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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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Starland Holdings Limited

Starland Holdings Limited ("Starland" or "Company") is placing out 22.2m shares at $0.22 each via placement for a Catalist listing. Starland is a property developer for quality integrated residential and commercial properties in the PRC. The IPO will end on 25 April at 12pm. The market cap will be $31.84 million based on the post placement share cap of 144.733m shares.


This will just be for records only and i will not attempt to find a 'fair value' for this counter since there are no public tranche and i have not attempted to dissect its past financial performances.


The properties being developed are concentrated around the city of Chong Qing which is currently under political spotlight due to downfall of Bo Xi Lai. 


I will avoid this counter for the following reasons:
1. China property market still in the doldrums;
2. The company is too small;
3.  The city of Chongqing is currently under political turmoil, not sure if any fallout will impact this company.
4. There are better and more established developers around. This company is just one of the many small ones.
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