Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
Post a Comment
Read more
Labels
Posted by

China Fibretech Ltd

China Fibretech Ltd. is selling 89.1m new shares and 44.55m vendor shares in its IPO at 21 cents per share. Only 2m shares are available for public offer and the IPO manager did not even bother to set up an IPO booth at Raffles Place. I understand from a broker friend that he has been asked to 'help subscribing' for 2 lots of the IPO public tranche to make up the minimum number of shareholders required by the listing regulations.

The Company was principally engaged in the provision of the dyeing and post-processing treatment services for cotton, polyester and mixed knitted fabrics.

I have no idea why the Company is still using its 9 months results for FY 2007 in its prospectus. It should have used the full year results in its prospectus. The market cap based on 445,509,625 shares at 21 cents is around S$93.6 million. The Company intends to distribute 30% to 40% of FY08 profits and 20% to 30% of FY09 profits as dividends.

As of 30 Sep 2007, the company's EPS is around Singapore 3.39 cents (increase of 59%). Assuming the full year EPS for FY07 increased by the same percentage, the EPS will be Singapore 4.62 cents. At the IPO price of 21 cents, it is priced at 4.5x 2007 PER.

The issue is priced competitively at 4.5x 07 PER. Assuming EPS grow by 20% for FY2008, the EPS will be Singapore 5.54 cents and the PER will be around 3.8x and this valuation is probably in line with China Sky.


The downside is limited based on the attractive valuation in which it is priced but i am giving it a 1-chilli rating probably because of the weak market sentiments and lack of post-ipo support. I am vested through the placement tranche (I need to show some support in good times and bad times)......let's see how it goes... looking at the trend of the recent IPOs, it should open around 10% to 20% lower than its IPO price.

Email Post
Labels:

Comments

Anonymous said…
Sinking feeling. General sentiment all round. Guess its a case of bad timing. Its of course a great idea to have a booth in Raffles Place but it costs money although I find it strange that inspite of the small offering, there were "few takers" resulting in as commented earlier, the need to ask your broker friend to take up the subscription. Not my cup of tea, fabric companies are done, well done, over done and is low tech but alas we still need clothes and fabrics. No vested interest and company appears fundamentally sound.
1 July 2008 at 12:51
Post a Comment