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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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CMZ Holdings Ltd

CMZ Holdings Ltd produces and sells metal, resin and nylon zippers directly to manufacturers in the mid-high end market of the garment industry. The prospectus is here.

Public Offer: 1.8m shares (very difficult to get from balloting).
Placement Offer: 74.363m
Manager: Omega Capital Limited


Under the current IPO sentiments, it seemed that many companies are rushing out to be listed and this seemingly 'one product' company is no exception (hmm China's YKK ?). The Company managed to leverage on the boom in the garment industry in China to record impressive growth from FY2004 to FY2006. Sales for 2006 is RMB 159.3m (S$ 31.8m) and net profit of 38m (S$7.6m). EPS for 2006 based on enlarged share capital of 304.6m shares is RMB 12.5 (2.5 Singapore Cents). Based on IPO price of 23 cents, it is priced at an historical PE of 9.2x. Assuming EPS grow by 50% for 2007, the 2007F EPS is 3.75 Singapore Cents and based on its listed peers valuation of 10x-15x PE, the fair value for CMZ is in the range of 37 cents to 56 cents.

Good luck if you managed to get this IPO from the ATM! I wasted by my $2 again :(

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