The thing is that the cash we (VMT) have in the bank, while...

The thing is that the cash we (VMT) have in the bank, while giving a false sense of security by making the investment (stock) appear less risky, is earning less than 2%. Despite interest rates appearing 'high', they are not. An investment is either better than cash, or it isn't. Now, if VMT, as a business, isn't able to earn more than 2% on capital invested, then no matter its growth prospects, as a business is worth not very much. The debt they have taken on is in Chinese Yuan and they have already explained that the cost of that capital is low due to the credit situation in China. In my view, the fact that they are now starting to spend some of the cash into growing the business is positive. Everyone here talks about the formidable growth this company is sure to deliver, but growth comes with investments that enable it, not by keeping earnings in the bank at 2%.