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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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SPH REIT or OUE HT

It was a fun weekend. Thanks to Facebook readers who participated in the 'online' poll. The poll question was:



Thanks to the support, we have quite a few comments. 




Please become a friend if you want to participate in future polls and you can private message me on FaceBook as well. I will try to answer all messages whenever i can.

Back to the question on SPH REIT or OUE HT. My analysis as follows:



SPH REIT

The peer valuation indicate that upside for SPH REIT is limited as it was priced at the top end of the book-building range. However, this was a function of the overwhelming demand from institutions which resulted in a staggering 42x over subscription under current market conditions. As such, there could be spill-over demand from investors who were not allocated in full. In addition, the public tranche is quite decent and i think retail investors will want to participate given that SPH is a well known brand and you can see the advertisements on the REIT for the last few days. I think retail investors will probably be out in full force.

In this regard, in my view, if you want to flip SPH REIT, it is possible but you will need to a decent allocation of at least 5 lots to cover your commission. That means applying 20 lots or more at the ATM.

OUE REIT


Surprisingly we see the CEO saying leaving something on the table for investors. Based on my analysis above, that is quite true as it is slightly more attractive priced against its peers.

Again, in my view, if you want to flip OUE HT, it is possible but you will need to a decent allocation of at least 5 lots to cover your commission. That means applying 20 lots or more at the ATM.

What will Mr. IPO do?

Mr. IPO intends to apply for both IPOs and flip it but it will probably not be as profitable as KrisEnergy. 

Happy IPOing


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Comments

Singaporean said…
OUE at 88 cents is attractively priced given a 7.2-7.5% projection. I got allocated 32 lots placement but don't intend to sell.
21 July 2013 at 20:04
Mr. IPO said…
Excellent. As long as you know what you want. :)
21 July 2013 at 21:24
Anonymous said…
How many lots do you intend to apply for SPH-R and OUE-HT?
21 July 2013 at 23:51
Anonymous said…
As an anonymous reader, I benefited quite a bit from the writings of Mr ipo and I always expressed my gratitude when I read them.

Like some readers, I do seek out advice from Mr ipo from time to time. But, I do not think it is appropriate to ask Mr ipo personal questions of "how many lots do you intend to apply".... etc Becos these are very personal things and may be subjected to changes till the last minute..
22 July 2013 at 09:24
MAN said…
Yeah man agree too, as a man one shld make self decision!
22 July 2013 at 18:38
Anonymous said…
how do u get placement lots?
23 July 2013 at 02:03
Anonymous said…
how do you get placement lots? +1
23 July 2013 at 10:21
Mr. IPO said…
Refer to my posting on the top right "for newbies". How to lay hands on the placement shares. Ask from your broker.
23 July 2013 at 11:55
Anonymous said…
The highly anticipated sph and uoe reit listing is finally here. Sph is a senior citizen stock. So am anticipating heavy buying for sph reit from the silver hair age group. Should cross $1.10 mark with buyers adopting buy and hold strategy. Prices should hold well!
23 July 2013 at 17:58
josephine said…
Hi Mr IPO,

Where do I find div pay out period for OUE HTrust?

Your blog helps a lot.

Many thanks

Jo
16 July 2014 at 12:19
Mr. IPO said…
You can find out from the prospectus lor
16 July 2014 at 16:09
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