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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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Indiabulls Properties Investment Trust



Indiabulls Properties Investment Trust offers investors exposure to the booming Indian economy and to the rapidly growing services sectors. The Trust has an initial portfolio of 2 commercial development properties located in the upcoming business district of Lower Parel in Mumbai.

The Trust is offering 262,483,183 units at between S$1 to S$1.10 for subscription. The projected yield for FY2009 is between 4.7% to 5.1% and 8.9% to 9.8% for FY 2010. For your information, the fiscal year FY2009 is from April 1, 2008 to March 31, 2009. The yield is expected to increase in conjuction with the progressive completion of the projects.

Basically this is an Indian REIT play and a comparable peer on SGX will be the Ascendas India Trust. The market cap of Indiabulls is around S$3.6 billion and that is considerably bigger than Ascendas India Trust. The yield of Ascendas India Trust is around 5.6%.

Bascially i have no comments on whether to subscribe or not as REITs are bascially yield play and valuation of the properties are usually very subjective in nature and there are inherent risks investing in the India market. If this REIT suits your investment appetite and you are bullish on the Indian property/rental sector, then apply for it. Given the current market sentiments and the huge fund raising, let's see if there is adequate appetite this latest REIT.
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