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IPO Chilli Ratings

IPO Chilli Ratings
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Happy Chinese New Year 2026

The Horse is a symbol of freedom, independence, stamina, and spirited adventure. The colour Red and the Fire element are associated with passion. Fire is also associated with clarity and change. The Horse is also associated with speed, confidence, and energy.  Wishing all readers a Healthy and Prosperous Year of the Horse and continue to gallop strongly in your pursuit of financial freedom!
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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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