Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

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

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!

Comments

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
Unknown said…

You've made some good points there. I checked on the internet to find out more about the issue and found most people will go along with your views on this website.sbobet casino

janw123 said…

Greetings, There's no doubt that your website could be having internet browser compatibility issues. When I look at your blog in Safari, it looks fine however, when opening in Internet Explorer, it has some overlapping issues. I merely wanted to give you a quick heads up! Aside from that, great blog!ibcbet
Dhenz Nogara said…
Oh my goodness! Awesome article dude! Thanks, However I am having issues with your RSS. I don’t understand why I am unable to join it. Is there anyone else having the same RSS problems? Anyone that knows the answer will you kindly respond? Thanx!! SBOBET
Dhenz Nogara said…
Pretty! This was an incredibly wonderful post. Many thanks for supplying this info. SBOBET