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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

Dutech Holdings Limited


(IPO booth in Raffles Place on a rainy day)

Dutech Holdings business can be divided into 2 main segments:
(1) Design and manufacture of high security UL certified ATM and commercial safes;
(2) Deisgn and manufacture of high quality and reliable semiconductor instruments and parts and precision machining parts for semiconductor equipment. The prospectus is here.

Public offer: 3m shares at 33 cents each
Placement offer: 82m shares
Manager: OCBC Bank
Closing date: 31 July 2007

While the profit growth has been very impressive, that is quite misleading as it started from a very low base in FY2004. The net margin for FY2006 is around 25% and that is fairly decent in my opinion. The order book as of May 2007 is RMB 145.8 million. EPS for FY2006 using post-IPO no. of shares is around 2.918 singapore cents. Assuming a 100% growth in revenue for 2007 and a net margin of 25%, the sales for 2007 will be around RMB 376m and net profit will be around RMB 94m. The FY2007F EPS for 2007 will be around 5.74 Singapore cents.

Using a fair value matrix of 8x-12x (lowered after the bloodbath today), the implied fair value range will be 46cents to 69 cents. As usual, the public offer offers a low probability to investors due to its small size available for subscription.

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