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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...
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Sino Construction Limited



Sino Construction Limited was established in 1998 and is principally engaged in building construction and civil engineering activities in Daqing City, the PRC. The Company is offering 152.698m shares where 6.398m shares are offer for public and 146.3m shares are for placement at 39 cents each.

I never like the construction sector. If this sector is already considered "dirty" in Singapore with all the under-table bribery and gifts, how "clean" can it be in China. In addition, this Company is registered as a Class II, that is, it can tender for projects up to RMB 500m (or S$100m) and personally i think that is on the 'low' side. In addition, it is only a smallish construction in a small city of Daqing in the province of Heilongjiang. The net profit for FY2007 is RMB168.5 million. The EPS post IPO is RMB 28.25 cents or Singapore 5.65 cents. The NTA is only 12.2 Singapore cents. Pre-IPO investors came in at 23.4 cents (versus the IPO price of 39 cents) and most of them are selling out half of their shareholdings at the IPO.

Assuming EPS grow by 10% in FY2008, it will be 6.2 cents. At IPO price of 39 cents, it is priced at forward PE of 6.3x. I think the issue is fairly priced under such weak IPO sentiments and there will not be any upside. I cant recall any construction firms that are listed on SGX but would consider this Company as fully valued and in a sector that i personally dont like. I will avoid applying for this IPO.
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