Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
2 comments
Read more
Labels
Posted by

Medinex Limited


MediNex Limited ("Medinex" or the "Company") is offering 30m Placement Shares comprising 26m New Shares and 4m Vendor Shares at $0.25 each for a listing on Catalist. Since there is no public offering, i am not going to spend too much time and effort on this... as i am on holidays. ðŸ˜‹ The IPO has closed and will be listed on 7 Dec with a market cap of $32.80m. 

Principal Business

The Company is a Singapore-based medical support services provider, specialising in providing professional support services to medical clinics. Services include setting up of clinics, facilitating applications of licenses and business support services such as account and tax agent services, etc. 


Financial Highlights


The beauty of this IPO is at least the Company is profitable. Based on the adjusted EPS of 1 Singapore cents, the PE is around 25x (29x if the service agreement is in place). 

Assuming EPS grow to 1.7 to 1.8 Singapore cents for FY2018, the PER will be between  around 13.8x to 14.7x.

The Company intends to distribute no less than 70% of its net profit after tax for FY2018, FY2019 and FY2020.

What I like about the Company
  • Company is profitable and likely to pay dividends - One good thing about this IPO is that at least it is profitable and the revenue and profitability is on an uptrend. Doctors are probably bad book keepers, so with IRAS cracking down on doctors evading or under-reporting their income, there will be an increase in demand for their services over the longer term. The Company also intends to pay 70% of its profits as dividends.
  • Healthcare sector is more resilient to a downturn - You need to see a doctor in good time and bad and doctors need such support services as well. The support services are usually quite sticky and recurring in nature
Some of my concerns
  • HC Surgical selling vendor shares sends a wrong signal - The IPO is via placement and i am not sure why HC surgical is "cashing" out at this point in time when sentiment is not exactly strong. While the amount is not really significant, it sends a wrong signal to the market
  • Poor market sentiments - The Company is listing at a terrible time where market sentiments is bad and prices are volatile globally. This would have a negative impact on the share trading post listing
  • Ease of competitors entering the market and the scalability - It is not difficult for someone to replicate the services to be provided and the Singapore market is limited in size. 
Chilli Ratings

Since there is no public tranche, there is really no motivation here for a chilli rating. The Company is either courageous or desperate to list under current market sentiments and HCS is probably "desperate" to be selling some vendor shares. The valuation is fairly priced at around low teens PER (it is not a true healthcare company per se) and the intent to pay out 75% of its profits as dividend will probably help "support" the price.. I would probably have given it a one chilli rating (or better) during better times but it is hands off the IPO market for me for now... 



Email Post
Labels:

Comments

Post a Comment