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Toku Limited IPO (SGX: Catalist) — A Cloud & AI CX Play for APAC

This blogpost is generated by ChatGPT with edits from Mr. IPO (let's see if this LLM actually works) Toku Limited IPO – Growth Story with Execution Risk Toku Limited is launching its IPO on the SGX Catalist board at an offer price of S$0.25 per share , valuing the company at approximately S$142.6 million post-listing. The offer consists of 65 million shares , of which only 2 million shares are available to the public , with the rest placed out to institutional and accredited investors. The IPO will close on 20 Jan noon and start trading on 22 Jan 9am. Toku positions itself as an AI-powered, cloud-native customer experience (CX) platform , serving enterprise customers across voice, messaging, chat and omnichannel communications, with a strong focus on APAC and other complex markets . If you want to know more about the business model, you can watch the video on the website . The business is similar to Twilio or Message Bird . There is only an interesting article behind paywall...
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First Resources Limited

First Resource is one of the largest private sector of crude palm oil in Indonesia. There are 3 listed peers in Singapore, Golden Agri, Wilmar and Indo-Agri.

Total Offering: Placement 222 million shares and Public 3 million shares at $1.10 per share.
Manager and Underwriter: Citi
Sub-underwriter : UOB Kay Hian

FY 2006:
Revenue : US$ 94.7m
Net profit : US$ 38.8m

FY 2007:
Revenue : US$ 168m (Assume 1H07 x 2)
Net profit : US$ 75m (Assume 1H07 x 2)
EPS (post-IPO) : US 3.2 cents or Singapore 4.64 cents.

Based on IPO price of $1.10, it is priced at a FY07 PE multiple of 23.7x

Peers Valuation:

Golden Agri - Trading at FY06 Historical PE of 13x (use historical as Q307 a bit erratic)
Indo-Agri - Trading at FY07 Est PE of 23.5x
Wilmar - Trading at FY07 Est PE of 24.6x

First Resources is fairly valued based on FY07 projections and the IPO price of $1.10. Any upside is likely to come from the FY08 projections as well as the high interest from Bio-Diesel projects due to the high oil prices.

Heard that the grey is currently up +10c to +15c from the IPO price. If this counter was listed a 2 months back, it would have enjoyed a very decent debut. My view is that this counter will likely debut with a stag of 10% to 20% upside from IPO price. I would give it a 2 Chilli ratings for long term prospects and profitability and the good peer valuation and share price movement will likely lend further support to this counter.
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