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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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Libra Group Limited


Libra Group Limited ("Libra" or "the Company") is in the air-conditioning and mechanical ventilation business. The Company is placing out 31m Placement Shares (26m New and 5m Vendor) at $0.205 each. The IPO will close on 10 Nov 2011 at 12pm. The market cap of this company is $20.44m.


The Company's revenue was $6.3m in FY2008 and grew to $29.8m in FY2010. Profit grew from $0.8m to $3.7m during the same period. Based on the adjusted EPS of 3.71 cents for FY2010, the Company is listing at a historical PER of 5.5x. The first half performance is not very encouraging with revenue dropping from $17.7m to $11.7m for the same period last year and profit before tax dropping from $2.65m to $1.162m. Looking at the current trend, it seemed the FY2011 will not be as good as FY2010. As such, the company could possibly be listing at a high single digit forward PE.


One pre-IPO investor came in at around $0.15 per share and subject her "profit-portion" number of shares to be locked up for a year. (sounds like an equitable way). 


This is an ultra small cap company and is 'by invitation' only. In this regard, no analysis is done on the 'fair value' of this company and personally, this industry and sector is not my cup of tea and I leave it to investors who knows how to 'appreciate' it better.
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Ren said…
You are right, high single digit P/E.

Current P/E: 9.43
15 November 2011 at 09:24
Dennis The Menance said…
What about buy and hold not forever but it could be for some time. Their are stocks like petsmart that traded at 2 dollars a share 11 years ago now the stocks almost fifty. Also pricesmart traded at about 5 or 6 dollars a share about eight or nineyears ago now its almost around sixty dollars. Their are many other examples Apple computer traded ar only 5 dollars a share in 1998 now its over 400. These stocks are being held quite a long time generally speaking I would say four to six years would be about right as far as buy and hold go. I have a website where I have been following stocks under five dollars. I generally hold my stocks anywhere form 2 to 6 years.
7 December 2011 at 03:56
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