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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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Japan Foods Holding Limited



Japan Foods Holdings Limited is issuing 13.5m New Placement Shares at $0.20 each. The post share capital will be 88.17m shares and that translate into a market cap of $17.6m (ultra small cap). It is principally engaged in the operation of restaurants under various brands in Singapore and Malaysia. The offer will close on 19 Feb 2009 at 12pm.

For the FY2008, its revenue was S$26.8m and its profit after tax was S$2.85m. Its net margin was 10.6% for FY2008. Assuming the service agreement is in place and based on the enlarged share capital, the EPS for FY2008 will be 2.83 cents and that translate into a historical listing PE of 7x.

"Comparative" Companies listed on SGX

The closer comparable companies listed on SGX will be Apex Pal (operator of Sakae Sushi chain), Breadtalk, Food Junction, Old Chang Kee, Select, Soup Restaurant and Thai Village. They are trading at PE multiples ranging from 6 to 10x. In this aspect, the IPO is fairly priced with little upside and possibly more downside if there is little investors' interest for companies listed on Catalist.

I am not sure why a "Frachisee" is allowed to list as there is no guarantee that the Japan Foods will continue to be given the Franchise status. It is like asking Macdonald Singapore to list its operations on SGX. Anyway, avoid this IPO. There are better companies to put your $ in.
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