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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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Hengyang Petrochemical Logistics Limited

Hengyang Petrochemical Logistics Limited is the first "S-chip" to go for a Catalist listing. Not sure what so "glam"about this though but the Company is principally engaged in the storage and transportation of liquid petrochemical products.  The company currently has 37 storage tanks with a 97,600 m3 capacity.  The company has commenced construction and installation of another 12 new carbon steel storage tanks to be completed in Q4 2009.  Another facility will be completed in 2 phases will add another 118 new storage tanks and 300,000 m3 capacity.  The company is offering 18m new shares via placement at $0.38 each and the offer will end on 8 Oct 2009. 

Revenue for FY 2008 is RMB 65.3m and profit after tax is RMB 25.9m. The first half 2009 revenue is RMB 31.7m (decrease of 3%) and profit after tax is RMB 9.97m (decrease of 31.5%),  Assuming the service agreement is in place and based on the post-invitation no. of shares, the EPS for FY 2008 will be 4.32 cents. This translate into a historical PER of 8.8x at listing. With the profit declining by 31% and assuming this trend continue, FY2009 full year EPS is likely to be 3.024 cents and that will translate into a forward PER of 12.5x. The market cap is $44.8 million based on the IPO price.

The company is one of the "better-looking"catalist listing but is fully priced at the IPO price. However, the future plans looked somewhat exciting as more storage capacity come on stream progressively. Lets see if the management can deliver value to its shareholders next time.

 
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