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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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Maxi-Cash Financial Services Corporation Ltd

Maxi-Cash Financial Services Corporation Ltd ("Maxi-Cash" or "Company") is issuing 56m new shares of which 2.25m are for the public and the 53.75m for placement at $0.30 each. Maxi-Cash is basically in the pawn broking business and as of May 12, it has pawnshops in 24 locations in Singapore. Maxi-Cash is wholly owned by Aspial, a listed company on SGX and retails under the brand of Aspial and Lee-Wah. 


The NTA per share post-IPO is S$0.203 and the market cap is S$88.8m. The IPO will close on 20 Jun 2012 at 12pm. The revenue for 2011 was $87.7m and the net profit was $3.1m.  The Company intends to distribute at least 60% of their net profits attributable to shareholders for 2012.


I never imagine pawn-business can actually be listed as it was once considered a 'sunset' industry. The image was 'glamorized' only in recent years by the use of actors and actresses in the advertising campaign and after the casino business is legalized. The financial statements indicate a low 3.6% operating margins and that is common for this industry. In additional the revenue drivers are the sale of pre-owned jewellery and watches. This source of revenue are mainly derived from customers who were unable to redeem the stuff that they have pawned after a period of time. While it provides liquidity to people who are usually unable to borrow from the banks, it also seem to take advantage of the plight of these people. I am not a fan of such business model and will give it a miss.


Based on the fully diluted EPS of 1.1 Singapore cents, the Company is listing at a historical PER of 27x. It could be interesting to find out if the business is directly correlated to the profitability of Genting Singapore!
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Unknown said…
The image was 'glamorized' only in recent years by the use of actors and actresses in the advertising campaign and after the casino business is legalized. georgia pawn shops
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