in the result, tangible asset backing per share kept dropping...

in the result, tangible asset backing per share kept dropping since half yearly result as well as net profit. the reasons i think are 1. acquisition of two company: it may result in largely increase of intangible, but slowly increase ordinary income in the future, as those company had more than 20x of PE, which is heavily grater than TFS`s; 2. CR increase amount of outstanding share, in order to buy MIS assets. the first reason gives us an idea why ordinary income increase and will increase steadily, but i have no idea how the MIS asset acquisition can benefit the company. I wasnt surprised TFC have been shorter`s target with the result out.