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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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CCM Group Limited

I was travelling for a while and frankly, i didn't miss much action in Singapore. The IPO market remains to be 'dead' with no IPOs. Even the distribution of K-Green Trust by Keppel Corporation was via "distribution in specie" to its shareholders with no new funds being raised.

CCM Group Limited ("the Company") is placing out 25m New Shares via placement at $0.20 each for a Catalist listing.  The Company is a general contractor and aims to be a 'one-stop' shop for its customers.  The order book as of May 2010 stands at $92m. Revenue for the Company grew from $11.4m in FY2007 to $27.97m in FY2009. Net profit was $3.1m in FY2009. The EPS for FY2009 on a fully diluted basis is 3.39 cents. Based on the IPO price of 20 cents, the Company is listing at the valuation of 5.9x, which to me, is a fairly valued IPO. The market cap is $18m based on its IPO price.

This is an ultra small cap company in a sector which i dont like. So avoid this counter unless you have reasons to be bullish or vested. Zzzz...
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