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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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Hutchison Port Holdings Trust

Hutchison Port Holdings Trust ("HPHT") is the world's first publicly traded container port business trust. It is sponsored by the world's top port operator - Hutchison Port Holdings Limited. The IPO will end on 14 March 2011 at 10am and the price will be determined on that day. Trading will commence on 18 March 2011 at 2pm.


The port assets are mainly in HK and Shenzhen and with China being the world manufacturer, the prospects continue to look good as shipping continue to be a cheaper way of shipping bulk goods.


HPHT is offering public investors 185.185m and between 3.43 bln units to 3.71 units via placement. The offering price is between US$0.91 to US$1.08. The market cap will be between US$7.9 bln to US$9.4 bln. Cornerstone investors include : Capital Research -US$634 million, Paulson & Co - US$350 million stake and Lone Pine Capital LCC - US$186 million.
Jenkin Hui and family, Singapore’s Temasek Holdings Pte., Cathay Life Insurance Co. and Metropolitan Financial Services will each invest US$100 million, and Ally Holding will buy a US$50 million stake.

Based on the prospectus, the yield for FY11F will range from 5.5% to 6.5% (based on max and min offering price) and from 6.1% to 7.5% for FY12F. 


The IPO looks like a good buy to me with good dividend yield and with many strong cornerstone investors. It should be a good long term portfolio stock as well and would not have listed here had it been able to list on the Hong Kong bourse.
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Anonymous said…
what would be the intended oepning price for this stock tomorrrow?
17 March 2011 at 20:35
Mr. IPO said…
if not for the Japan crisis, my guess was above water at opening. now with the crisis, likely to open below. probably between USD 90-99c.
17 March 2011 at 23:50
Anonymous said…
Wow u r rite indeed. opened below 1 buck.
what do you think would the fair value of this stock?
18 March 2011 at 20:37
DarKScoRpioN said…
HPH Trust triggered and form a hammer formation on the trading charts. HPH Trust seems to be looking good and could potentially rebound from here next week.

what are your sentiments of HPH Trust going forward?

Refer to the technical chart here.
http://sgsharemarket.com/home/2011/05/hutchison-port-holdings-trust-hph-trust/
7 May 2011 at 11:43
Mr. IPO said…
Think the Usd will continue to remain weak against sgd. Singapore investors will remain lukewarm to this counter.
7 May 2011 at 13:44
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