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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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JLJ Holdings Limited





JLJ Holdings Limited is a provider of precision mould design and fabrication, injection molding and value-added services. The Group provides design, fabrication and sale of precision plastic injection moulds (“MDF”), precision plastic injection molding (“PPIM”) services and other PPIM-related value added services at its production facilities in Singapore, Johor of Malaysia and Kunshan of the People’s Republic of China.

MDF Business


The Group produces plastic injection moulds for the consumer electronics, household appliances, automotive and computer peripherals industries. Such moulds are then used to manufacture different types of precision plastic components which are typically used as parts of its customers’ finished products, such as mobile phones, household appliances, computer peripherals, MP3 players and automotive components.

PPIM Business


The Group offers a variety of PPIM services including single-shot moulding, double-shot moulding, insert moulding and gas-assisted moulding. Each type of moulding allows different types of precision plastic components to be produced, allowing us to produce a wide range of precision plastic components which are typically used as parts of our customers’ finished products including mobile phones, computer peripherals and MP3 players.The Group also offers value added services, which entail sub-assembly, laser etching, ultrasonic welding, printing services and mechanical assembly services.

JLJ is going for a Catalist listing (not another catalist... !?) and is offering 19m shares (16m new and 3m vendor) at $0.27 each via placement. The offer will end on 9 July. The listing expenses is $1.55m and the total fund raised. Only $2.77m will be left for the company... sigh... what a waste of time!!!

The company sales and profit for FY 31 Dec 2008 are $50.8m and $4.8m respectively. Assuming the company is able to achieve similar levels of profit in FY 2009 and that the service agreement is in place, the net profit will be $4,728,221. Based on the post IPO shares of 123,551,245 shares, the EPS will be Singapore 3.8 cents. Based on the IPO price of 27c, the IPO is priced at a forward 7.1x PE. The market cap is $33.4m.

Considering that Meiban and Hi-P are trading at low single digit PEs of less than 5x, it makes JLJ Holdings looks expensive relatively to the more established companies with bigger market cap and profitability. I would avoid investing in this company and put my money into either Meiban or Hi-P instead if i really want exposure in this sector.
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