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IPO Chilli Ratings

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Singapore Institute of Advanced Medicine Holdings Ltd

Singapore Institute of Advanced Medicine Holdings Ltd ("Sam" or the "Company") is offering 114m new shares comprising 4.415m Public Offer Shares and 109.585m Placement Shares at $0.23 each for a listing on Catalist.  The Company aims to raise $26.2m and the majority of the proceeds will be used to repay debt and the balance for working capital. The market cap based on the IPO price is $231.8m and the offer will close on 14 Feb at 12 noon and starts trading on 16 Feb 2024 at 9am.   Principal Business SAM is a healthcare service provider using advanced technology for early and accurate diagnosis to detect and treat cancer, neurodegenerative and cardiovascular diseases.  SAM has strategic collaborations with public and private institutions for research and clinical work.  SAM's goal is to create a comprehensive one-stop ambulatory cancer centre to undertake the challenges to fight cancer and is one of the first to adopt proto beam therapy treatment in Singapore. Fi

China Hongcheng Holdings Limited


(One of the better decorated IPO booth in Raffles Place)

China Hongcheng Holdings Limited manufactures home textiles. The Company produces cotton yarn and fabric, silk cotton fabric, yarn dyed cotton fabric, high density broad width cotton fabric. The Company also manufactures bed linens for itself and under contract for other companies. The prosectus is here.
Public offer: 3 million shares at 50 cents each
Placement offer: 65 million shares
Closing Date: 6 August 2007
Manager: CIMB


This company is somewhat of a combination of "Friven" + "Foreland Fabritech" + "China Printing & Dyeing". While it has its own manufacturing facilities for farbic, it also produces high end bed linen for local and overseas markets. Sales for 2006 was RMB 430.6m and net profit was RMB 54.9m. Based on post IPO shares of 268m shares, the EPS for FY2006 is around 4.1 Singapore cents. For the 9 months ended 31 March 2007, the revenue was RMB 395.6m and net profit was RMB 64.193m. Basically it showed that company is on track to meet the 2007FY forecast and i project a net profit of around RMB 85m for the year ended 30 June 2007. The EPS for 2007F will be around 6.4 Singapore cents. Assume it grow by another 30% in FY2008, the EPS will be Singapore 8.32 cents.

Foreland is trading at a PE multiple of 14.5x while China Print is only trading at around 7.3x. Assume a forward PE mulitple range from 8x-11x, the fair value range of China Hongcheng is between 66 cents to 92 cents. Happy investing.

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