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Food Innovators Holding Limited

Food Innovators Holdings Limited ("FIH" or the "Company") is offering 14m shares at $0.22 each, for which 13m shares will be through placement and the remaining 1m shares via a Public Offer. The IPO will close on 14 Nov at 12 noon and starts trading on 16 Oct 9am.  FIH has two business models - the first is to be a master lease and sublease the space to other tenants and the second is to operate and manage restaurants.  The Company currently has 12 restaurants in Japan, 10 in Singapore and 4 in Malaysia. The market cap based on the IPO price is around $24.9m. Financial Highlights FIH's revenue grew from $37.8m in FY2022 to $43.8m in FY2024. It is quite funny to see that being a master land lease holder has a higher margin than operating the restaurants, once again illustrating the point that it is better to be a landlord to shake leg and collect rent. According to the prospectus, the PER is around 19x. The Company intends to pay 20% of its net profit after tax a
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Ascendas India Trust


(IPO booth at Raffles Place with Indian flavour)

a-itrust is Singapore's first listed indian property trust and this issue is priced at the top end of its indicative range due to strong demand from institutions. The offering price is $1.18 per unit. The prospectus is here.

Offering size: 423,377,249 units (will increase to 465,714,974 units if over-allotment exercised)
Public offer: 31,281,000 units
IPO Price: S$1.18 per unit
Yield at IPO price: 4.75% (FY 31 March 2008) & 5.81% (FY 31 March 2009)
Closing date: 30 July 2007, 7am.
Distribution is made semi-annually
Financial Adviser: JP Morgan


Together with China, India is one of the twin growth engines of Asia and this trust allows you to participate in the unique growth opportunity in India. The dividend yield is projected to increase from 4.75% to 5.81%. This REIT allows investors to have exposure in India with good potential for capital gains and a stable income. If you currently holding "Singapore based only" Reit, you may want to switch part of your portfolio into this Indian REITs for portfolio and geographical risk diversification. Assuming an yield compression to 4% based on FY08 and FY09, the fair value range will be between $1.40 to $1.72.

Just a note that if you have received the units from the placement tranche, you can still make ONE application for the public offer. See Appendix F-2 Note (5) in the prospectus. Happy investing. Vested.
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Anonymous said…
Come Visit

singaporereits.blogspot.com
31 July 2007 at 00:18
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