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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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China Hu An Cable Holdings Ltd

China Hu An Cable Holdings Ltd ("Hu An Cable") is offering 176m shares at $0.42 each of which 118m shares were new shares and 58m vendor shares. 5m shares will be via public offering and 171m shares via placement. The IPO will end on 4 Feb 2010,  12pm. There is a 30m over-allotment option and CIMB will act as the stabilising manager. The market cap post listing will be $246.9m.

Hu An Cable is a wire and cable product manufacturer in China and its products are used across various industries.

Revenue has grown from RMB 788m in FY2006 to RMB 1,385m in FY2008 and net profit has grown from RMB 46m to RMB 92.5m during the same period.  Based on the post-IPO shares, the EPS for FY2008 is RMB 15.7 cents.  For the 9 months ending FP2009, the revenue is RMB 943m and the net profit is RMB103m. The EPS is RMB 17.5 cents for FP2009.  Assuming a simple pro-rating, the EPS will be 23.3 cents and that will translate into Singapore 4.66 cents. At the IPO price of $0.42, the IPO is priced at a 9x PE for FY 2009.

The Company does not intend to pay out any dividend for FY2009 but intends to pay out 15% for it FY2010 net profit.

Based on the FY 2009 "pro-rated" results, at the IPO price of $0.42 per share, the Company is fairly valued using average listing multiples for newly listed S-Chips. I believe upside is limited at this juncture but investors may want to revisit this company after the full year FY2009 or 1H 2010 results are released.
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Anonymous said…
what is the result of this IPO?
5 February 2010 at 12:28
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