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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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Marco Polo Marine Ltd


(Marco Polo IPO booth at Raffles Place, pardon my poor image quality)

Marco Polo is primarily in the ship chartering and shipyard business. The company currently has 23 vessels for its ship chartering business. The shipyard business is located in Batam, Indonesia and it has 11 vessels under construction. The shipyard is in the process of expanding and is expected to be one of the larger shipyard in Batam when the expansion is completed.
Public - 3.8m shares at $0.28
Placement - 49.75m shares



Although this company is heading for SESDAQ, at least the prospectus provides financial performance for the first half of 2007. Revenue for 2006 is $15.9m and net profit is $5.4m. (Net margin is 34%). Revenue for 1H 07 is 200% better than 1H 06 and the first half revenue has exceeded the entire 2006 revenue. Net profit for 1H07 is also 264% better than 1H06, showing an improvement in net margin. Assuming 1H07 is a strong indication for 2007, the net profit for 2007 will likely hit between $12.2 to $15.2m. Based on the post-IPO share cap of 267.75m shares, the EPS for 2007 will likely be between 4.5 cents to 5.7 cents. Assume a PER of 10x, the fair value will be 45 cents to 57 cents and that represents a significant upside of >60% from the IPO price.

Downside will be that contracts are in US$ while costs are in S$ or IDR and what if the company also engage in 'currency hedging'. ?!?

Conclusion - just hoot and hope you get it.
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e968887 said…
FY2006 net profit margin should be 33.9% rather than 28%. My projection is FY2007 EPS 0.0525 and 10-11x PE.
31 October 2007 at 16:48
Mr. IPO said…
Thanks Nelson :) i must be in my dream land when i was typing this.
31 October 2007 at 22:29
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