Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

Foundation Healthcare Holdings IPO: The Biggest SGX Healthcare Listing Since IHH — Worth Chasing?

Special Edition: Foundation Healthcare IPO Singapore hasn't seen a healthcare IPO of this size in over a decade. Foundation Healthcare Holdings (" FHH ") is looking to raise up to S$242 million at an offering price of S$0.76 per share , implying a market capitalisation of roughly S$1.0 billion — reportedly the largest healthcare listing on SGX since IHH Healthcare's dual-listing back in 2012. Public offer closes 6 July, 12pm , with trading expected to start on 8 July 2026 . Let's dig into what FHH actually does, why parts of the story are genuinely attractive, where I'd want to be careful, and whether the pricing leaves anything on the table for IPO subscribers. The Business: A Doctor Roll-Up With a Tech Layer FHH is a multi-specialty private healthcare platform built on three verticals: Specialists — 108 full-time medical specialists across 16 specialties and 74 specialist clinics as at 31 March 2026, making...
Post a Comment
Read more
Labels
Posted by

China Hongcheng Holdings Limited


(One of the better decorated IPO booth in Raffles Place)

China Hongcheng Holdings Limited manufactures home textiles. The Company produces cotton yarn and fabric, silk cotton fabric, yarn dyed cotton fabric, high density broad width cotton fabric. The Company also manufactures bed linens for itself and under contract for other companies. The prosectus is here.
Public offer: 3 million shares at 50 cents each
Placement offer: 65 million shares
Closing Date: 6 August 2007
Manager: CIMB


This company is somewhat of a combination of "Friven" + "Foreland Fabritech" + "China Printing & Dyeing". While it has its own manufacturing facilities for farbic, it also produces high end bed linen for local and overseas markets. Sales for 2006 was RMB 430.6m and net profit was RMB 54.9m. Based on post IPO shares of 268m shares, the EPS for FY2006 is around 4.1 Singapore cents. For the 9 months ended 31 March 2007, the revenue was RMB 395.6m and net profit was RMB 64.193m. Basically it showed that company is on track to meet the 2007FY forecast and i project a net profit of around RMB 85m for the year ended 30 June 2007. The EPS for 2007F will be around 6.4 Singapore cents. Assume it grow by another 30% in FY2008, the EPS will be Singapore 8.32 cents.

Foreland is trading at a PE multiple of 14.5x while China Print is only trading at around 7.3x. Assume a forward PE mulitple range from 8x-11x, the fair value range of China Hongcheng is between 66 cents to 92 cents. Happy investing.
Email Post
Labels:

Comments

Post a Comment