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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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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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