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IPO Chilli Ratings

IPO Chilli Ratings
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Singapore Institute of Advanced Medicine Holdings Ltd

Singapore Institute of Advanced Medicine Holdings Ltd ("Sam" or the "Company") is offering 114m new shares comprising 4.415m Public Offer Shares and 109.585m Placement Shares at $0.23 each for a listing on Catalist.  The Company aims to raise $26.2m and the majority of the proceeds will be used to repay debt and the balance for working capital. The market cap based on the IPO price is $231.8m and the offer will close on 14 Feb at 12 noon and starts trading on 16 Feb 2024 at 9am.   Principal Business SAM is a healthcare service provider using advanced technology for early and accurate diagnosis to detect and treat cancer, neurodegenerative and cardiovascular diseases.  SAM has strategic collaborations with public and private institutions for research and clinical work.  SAM's goal is to create a comprehensive one-stop ambulatory cancer centre to undertake the challenges to fight cancer and is one of the first to adopt proto beam therapy treatment in Singapore. Fi

Keong Hong Holdings Limited

Keong Hong Holdings Limited ("KHH" or "the Company") is offering 27m New Shares at S$0.24 each for a listing on Catalist. The Company is a provider of a broad range of building construction services. As of 30 Sep 2011, the order book was S$541m.


The timing couldn't  been "better". Right smack in between the new property measures (additional stamp duties) and the European crisis. 


The revenue grew from $78m in FY2008 to $125m in FY2010. Net profit grew from $1.4m to $8.1m and net margin improved from 1.9% to 6.5% during the same period.


There are no public tranche in this IPO. The NTA after considering the new shares issues is $0.2094. The fully diluted EPS based on the enlarged share cap and assuming the service agreements were in place is Singapore 4.94 cents and that translate into a historical listing PER of around 4.85x. Based on the IPO issue price, the market cap is around S$38.4m.


This is the second 'construction' related company to list in recent weeks after TA Corporation.  As company is not issuing shares for the general public, i will not attempt to determine its fair value.  However, looking at the historical listing PER, the Company is definitely fairly valued. Any upside will be considered a bonus.

Comments

Some of the chinese steel stocks look really cheap here.
Anonymous said…
new ipo is out!