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IPO Chilli Ratings

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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Guang Chong Berhad and JB Foods Limited

You may have read the article on Monday Straits Times that Guan Chong Berhad is seeking a dual listing on SGX. Interestingly, Guan Chong is related to JB Foods Limited through its patriarch. Guan Chong is currently the market leader that is mentioned in JB Foods Limited prospectus. Accordingly to CapitalIQ, Guan Chong is trading at 7.4x FY2012 PE.  If we apply the same matrix to JB Foods Limited, JB Foods should have a fair market value of $0.45. An upside of 50%! The share price of Guan Chong over the last 5 years somewhat indicate that JB Foods Limited may have a good future ahead! Happy IPOing!


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Anonymous said…
Just applied 51 lots of the share. you have been quite accurate when it comes to IPO, hence I decided to try my luck too. Anyway do you know of any mega ipo coming up, and what's your take? Ascendas Hotel reit, Reliance Comm?
18 July 2012 at 12:05
Mr. IPO said…
Just my 2 cents worth. Pls do your homework too :-) will give my comments on Ascendas over the weekend..
19 July 2012 at 16:32
Anonymous said…
IPO Balloting out, I applied 51 and unsuccessful. no luck, anyway I think this IPO should be another Maxi-Cash on opening day.
21 July 2012 at 00:01
Anonymous said…
Hi, I would like to know how to sell IPO on first day of listing. Appreciate ur advise. Thanks.
21 July 2012 at 09:47
Anonymous said…
if you have account with any broker, just sell it like other stocks
21 July 2012 at 18:02
Anonymous said…
if my broker is phillip capital, can you tell me the shares transfer procedure?
23 July 2012 at 08:32
Mr. IPO said…
Not sure what u mean. If u have applied thru the ATM, then the shares will be held in your CDP account and u can sell them thru any brokers in Singapore with access to your CDP account.
23 July 2012 at 14:35
Anonymous said…
Look like JB Food is a sca.m. Trade volume larger than ipo placement, so all the big BB bot placement just to stag. Probably worth less than 1 chillie?
23 July 2012 at 17:15
Anonymous said…
Guan Chong probably going to do badly base on JBF showing not to forget the under writer is ocbc knowing ocbc history :p
23 July 2012 at 17:27
Mr. IPO said…
"Look like JB Food is a sca.m. Trade volume larger than ipo placement, so all the big BB bot placement just to stag. Probably worth less than 1 chillie?"

It all depends. There could be shortists at work here and sell stocks that they dont have and you can be right that the placees are cashing out as well. But from my perspective, if i buy at 30c and sell at 41c, then gain is 36%. Even if i sell at 35c, the gain is still a decent 16%. The rule of the game = don't be the last to hold the baby. :)
23 July 2012 at 21:21
Anonymous said…
"It all depends. There could be shortists at work here and sell stocks that they dont have and you can be right that the placees are cashing out as well. But from my perspective, if i buy at 30c and sell at 41c, then gain is 36%. Even if i sell at 35c, the gain is still a decent 16%. The rule of the game = don't be the last to hold the baby. :)"

You stated it is worth above 48ct yet you sell at the first trade of the day? Doesn't this contradict with your 3 chillies???

This is not so much to do with shortist. IPO doesn't has short scripts so naked short cannot dump 80m shares in a single day. It has to be the 97m placement holders offloading to the market! Now we can assume most the shares have been distributed to the market what is there to stop the share price from plunging to its nav 0f 0.15?
23 July 2012 at 21:45
Mr. IPO said…
48c and the ratings just a guide la...It is based on 12months forward projection. anyway IPO really depends on market sentiments. My 3 chillies ratings say the $2 bucks can get u a romantic meal with wine.

My ratings are for short term use only, please treat it with a pinch of salt. Not sure why you are so upset though?
23 July 2012 at 21:56
Anonymous said…
Agree with 2Y Capital. Each person must be responsible for each one action and decision.

2Y Capital is just sharing his opinion via his blog.
24 July 2012 at 17:32
Anonymous said…
to be honest, I am in full support of 2Y Capital. He said 48c as a matter of guide. the share price was 0.30 and if u sold at 0.42 (10 lots traded) or 0.41(majority on 1st day), its a large amt of profit. I think he made a brilliant call and judgement, so please do not point your gun at him and say I tot it is 48c? he's not god but he sure is accurate when it comes to IPOs.

Im giving ascendas a miss cause my broker told me ever since korea hotel pulled out, placement ppl all pull out.

btw all the anonymous here are different people.
24 July 2012 at 17:34
Mr. IPO said…
Thanks for the encouraging comments. Makes the sleepless night worth it... :)

Appreciate the 'standing up'. you must have notice the "disclaimer" today. hahaha. :)
24 July 2012 at 18:51
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