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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 ...

Astrea V - Balloting Results


Astrea V announced its balloting results today. Unlike equity, the bonds will only start trading on this Friday, 21 June 2019.


As stated in their press release, all applications below $50k received some allocation and 75% of the $180m shares went to them, "reflecting the Issuer's desire to allocate to smaller retail investors".

I am pleasantly surprised at the 50% chance of being allocated a meaningful amount. To apply $50,000 and have a 50% chance of receiving $16,000 worth of bonds is definitely not a bad outcome. Those who applied for $1m shares now receives $50,000 rather than $11,000. That should at least make them "happier" for now. šŸ˜† 

As for me, I am really the "salty olive" ā˜¹ļø .... couldn't even get any at 50% chance šŸ¤Ŗ


Congrats to those who got it! ... Make Astrea part of your bond ladder portfolio. 

Comments

Anonymous saidā€¦
Assuming if tomorrow Astrea V trades at $1.06 on the SGX open market and if I buy 10 lots at $1.06, and assuming the online brokerage costs for this 10 lots purchase is $30,
is it the actual yield that I'm getting is 2.4365% if I buy 10 lots at $1.06 from the open market?

Becoz yearly dividend of $385 times 5 years is $1925 and if I buy 10 lots at $1.06 and redeem after 5 years means lost $600+$30 brokerage costs, so actual yield is (1925-600-30)/5/10630 =2.4365%

Hence is it the actual yield that I will get if I buy 10 lots Astrea V at $1.06 is 2.4365% ??
Anonymous saidā€¦
I subscribed for 49k via OCBC and wasn't alloted any shares. $49k was deducted from my bank account on 16 June with a $2 processing fee, and then $49k was refunded to me fully on 19 June, I'm checking with OCBC and Astrea V team if there was an error in processing, anybody encountered the same?
Mr. IPO saidā€¦
Yes. 2.4% sounds probably right. There is a good chance the bonus 0.5% will be paid at redemption as well
Mr. IPO saidā€¦
Did you apply twice or key wrong CDP account ? If you apply $49k and get nothing means your application is invalid.
Anonymous saidā€¦
Isn't the interest payout fixed at 3.85% for the first 5 years and only if they don't redeem at the end of 5 years then there is a additional step-up interest of 1% after the 5th year onwards?

Hence what is this "good chance the bonus 0.5% will be paid at redemption after 5 years" which you wrote?
Mr. IPO saidā€¦
The 0.5% of your principal amount is a one time payment made at redemption if Sponsor hits the Performance Threshold, ie receives 50% of its initial equity during the first 5 years. This has nothing to do with the 1% step up in interest rate. Hope that helps. Astrea III Class A-1 is a 3 year note and it met the threshold - so a 0.3% bonus will be paid in July this year.
Anonymous saidā€¦
By the way, if I buy 10 lots of the Temasek 2.7% Bond from the open market at $1.022 today and becos this 2.7% bond already paid out 1 dividend 2 months ago, is it the actual dividend yield that I will get is 2.098%?

Becos $270 yearly dividend times 4.5 years is $1215 and if I buy 10 lots at $1.022 today and redeem after 4.5 years means I lost $220 and $30 brokerage costs hence the actual yield that I get if I buy 10 lots of the 2.7% Temasek Bond at $1.022 today is ($1215-$220-$30)/4.5/10220 = 2.098% ?

So is it if I buy 10 lots of the Temasek 2.7% Bond from the open market at $1.022 today, then the actual yield that I am getting is 2.098%?
Mr. IPO saidā€¦
You would need to compute the yield to maturity from the point you buy. I think your computation is a ball park estimate which is fine. The most important thing is to remember that you are being redeemed at par at maturity. Sorry for the late reply.
Anonymous saidā€¦
Hi Mr IPO! Are you covering the Prime US REIT IPO?
Mr. IPO saidā€¦
Yes. This weekend. :) sorry for the late posting
Mr Low saidā€¦
Where do you get these ipo subscription rate details from? Sgx website?
Mr. IPO saidā€¦
Yes. Www.sgx.com
Anonymous saidā€¦
Anyone still here?

I am thinking of buying $50,000 of this Astrea V bond at $1.038 from the open market.

What are the chances/probability that this AstreaV bond will default and unable to redeem the bond after 10 years??

Because I read the comments in the AstreaV bond's thread in the HardWareZone's money section and many forummners there said that this Astrea V bond is not very safe...

(I already invested $120,000 into the Singapore Savings Bond hence I don't want to put any more money into SSB and hence I am thinking of buying this AstreaV bond but I am now undecided after reading the comments from HWZ on this AstreaV bond)
Mr. IPO saidā€¦
First of all, the legal maturity is 10 years but the scheduled maturity is 5 years. So you should treat this as a 5 year bond as there is a very very high chance that it will be redeemed at end of year 5 with a 0.5% extra bonus.

Do your homework and stop reading HNZ other for entertainment :) - you must be comfortable with the credit risk. S&P issued a A+ rating and Fitch gave it A rating. To set the context, many of the local corporate bonds are not even rated, so to get an investment grade do actually mean something.

Do note that if you pay $1.038, you will only get back $1 at end of 5 year plus the 3.85% coupons in between.