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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Dutech Holdings Limited


(IPO booth in Raffles Place on a rainy day)

Dutech Holdings business can be divided into 2 main segments:
(1) Design and manufacture of high security UL certified ATM and commercial safes;
(2) Deisgn and manufacture of high quality and reliable semiconductor instruments and parts and precision machining parts for semiconductor equipment. The prospectus is here.

Public offer: 3m shares at 33 cents each
Placement offer: 82m shares
Manager: OCBC Bank
Closing date: 31 July 2007

While the profit growth has been very impressive, that is quite misleading as it started from a very low base in FY2004. The net margin for FY2006 is around 25% and that is fairly decent in my opinion. The order book as of May 2007 is RMB 145.8 million. EPS for FY2006 using post-IPO no. of shares is around 2.918 singapore cents. Assuming a 100% growth in revenue for 2007 and a net margin of 25%, the sales for 2007 will be around RMB 376m and net profit will be around RMB 94m. The FY2007F EPS for 2007 will be around 5.74 Singapore cents.

Using a fair value matrix of 8x-12x (lowered after the bloodbath today), the implied fair value range will be 46cents to 69 cents. As usual, the public offer offers a low probability to investors due to its small size available for subscription.

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