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IPO Chilli Ratings

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Food Innovators Holding Limited

Food Innovators Holdings Limited ("FIH" or the "Company") is offering 14m shares at $0.22 each, for which 13m shares will be through placement and the remaining 1m shares via a Public Offer. The IPO will close on 14 Nov at 12 noon and starts trading on 16 Oct 9am.  FIH has two business models - the first is to be a master lease and sublease the space to other tenants and the second is to operate and manage restaurants.  The Company currently has 12 restaurants in Japan, 10 in Singapore and 4 in Malaysia. The market cap based on the IPO price is around $24.9m. Financial Highlights FIH's revenue grew from $37.8m in FY2022 to $43.8m in FY2024. It is quite funny to see that being a master land lease holder has a higher margin than operating the restaurants, once again illustrating the point that it is better to be a landlord to shake leg and collect rent. According to the prospectus, the PER is around 19x. The Company intends to pay 20% of its net profit after tax a
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Yongmao Holdings Limited


(a very small IPO booth at Raffles Place)

3.8 million Public Offer shares at $0.35 each
107.75 million Placement shares at $0.35
Manager, Underwriter and Placement Agent: CIMB
Closing date: 19 Feb 2008

Yongmao Holdings designs and manufacture a wide range of towercranes and towercrane components and accessories. You can have a detailed write up at Kleer's blog, thus i wont waste time to repeat the same information.

Q1 EPS based on enlarged share capital is 1.73 cents and using a simple Q1 EPS x 4, the EPS for FY2008 (ending 31 March 2008) will be 6.92 cents. Based on the IPO price of 35 cents, it attractively priced Yongmao at only 5.06x PE. There will be potential upside as the Company is running at close to full capacity and that the proceeds will be used to double its current capacity and the new manufacturing facility will be completed by end of this year. Another good thing which i like is the diversified customer base from differing geographical regions.

I cant think of any similar companies listed on SGX. Tat Hong, one of a substantial shareholder of Yongmao, is trading at around 12-15x PE. Assuming a fair value of around 9-11x, the fair value should range from 63 cents to 76 censts. I think the IPO price of Yongmao is attractively priced for a strong stag. Try your luck at the ATM!
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