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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Yongmao Holdings Limited


(a very small IPO booth at Raffles Place)

3.8 million Public Offer shares at $0.35 each
107.75 million Placement shares at $0.35
Manager, Underwriter and Placement Agent: CIMB
Closing date: 19 Feb 2008

Yongmao Holdings designs and manufacture a wide range of towercranes and towercrane components and accessories. You can have a detailed write up at Kleer's blog, thus i wont waste time to repeat the same information.

Q1 EPS based on enlarged share capital is 1.73 cents and using a simple Q1 EPS x 4, the EPS for FY2008 (ending 31 March 2008) will be 6.92 cents. Based on the IPO price of 35 cents, it attractively priced Yongmao at only 5.06x PE. There will be potential upside as the Company is running at close to full capacity and that the proceeds will be used to double its current capacity and the new manufacturing facility will be completed by end of this year. Another good thing which i like is the diversified customer base from differing geographical regions.

I cant think of any similar companies listed on SGX. Tat Hong, one of a substantial shareholder of Yongmao, is trading at around 12-15x PE. Assuming a fair value of around 9-11x, the fair value should range from 63 cents to 76 censts. I think the IPO price of Yongmao is attractively priced for a strong stag. Try your luck at the ATM!
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