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IPO Chilli Ratings

IPO Chilli Ratings
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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 ...
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China Angel Food Limited




Ratings: 3 Hot Chillis (Hoot)


Click here for the prospectus of China Angel Food Limited.

5,000,000 shares by way of Public Offer (very difficult to get from ATM)
98,800,000 shares by way of Placement.'
Manager - Kim Eng Capital Pte. Ltd.











The IPO is priced at 14.8x historical PE. Not exactly cheap if based on 2006 earnings in Singapore context but relatively much cheaper if we compare with the valuation matrix of Shanghai and Hong Kong.








The peers listed in Singapore are trading at very high historical PEs of 19x and the fair value of China Angel is 46 cents based on 2006 earnings but will shoot up to 53 cents when i use a conservative 30% growth in EPS for 2007.

Conclusion: Hoot but will be difficult to get from the ATM
Author is vested




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