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Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...
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MAP Technology Holdings




MAP Technology Holdings Limited manufactures data storage products. The Company manufactures and sells stamping products, die cut components and provides electronics manufacturing services such as assembly, testing, procurement and logistics. The prospectus is here.

Public Offer: 3 million shares at 32 cents
Placement Offer: 73.5 million shares
Manager: DBS

This is another IPO that doesnt excite me since it is in the technology sector although the Company showed very impressive growth for the last 3 years. The entire technology sectors in Singapore suffers from low PE multiples but you can expect a stable business as its parent company Min Aik Technology Co., Ltd is listed in Taiwan and Jurong Technologies (listed in Singapore) is an associated company of Min Aik.

Net profit for 2006 was US$5.8 million and assume it grow by 50%, net profit for 2007 will be US$8.7 million. EPS for 2007 will be around 8.7m (2007 profit) x 1.52 (forex) divide by 305.8 m shares x 100 = 4.3 singapore cents. Based on PE valuation of 8x-10x, the fair value of MAP will range between 34 cents to 43 cents.

I would rate this a Stag under current sentiments with some upside going forward if the Company can continue to show strong growth but i wont be investing this for the long term. It will rate this IPO as another sell on first day company for me. (vested)
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