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Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...

Mann Seng Metal International Limited

Appeared for "record purposes" only

Sorry, i missed out this one. Not that you missed anything as this is a catalist listing and all the shares are placed out at $0.25 each (no public tranche) and the market cap is $22.5m (ultra small cap?)

The Company was established in Malaysia in the 80s and is now an integrated metal engineering services provider. Revenue for this company grew from RM 43.7m to RM 57.0m and profit before tax grew from RM 4.1m to RM 11.1m from FY2007 to FY2009. The FY 2009 figures are "estimated".

Based on 90m shares and project net profit of RM11.1m, the EPS is around RM 12.33 cents or Singapore or approximately Singapore 5.3 cents. That translate into a listing PER of 4.7x, which is reasonable for a Catalist listing.

The share offer is fair valued and if the company continue to grow in 2010, then the listing price would be considered as "cheap". Assuming the company grow at 20%, the PER will drop to 3.9x.


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