Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

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
Post a Comment
Read more
Labels
Posted by

DLF Holdings Limited



DLF Holdings Limited ("DLF" or the "Company") is offering 18.5m Placement Shares at Singapore 23 cents each for the IPO. There is no public tranche, hence i will not spend too much time and effort on it. The IPO will close on 23 July 2018 at 12pm. Based on the IPO price, the market cap is $27.9m

Principal Business

The Company is a Singapore-based mechanical & electrical ("M&E") engineering services and solutions provider. The core business is in the provision of project management services and turnkey contracting services. 


Financial Highlights



According to the prospectus, the Company has an order book of around $6.4m which will translate into revenues for the next 1 to 3 years.



The EPS based on the post placement shares is 2.77 cents. That translates into a historical PER of 8.3x. Assuming the service agreements are in place, that PER will increase from 8.3x to 10.3x. The NTA per share is 2.78 Singapore cents.

Competitive Strengths

According to the prospectus, the strengths are:
  • Ability to undertake Turnkey Contracting Services for the hospitality and commercial industry
  • Provide value engineering and ensure seamless integration of M&E systems
  • Established track record and reputation
  • Experienced and dedicated management team
  • Network of customers in hospitality industry
Shareholders


Post the listing, the Company continued to be tightly controlled by Manfred Fan and Wong Ming Kwong with a combined stake of 79.3%.

What i like about the Company

I like the fact that the Company is profitable and the revenue and profits are trending up. The Company made $3.3m last year, unlike some of the loss companies trying to list on Catalist. While the IPO sentiments are currently weak, the issuance size is really small, hence if the placement is controlled well, it should debut well given the small float. 

Some of my concerns

The Company is operating in a competitive landscape where there are many M&E companies in Singapore and the space can be highly competitive. I am not sure about the sustainability of earnings and it ihas not promised to pay out dividends anyway. The two founders made between $250,000 to $500,000 each year. The valuation at 10.3x PER is fair but not "value-for-money". 

Chilli Ratings

I would probably have given it a 1 chilli rating for debut and give it a miss as it is not a stock that i will hold for the longer term.
Email Post
Labels:

Comments

Post a Comment