Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...
1 comment
Read more
Labels
Posted by

Sysma Holdings Limited

Sysma Holdings Limited ("Sysma" or "Company") is engaged in providing building construction services to the private sector in Singapore. The Company believes it is one of the leader in high-end landed property construction business.


Sysma is offering 18m shares at $0.28 each 
via Placement for a Catalist listing. There is no public tranche. The offer will end on 1 August 5pm and starts trading on 3 Aug.


Revenue for the Company hovers between $43m and $54m for FY2009 to FY2011 and net profit after tax is between $3.6m to $5.3m during the same period. The Company intends to distribute at least 30% of its net profit for FY2012 and FY2013 as dividends. As of 30 April 2012, the order book stands at $59.5m

The Company is listing at a historical PER of 5.51 (based on enlarged share cap and assuming service agreement is in place). The market cap is $26.6m


I have no further comments on this company. It is a small cap company and in a very niche market in land scarce Singapore. While the valuation is cheap, i am not sure if the business is scalable. I would have given it a one chilli rating - apply only if you like it but since there is no public tranche, the ratings would not have made any difference. 
Email Post
Labels:

Comments

Post a Comment