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IPO Chilli Ratings

IPO Chilli Ratings
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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 ...
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Goodland Group Limited

Goodland Group Limited is placing 30m new shares at 20cents each for a Catalist listing.  The company is a boutique property developer engaged in the development and sale of residential properties in Singapore.  The company focused on small and medium sized landed housing and residential apartments.The offer will close on 6 Oct 2009.

Based on the IPO price, the company is priced at a premium to its NTA by 266% and at 16.7 times FY 2008 PER based on the post IPO share capital and pro forma earnings assuming the service agreements were in place.

Personally, i never like property developers as the earnings are likely to be lumpy, subject to market cycles and hard to predict as revenue comes on stream. The overpriced IPO is not helping and with the weak market sentiments, it will be amazing if it can do well on debut.
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