Demand&Supply, page-20

the only thing has limited TFC`s share price i think is its cash profit, $14.5m from my calculation. Even though the highest harvest level the coming year, at lease 25% increase, will make its forward cash PE of 30x. With TFC`s relatively high cash level and strong cash flow over the next few years, i will not expect high dividend yield but how many direct plantation they can acquire to provide predictable and steady harvest over time.