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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 tax a
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Hafary Holdings Limited

Hafary Holdings was established in 1980 and is a supplier of tiles to customers in the Singapore Market. The Company is offering 32.5m New Shares at $0.20 each for a Catalist listing and market cap is $32.5m post listing.

Personally i don't like the sector in which the Company is in as there are many competitors, low barriers of entry and cyclical in nature.  Revenue has remained stagnant from $29.9m in FY2008 to $30.8m in FY2009.  The net profit has declined from $3.4m to $3.0m.

The historical EPS (assuming service agreement in place and based on enlarged share cap) will be 2.16 cents and that translate into a historical listing PE of 9.3x (not cheap considering the sector it is in).

Avoid.
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