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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...
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Malaysia Smelting Corporation Berhad

My sincere apologies for this late posting as I have been extremely busy lately both with work and personal matters. 


Malaysia Smelting Corporation Berhad ("SMC" or "Company") is offering 25m shares at S$1.75 per share and each board is 100 shares.  SMC is one of the world's leading integrated producer of refined tin metal and is a subsidiary of The Straits Trading Company listed on the SGX. SMC is already listed in Bursa Malaysia since 1994 and has a market cap of about RM360m.


This is once again a dual-listing project, similar to Sri Trang from Thailand.


For the 9 months 2010, the company made an impairment on the non-tin assets and suffered a net loss of RM72.4m.  The financial performance has been rather erratic with FY2007 net profit at Rm75.8m only to suffer a loss of RM43.8m in FY2008 and to recover to RM65.4m in FY2009 and FY2010 is likely to suffer a loss. Maybe i should say that the results are rather consistent - one good year followed by a bad year and then good year again. :P


I will give this company's IPO a miss.  
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Anonymous said…
ya..consistantly erractic....:) So how the listing price compare to it trade price in KLSE ? good discount ?
27 January 2011 at 00:30
Angel Stone said…
Hi,

I found and like your finance & business blog, and wish to have a Blogroll/link exchange with your Blog. How can i do this?

My Investment/Finance Blog is :
Blog Name: Market Future Outlook
Blog URL: http://www.marketfutureoutlook.com

Hope we can do this.

Thanks.
Regards,
Angel
4 March 2011 at 23:20
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