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The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
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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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