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The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
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Far East Group Limited

Far East Group Limited ("the Company") is offering 18.8m new shares at $0.27 via placement for a listing on Catalist. The offer will close on 4 Aug at 12pm. Founded in 1953, the Company is one of the pioneers in the refrigeration and air-conditioning business in Singapore. 


The Company's revenue grew from $29.2m in FY2008 to $32.6m in FY2010 and net profit rose from $1m to $4.6m during the same period. The adjusted EPS on fully diluted basis on the post IPO share cap is Singapore 4.8 cents. That translate into a historical listing PER of 5.6x. The market cap at IPO is $19.5m.


This company is really 'cheap' in terms of valuation. It has one of the lowest 'dilution' to NTA at only 2.2 cents and the PE valuation is really on the cheap side as well. Not sure why the owners of this company would want to list at such a low valuation. However, one interesting point to note that the Company has outstanding liability from the FY2011 declared dividends of about S$2m of which 50% will be settled in current year and the balance the following year.  The Company also intends to distribute at least 20% of its net profit attributable to shareholders for FY2011 and FY2012.


One of the more closely related listed peers in Singapore, Natural Cool, has revenues of $148.5m and net income of $6.7m in FY2010. It is trading at a PE of only 2.8x and price-to-book of 0.5x.


Basically the Company is already very cheap but there is even a 'cheaper' that has better revenues and valuation. My gut feel is that downside is somewhat limited but unfortunately there isn't much upside either in the near term.
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