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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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XMH Holdings Ltd

XMH Holdings Ltd is issuing 100.95m shares (85m New Shares and 15.95m Vendor) at 25 cents each. 1.5m shares will be for public and the bulk via placement.  


The Company is a diesel engine, propulsion and power generation solutions provider in the marine and industrial sectors. Revenue for FY2010 is S$74.5m and net profit is S$17.58m.  The offer will close on 24 Jan 2011 at 12pm.


The NAV per share is about 7 cents post listing and EPS for FY2010 assuming service agreement in place and based on enlarged share cap is 4.01 cents and that will translate into a listing PER of about 6.25x. The market cap based on offer price is S$100m.


Prior to the listing, the Company paid a generous dividend of $17m to its shareholders, which i think, is "common" among listing companies.


The company is priced to sell at such low PER. I think downside is limited but the problem for public investors will be to get the shares via the allotment. A PER range of 7-9x will mean a fair value of 28c to 36c. The only "worrying" part will be the huge placement tranche but i guess it could be well absorbed as all investment banks and securities firms will want it to succeed to start the IPO ball again.
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Anonymous said…
beside the low PE at IPO, what is the forward looking growth prospect for this type industry? does it sound interesting enug or it will be another stall counter after listing.....
24 January 2011 at 21:33
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