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Saturday, 8 December 2012

Kori Holdings Limited

For Records only

Kori Holdings Limited ("Kori" or "the Company") is placing out 28.2m shares of which 25.6m are New Shares and the balance of 2.6m are vendor shares at $0.25 each. The Company is basically a sub-contractor for construction projects.

Financial Highlights

Kori generated a revenue of S$34.7m in FY 2011 and made a net profit of $6m. For the first half of FY2012, the revenue was $26.6m and the net profit was $5.1m. At the date of issuing the prospectus, it has an order book of approximately $82.8m. 

The offer has ended on 7 Dec 2012 and there will be no public tranche.

The offer price of 25c is at a discount to its NAV of around 31.93 cents and at very low single digit PE. The market cap at IPO price is around S$24.8m

The company will be majority controlled by Messrs Kori Nobuaki and Hooi Yu Koh (61.7%). A group pre-IPO investors came in at around 12.5 to 15 cents.

Fair Value

I will not attempt to derive a fair value but i believe the downside is limited with potential upside as it is being listed below its NAV and at a very low PE multiple. In fact, maybe the owners have been "short-changed" by the financial adviser but personally will not buy this at the open market due to its industry and small cap status.


Dividends Wizard said...

Avoid , don't waste your $2 ...

Construction Companies said...

Nice blog on Kori Holdings Limited!
Construction Companies in Australia

Bond trading said...

A nice article with a great stuff of information, I really like that. This is really interesting site that gives huge of information to all readers thanks a lot.

Asia Pacific Bullion said...

good company information.

Anonymous said...

Hey, can I know if it is possible for non-Singaporean to apply for IPOs in Singapore ?

Anonymous said...

Hi I believe I shared with you Duty Free International in one of the comments in my old post as returning the favour for great write-up on IPO.

The share has been on a massive up from 28c (i bought 100 lots), till now 35.5c with yesterday day high of 36.5.

The Company has over the past few days did share buyback and today they had two good annoucements:

(1) Land Deal going through (370 million), likely cash cow --> Special dividend or more sharebuyback or delist

(2) 200,000 share bbuyback at 0.35

The majority owner is Atlan (Malaysia) and the fella name is Vincent Tan. Next year he is listing the biggest IPO in Singapore TOTO, not sure if you heard of it.

Go look it up, I think potential top stock, hope to huat ah with all bros. just sharing, pleas do you homwork. my target is 42c-45c though insider tells me 60c.

Mr. IPO said...

Haha yes you have! I was just thinking about you when I saw Duty Free run up. Congrats but too bad I didn't buy. :(

Anonymous said...

still think can buy dutyfree, if you know the story. estimate is 50c-60c but i would sqay 42-45cents i would sell. just to let you know company did share buyback last 8 trading days totalling 2.5million shares at share price 0.38 average. today closing 0.38 i think 0.38 and 0.385 before next year can buy, once next yr: with Feb Results out, latest March 18: land deal go through with likely special dividend... should rise by then. I would load now but no more cash. all pumped into dutyfree total shareholding 255 lots av price 0.32

Anonymous said...

Hello everyone.

Some thoughts. This seems to be about IPOs, but quite a few comments are all about flipping of IPO shares.

I wonder if anyone has considered the (negative?) effects of all this stagging and flipping.

Firstly, this flipping may lead vendors to up their price.

Secondly, this flipping is to the detriment to those who only want a few cheap shares, every now and then.

Thirdly, if vendors perceive the public is not interested in their shares, and are only interested in flipping their shares, they may reduce the public tranche.

I'm generally happy with the few IPO shares I have obtained at public offerings, I don't really worry about their share price, and I collect the dividends.

So, while discussing companies is very good, I hope people bear in mind all the problems they are unwittingly causing by flipping their share allocations around like demented chickens.

Just my two cents worth. Thank you.

Anonymous said...

Duty Free International can buy. Atlan doing a share placement, Vincent Tan may launch a takeover ...

Mr. IPO said...

Mr. Duty free is back? :) you bought liao? What is your time horizon...

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