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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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Hiap Tong Corporation

I had a week long vacation in December and this IPO (and the next) appeared for "completeness" purpose. 


Hiap Tong Corporation Ltd. and its subsidiaries (the “Company”) is a leading provider of hydraulic lifting and haulage services primarily to the marine, petrochemical, and construction industries in Singapore. 


The Group also derives income from the trading of lifting and haulage equipment and from its leasing business in cranes and haulage equipment. The Group’s trading business is undertaken through the trading of new and used cranes from countries such as Japan and Germany and selling the same directly or through brokers to customers in countries and regions such as India, Indonesia, the Middle East and Malaysia.


The Company is offering 38m New Shares at 26c each for a Catalist listing that is sponsored by CIMB. The company somewhat reminds me of Tat Hong listed on SGX. In FY2008, the Company had a revenue of $38.4m and a net profit of $10.2m. First half 2009 revenue is $19.4m and net profit is $7.4m.


NAV per share post IPO is 17.4c. Assuming the service agreement was in place in FY2008, based on the enlarged share cap, the EPS for FY2008 will be 3.98 cents and that translate into a listing PE of 6.5x historical. The market cap post IPO will be $64.5 million.


Assuming the EPS grow by 25% (looking at 1H2009 performance), the EPS will be around 4.975 cents. That translate into a forward PE of 5.2x. The Company appeared to be fairly priced at IPO price. CIMB will have to do more to attract investors to support the share price post listing.
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