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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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Afor Limited


(IPO booth at Raffles Place. It was unusually crowded due to freebies offered by the launch of My Paper).


Afor Limited is a one-stop premium retailer specialising in the sale of Apple brand products and its complementary products.

1m public shares at $0.33 each
22.5m placement shares.
Issue Manager: DMG & Partners and Primepartners Corporate Finance
Closing date: 16 January 2008

FY2007 ended 30 June 2007

Revenue - S$60m
Net profit - S$3.47m
EPS based on post share cap of 93.5m = 3.71 cents
PE based on IPO price - 8.9x

This is basically the listing of a mama shop selling someone else's product. While we can easily write off this company as one without its own products and is just a concept retailer, the encouraging thing about this entreprenuer is that he has shown you that if you have the correct concept and know the market well, you can be profitable.

A retail shop selling Apple products is more profitable than Creative with its own brands and patents?! Creative should perhaps just concentrate on R&D and sell its technology to Apple for marketing and branding.

Anyway, Apple products have also given people as the 'cool' thing to have, and the next in-thing will be the iphone that will be brought into Singapore in 2008. Challenger 1H07 sales is $65m and net profit is $3.8m, assuming a full year profit of $7.6m, the EPS is 4.06 cents and PE is around 6.77x. Challenger is trading at a cheaper valuation as compared to Afor.

Conclusion: There are better stocks with cheaper valuation around.
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