,454
against USD 19,317,429 a year ago. Net income before income taxes was USD
25,941,857 against USD 19,911,313 a year ago. Net income from continuing
operations attributable to the company and subsidiaries was USD 20,787,919 against
USD 16,378,772 year ago. Net income was USD 25,941,857 or USD 0.14 per diluted
share against USD 19,911,313 or USD 0.14 per diluted share a year ago. Net cash
provided by operating activities was USD 20,725,513 against USD 4,257,374 a year
ago. Purchases of property and equipment were USD 907,666 against USD 126,182 a
year ago.
August 21, 2013
Sino Agro Foods, Inc. reported unaudited consolidated earnings results for the
second quarter and six months ended June 30, 2013. For the quarter, the company
reported revenue of $54,400,329 compared to $25,348,287 a year ago. Net income
from operations was $17,782,143 compared to $10,822,571 a year ago. Net income
before income taxes was $18,272,928 compared to $11,405,729 a year ago. Net
income from continuing operations attributable to the company and subsidiaries
was $14,330,940 or $0.12 per diluted share compared to $10,290,022 or $0.13 per
diluted share a year ago. The increase in revenue was primarily due to the natural
growth of revenue generated from the fishery, cattle farm, beef and the maturity of
on-going divisional businesses improving their revenue. For the six months, the
company reported revenue of $109,508,080 compared to $41,328,303 a year ago. Net
income from operations was $37,099,572 compared to $16,613,841 a year ago. Net
income before income taxes was $38,184,241 compared to $17,947,404 a year ago.
Net income from continuing operations attributable to the company and
subsidiaries was $30,709,712 or $0.27 per diluted share compared to $15,961,484 or
$0.20 per diluted share a year ago. Net cash provided by operating activities was
$16,120,653 compared to $9,887,541 a year ago. Purchases of property and
equipment were $490,323 compared to $20,423 a year ago. Acquisition of land use
rights was $490,323. Payment for construction in progress was $13,596,632
compared to $6,626,688 a year ago.
April 15, 2014
Sino Agro Foods, Inc. reported audited consolidated earnings results for the fourth
quarter and full full year ended December 31, 2013. For the year, revenue was
$261,425,813 against $138,613,639 a year ago. Net income from operations was
$92,671,373 against $61,420,306 a year ago. Net income before income taxes was
$94,441,246 against $63,252,540 a year ago. Net income attributable to the company
and subsidiaries was $74,206,529 or $0.58 per diluted share against $57,545,832 or
$0.63 per diluted share a year ago. Net cash provided by operating activities was
$84,241,349 against $44,425,379 a year ago. Purchases of property and equipment
were $7,002,878 against $10,756,744 a year ago. Comprehensive net income from
continuing operations in the fourth quarter totaled $25.2 million, a sequential
increase of $5.8 million, or 30%, over the third quarter, 2013.
February 11, 2014
Sino Agro Foods, Inc. announced that it has added two new independent members
to its board of directors: Mr. Daniel Ritchey and Mr. Lim Chang (Anthony) Soh. Mr.
Ritchey is currently a partner in three companies: DC Capital LLC, 3-D Oil and Gas
LLC, and 3-D Ranch LLC, a 2,200 head of cattle/1,500 head pig farm for which Mr.
Ritchey serves as Finance Director. Mr. Soh is a partner in the law firm, Edwin Lim
Suren & Soh, in Kuala Lumpur, Malaysia. Until October 31, 2013.
May 17, 2013
Sino Agro Foods, Inc. reported unaudited consolidated earnings results for the first
quarter March 31, 2013. For the quarter, revenue was $55,107,751 against
$15,980,016 a year ago. Net income from operations was $19,317,429 against
$5,791,270 a year ago. Net income before income taxes was $19,911,313 against
$6,541,674 a year ago. Net income from continuing operations attributable to the
company and subsidiaries was $16,378,772 against $5,632,769 year ago. Net income
was $19,911,313 or $0.14 per diluted share against $6,541,674 or $0.07 per diluted
share a year ago. Net cash provided by operating activities was $4,257,374 against
$4,996,624 a year ago. Purchases of property and equipment were $126,182 against
$7,223 a year ago.
December 20, 2013
Sino Agro Food, Inc. announced that it has formed Sino Agro Food Sweden
Aktiebolag (publ) (SIAFS), a wholly owned subsidiary. SIAFS was registered with
the Swedish Companies Registration Office (Bolagsverket) on December 16, 2013.
The objects of SIAFS shall be to carry out IR representation, to provide services in
agriculture and aquaculture, marketing, sales and trading of agriculture and
aquaculture products, facilitate capital raisings and thereby related business.
November 19, 2013
Sino Agro Foods, Inc. reported unaudited consolidated earnings results for the third
quarter and nine months ended September 30, 2013. For the quarter, revenue
increased by $22,357,009 or 46.24% to $70,707,697 compared to $48,350,688 for the
three months ended September 30, 2012. The increase was primarily due to the
natural growth of revenue generated from the organic fertilizer, beef and plantation
divisions, and corporate and other operations not commenced in 2012. Net income
from operations was $24,096,136 against $24,435,075 a year ago. Net income before
income taxes was $24,355,502 compared to $25,202,139 a year ago. Net income from
continuing operations attributable to the company and subsidiaries was $18,752,774
or $0.15 per basic and diluted share compared to $22,725,305 or $0.25 per diluted
share a year ago. For the nine months, the company reported revenue of
$180,215,777 compared to $89,678,991 a year ago. Net income from operations was
$61,195,708 compared to $41,048,916 a year ago. Net income before income taxes
was $62,539,743 compared to $43,149,542 a year ago. Net income from continuing
Page 6 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Glossary
Quantitative Evaluations
S&P Capital IQ Fair Value Calculation
The quantitative evaluations covered in this report
and described below are derived from proprietary
arithmetic models. The quantitative model focuses on
a shorter-term horizon and is designed to capture
current information such as performance, market
conditions and certain risk factors. The objectives and
inputs to the model are static and should be viewed as
reflective of current trends and market conditions at
the time of each update and may take a shorter- term
view of a company than the qualitative report on the
same company.
The Fair Value formula uses forward EPS estimates to
calculate a company's projected return on equity. A
stock's "Fair Value" is then derived by comparing its
current valuation relative to the company's projected
ROE relative to historical valuations versus ROE for
the company, industry, and a benchmark index.
S&P Capital IQ Quality Ranking
Growth and stability of earnings and dividends are
deemed key elements in establishing S&P Capital IQ's
Quality Rankings for common stocks, which are
designed to capsulize the nature of this record in a
single symbol. It should be noted, however, that the
process also takes into consideration certain
adjustments and modifications deemed desirable in
establishing such rankings. The final score for each
stock is measured against a scoring matrix
determined by analysis of the scores of a large and
representative sample of stocks. The range of scores
in the array of this sample has been aligned with the
following ladder of rankings:
A+
A
AB+
NR
Highest
High
Above Average
Average
Not Ranked
B
BC
D
Below Average
Lower
Lowest
In Reorganization
S&P Capital IQ Fair Value Rank
Using S&P's exclusive proprietary quantitative model,
stocks are ranked in one of five groups, ranging from
Group 5, listing the most undervalued stocks, to Group
1, the most overvalued issues. Group 5 stocks are
expected to generally outperform all others. A positive
(+) or negative (-) Timing Index is placed next to the
Fair Value ranking to further aid the selection process.
A stock with a (+) added to the Fair Value Rank simply
means that this stock has a somewhat better chance
to outperform other stocks with the same Fair Value
Rank. A stock with a (-) has a somewhat lesser
chance to outperform other stocks with the same Fair
Value Rank. The Fair Value rankings imply the
following:
5-Stock is significantly undervalued
4-Stock is moderately undervalued
3-Stock is fairly valued
2-Stock is modestly overvalued
1-Stock is significantly overvalued
Dividends on American Depository Receipts (ADRs)
and American Depository Shares (ADSs) are net of
taxes (paid in the country of origin).
Insider Activity
Gives an insight as to insider sentiment by showing
whether directors, officers and key employees who
have proprietary information not available to the
general public, are buying or selling the company's
stock during the most recent six months.
Funds From Operations (FFO)
A financial measure used by Real Estate Investment
Trust's to reflect their operating performance. As
reported by co. based on NAREIT definition.
Volatility
Rates the volatility of the stock's price over the past
year.
Technical Evaluation
In researching the past market history of prices and
trading volume for each company, S&P Capital IQ's
models apply special technical methods and formulas
to identify and project price trends for the stock.
Relative Strength Rank
Shows, on a scale of 1 to 99, how the stock has
performed versus all other companies in S&P's
universe on a rolling 13-week basis.
Global Industry Classification Standard (GICS)
An industry classification standard, developed by
Standard and Poor's in collaboration with Morgan
Stanley Capital International (MSCI). Under the GICS
structure, companies are classified in one of 154
sub-industries, which are grouped into 68 industries,
24 industry groups, and 10 economic sectors
(consumer discretionary, consumer staples, energy,
financials, health care, industrials, information
technology, materials, telecom services, and utilities).
This four-tier structure accommodates companies
across the world and facilitates sector analysis and
investing.
Exchange Type
ASE - American Stock Exchange; AU - Australia Stock
Exchange; BB - Bulletin Board; NGM - Nasdaq Global
Market; NNM - Nasdaq Global Select Market; NSC Nasdaq Capital Market; NYS - New York Stock
Exchange; OTN - Other OTC (Over the Counter); OTC Over the Counter; QB - OTCQB; QX - OTCQX; TS Toronto Stock Exchange; TXV - TSX Venture
Exchange; NEX - NEX Exchange.
Page 7 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
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Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
Malaysia, by Standard & Poor's Malaysia Sdn Bhd,
North
Asia
Europe
Global
which is regulated by the Securities Commission of
America
Malaysia; in Australia, by Standard & Poor's
Buy
35.4%
41.9%
35.8%
36.2%
Information Services (Australia) Pty Ltd ("SPIS"),
Hold
52.3%
54.3%
43.3%
51.0%
which is regulated by the Australian Securities &
Sell
12.3%
3.8%
20.9%
12.8%
Investments Commission; and in Japan, by
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Page 8 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
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Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
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Page 9 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
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Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
an intermediary of securities referred to in a Factual
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Page 10 of 11
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Factual Stock Report | May 31, 2014
Sino Agro Food Inc (SIAF) BB
GICS Sector: Consumer Staples
Sub-Industry: Agricultural Products
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2000/12/EC of the European Parliament and of the
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Summary: SIAF is an agriculture and aquaculture technology company with a business model involving the
developing, producing, distribution of agriculture and aquaculture produce and products in China.
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