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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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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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