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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

Changtian Plastic & Chemical Limited


(IPO booth at Raffles Place. A very crowded week at Raffles Place for IPO booths)

Changtian Plastic & Chemical Limited ("Changtian") is engaged in manufacture and sale of adhesive tapes, release papers, BOPA films.

Public - 5m shares at $0.47. closing on 6 Nov
Placement - 210m shares
Manager - Boulton Capital
Underwriter - UOB Kay Hian



FY 06:
Sales: $107.59m
Net profit: $29.676m
Net margin: 27.6%

FY07: Projections
Sales: $140m
Net profit: $40m

No. of shares = 660m. EPS 2007 projection = 6.06 cents
EPS 2008 projections x 30% growth = 7.88 cents

Personally i dont really like this company. It reminded me of Luxking and CHT. Luxing has a lousy net margin of 5% and is trading at around 5-6x PE and is still 25% below its IPO price. CHT is only 12% above its IPO price , trading at 5-6x PE with net margins around 20%. While at market cap of > S$300m verus $141m for CHT and $38m for Luxking.

If i used 2008F EPS projections and a slightly higher-than-peer valuation band of 8x-10x PER due to its better margins, the fair value range is 63 cents to 78 cents, thus giving this stock a more than 30% upside from its IPO price.

Although it will be tough to get the IPO shares from the public tranche, I will sell on the first day if i get this since i dont really like the industry. Good luck!

Comments

hongjun said…
Suddenly the IPOs are back in waves.
e968887 said…
My projection for FY2007 is almost identical to yours but I rate it 12x FY2007. TP around $0.72.
Mr. IPO said…
Dear Loh and Nelson.. thanks for dropping by... Nelson do share more of your projections and views whenever you drop by. i.e. whether you like that particular counter etc. :)
e968887 said…
I think the business itself is not that sexy at all. Nonetheless, the market cap should attract bigger institution holding. Some other quoted CNA, the fair value for this stock should be between 63 t0
78 cents, when compared against its peers like CHT. Anyway, I have got placement from this IPO.
Mr. IPO said…
Nelson, you must be a UOB client... are you in the IPO club?
e968887 said…
Yes, I am UOBKH client. What is IPO club? I don't know anything about it.
hongjun said…
How to be selected to be the special UOBKH client to be placed for an IPO?

hongjun
e968887 said…
you have to be an active trader as they would look at your commission to them.
Mr. IPO said…
Hongjun, it really depends on your trading volume and the clout your dealer/remisier has. Anyway, if you want to know how to get placement shares, you can check my lessons here.

http://singapore-ipos.blogspot.com/2007/08/how-to-lay-your-hands-on-placement.html
hongjun said…
thanks for the pointer :)
Mr. IPO said…
The grey market is currently around 70-73 cents.
e968887 said…
By any chance do you have any update on the grey market price? Thanks
Mr. IPO said…
Hi Nelson.... today market closed no grey transactions ah... anyway i am vested as well. :)
e968887 said…
Let's cross our fingers that the debut will perform as grey market indicated. Busy listening to Bernanke's testimony.
e968887 said…
just to let you know that I sold both Changtain (at 0.60) and Marco Polo (at 0.405) on opening day. Market is too unstable; waiting to buy back later perhaps.
hongjun said…
when you see all the put warrants are top gainers, and call warrants are top losers, something is really really bad.
Mr. IPO said…
hi Nelson. I sold Changtian and Cacola on the first day as well but i wont be looking to buy them back :)
e968887 said…
I would not buy so soon and I did not bother to get Sinotel either.I think the market panic may persist for another week or two. Until then, I will stay sideline.