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Sunday, 21 June 2020

Southern Alliance Mining Ltd.

Southern Alliance Mining Ltd ("SAM" or the "Company") is placing out 76m placement shares comprising 56m new shares and 20m vendor shares at $0.25 each for the upcoming IPO. The IPO will close on 24 June 2020 at 12pm. The market cap is $122.25 million.

There is no public offering, hence i will not spend too much time to cover it.

Business Overview

The Company is  based in Pahang Malaysia and principally involved in the exploration, mining and processing of iron ore. They have been operating the Chaah Mine in Johor since 2008 and have been granted the right to carry out exploration and mining operations at 3 other assets.

Mining Assets

No idea why the corporate office is in Pahang when all the sites are in Johor. They should relocate the corporate office?!

Financial Highlight

As you can see from the table above, SAM only became profitable in FY 2019, where revenue was 189.1m MYR and profit was 60.4m. Profit margin was 32%. 
The financial year ends on 31 July each year.

For 1Q 2020, the revenue continued to show strong growth. Do note that the Company suspended operations from 18 March 2020 to 22 April 2020 due to Covid-19 and no revenue was recorded for this period. Based on the trend, this year should be a better year than last year (I hope).    

Proposed dividends

The increasing dividend payout from FY 2020 to FY 2022 sends a good signal and probably is well aligned with the owners as they still own 82% of the Company.

Iron Ore Price Chart (sourced from Financial Times - Iron Ore 62% Fe chart)

The price of Iron Ore is on a nice uptrend and bodes well for SAM.

What I like about the Company
  • Long track record - SAM has been in the mining operations since 2008 with long track record and the founders are experienced
  • Tensions between Australia and China is probably going to benefit this Company as they may have to turn to alternative sources
  • Exploration assets going to provide new growth if the assets are proven
  • High iron ore price is going to benefit this company as they sell mostly at spot prices. They don't have long term contracts. 
  • Dividend paying - Company promised to pay dividends (if they are profitable) over the next 3 years
Some of my concerns
  • Environmental concerns - Not sure if the Company is adopting the best ESG mining practices 
  • Cyclical business and currently dependent on single Chaah Mine- mining stocks can be highly unpredictable as revenue and mining is highly dependent on supply and demand. SAM sells crushed iron ore as raw materials to pipe coating companies in the offshore oil and gas industry, which is facing significant industry headwinds. The mining lease for Chaah Mine will expire on 22 March 20204 but the state authority has extended for another 25 years
  • Owners selling out at IPO and SAM is not the registered holder of the mining leases for all its assets - I believed they are not the holder as the rights were granted to Bumiputras - which basically means favoring certain races in Malaysia. According to the prospectus, there is a risk that the 2011 Mining Agreement may be revoked
  • Access to Chaah Mine is dependent on an arrangement with Sime Darby Plantation
  • Liquidity of stocks will drop post IPO - The shares are tightly held and if you use Fortress Mineral as an example, the liquidity will dry up post listing. 

SAM is listed at 6.5x FY 2019 PER using enlarged share capital and assuming service agreements are in place. The closest listed peer on Catalist would be Fortress Minerals, which is currently trading at 10.7x PE. Fortress Mineral listed in March 2019 at 20c and it is still trading at 20c with minimal trading volume

My Chilli Ratings

Since there is no public tranche, my chilli rating is meaningless. SAM is the first post Covid listing and the valuation is probably realistic - i.e. it is listing at a better valuation than its closest peer Fortress Minerals. I am personally not into mining stocks, so wouldn't have given it more than 1 chilli anyway. I understand that the vendors have placed the shares to their close friends and family, so whether you can "flip it or not" will depend greatly on their generosity on listing day.

Happy Iron Oring

Thursday, 12 March 2020

United Hampshire - Balloting Table

The public offering of United Hampshire was 1.4x subscribed and everyone who applied received something.

The debut came at a time where the market is correcting badly, hence I would expect a poor debut at 2pm later.

Good luck to those who applied.

Sunday, 8 March 2020

United Hampshire US REIT

United Hampshire US REIT ("UH REIT" or the "REIT") is offering 87,829,600 units at US$0.80 per unit. 80,329,600 units are via placement with only 7.5m units available to the retail investors. If you apply through the ATM, the subscription exchange rate has already been fixed at S$1.12. The market cap based on the IPO price is US$614.2 million. 

The IPO will close on 10 March 2020 at 12pm and start trading on 12 March 2020 at 2pm.

About the mall industry in the US

The retail industry in US has gone through much duress. Many US retailers have either went bust or needed to reinvent themselves from the onslaught of Amazon and the changing habits of its consumers. The reason why Amazon was so successful was because it offered consumers choices and speedy delivery. As such, many pure brick and mortar retailers have gone out of businesses. The empty space left vacant have now been taken over by "stores with experiences" such as dining or fitness centers. Personally, i don't think the tenant composition is by design, it is how the market in US has evolved. If the properties had not been re-designed, the malls will be empty!   

How the REIT is positioning itself

The REIT is touted as "Asia's First US grocery-anchored shopping center and self-storage" REIT. According to the prospectus, the tenants targeted by UH are resilient to the impact of e-commerce such as restaurants, home improvements stores, fitness centers and warehouse clubs. The Issuer spent much effort to tell you that its portfolio sector is "least affected" by e-commerce (i.e. Amazon).


You can see that the properties are located on the East Coast. There are 18 Grocery & Necessity and 4 Self Storage centers. The appraised value is around US$599.2 million with 95.2% occupancy rate. 97% of the assets are freehold. 

Key Investment Highlights

Key Financials

UH REIT has built in escalation and no break clauses. This provided some comfort that the income will be sustained, at least for the next few years.

Distribution Yield

The first distribution will be for the period from Listing till 30 June 2020, on or before 30 Sep 2020.

As you can see from the chart above, the interest rate for FY2020 and FY2021 will be 7.4% and 7.6% respectively. The top up arrangements allow time for some of the assets to “stabilize”.

Shareholders list

You can see from the shareholders list below that the Cornerstone investors took up 60.8% of the issuance. This issuance is very “hot” among the ultra high net worths and some institutional investors. According to the Edge article, the placement tranche is >3x subscribed. The public offering comprise only 20.8% (assuming over-allotment is exercised).

What I like about the REIT
  • Stable cash flow from long leases - The REIT has WALE of 8.4 years based on Base Rental Income. Around 60% of the leases expires beyond 2025. This means the rental income is pretty stable for the foreseeable future

  • Top tenants base - You can see from the list below that the top 10 tenants include BJ Wholesale, Ahold, Lowe's, Walmart, LA Fitness and Home Depot.
  • Known local sponsor - UOB has acted as co-investor and provided seed capital. The Manager is also 50:50 held by UOB Global Capital and Hampshire. The presence of a local and known sponsor would provide some comfort to investors as UOB would not want to have any repercussions to tarnish its UOB branding.
  • First distribution is not too far away - At least the first distribution period is in Q3 2020. You don’t have to wait for too long!  
  • Yield cut in the US - The US treasury cuts it yield by 50 bps when the IPO offering was underway. This will probably provide another boost to REITs, especially those denominated in the US.
Some of my concerns
  • Complicated top up arrangements - The REIT has entered into some top up and earn-out arrangements using the IPO proceeds. As you can see from above, without the top up, the yield for 2020 would have been 6.4% instead of 7.4%.  While the intent may be good, i personally dislike such arrangements as it doesn’t reflect the true picture
  • Premium over NAV - Investors are paying a price to book of 1.07x. Given that such assets are not “sought” after, investors are probably paying a fair value for these assets.
  • USD exposure - Investors should be aware that they are taking on USD exposure, hence the income for local investors will fluctuate along with the forex rates
  • COVID 19 - the virus is taking a toll globally and will likely impact the retail sector in the US as well, with most investors likely to go out to the malls less. There is no certainty when this will blow over but if it drags on, it may impact some of the tenants at the mall

As in all REITs, this is not for short term speculation. Invest only if you like the “grocery-mall” sector and the yield. I will give it a 1.5 Chilli for the reasons above.

Happy grocery shopping in the US!

Sunday, 1 March 2020

Memiontec Holdings Ltd

Memiontec Holdings Ltd ("Memiontec" or the "Company") is offering 33,485,000 Placement Shares at $0.225 each for a listing on Catalist. There is no public offering, as such, I am not going to spend too much time diving into the details. The offer will close on 3 March 2020 at 12pm. The market cap will be around $49.6 million.

Principal Business

The Company is a one-stop integrated total solution provider in the water treatment industry with over 20 years of track record. 

If you look at the description in the gatefold of the prospectus, they should really learn how to tell the story better. It is a mouth-full with all the TOOT and the BOOT acronyms. I almost wanted to say "toot" ... The Company could have made better use of the real estate in the gatefold to tell the story better and make it more concise, visually appealing and easy to read, sometimes, less is more.

Businesses include engineering and construction, operations and maintenance, sale of systems and equipment and the sale of water.

Competitive Strengths


Financial Highlights

The post placement EPS for FY2018 is around 2.09 cents. Based on the IPO price of 22.5 cents, the PER is around 10.76x. Looking at 1H 2019, seemed like revenue has increased significantly to $14m but the profit fell to $355k. I am not privy to the forecasts but i would be concern if i am investing in this Company.

Dividend Policy

The Company intends to pay at least some of its profits as dividends for the next two years.


The Company is tightly controlled by Mr. Tay and Ms Dewi.

What i like about the Company

I like the water sector as Indonesia is a big market with needs of clean water. It is like doing an ESG investment if this company can bring water to the community (perhaps the Company need to refocus on its branding angle). I also like the fact that company has a long track record with a dividend paying mindset.

Some of my concerns

Some of my concerns will be the forex exposure in Indonesia Rupiahs given some of its projects. In addition, the unpredictable income from EPC contracts as well as declining profitability would be something i need to further diligence on before committing.

Mr IPO Chilli Ratings

I am not going to spend much time on the chilli ratings as there is no public offering. As such, i have not shared my views on the company extensively as well. The Company has my sympathy as it could not have chosen a “worse” timing to list, with market sentiments badly hit by the market rout during the course of this week. The coronavirus is like a “black swan” event hitting all companies coming and no one could have predicted it coming. Having said that, given the small placement, share price movement may be well controlled but I would expect short term weaknesses as the pricing was done pre the market crash.

Good luck to those who were allotted the placement . . . 

Sunday, 16 February 2020

Don Agro International Limited

For Information Only

This post is for information only as the IPO has been completed on 12 Feb 2020 and started trading on 14 Feb 2020. (My sincere apologies - somehow missed this)

Don Agro International Limited ("Don Agro" or the "Company") is the first Russian company in the agricultural sector to be listed on SGX. The IPO was via placement of 23m shares at Singapore 22 cents each. Based on the IPO price, the market cap is $33m

Principal Business

The Company is principally engaged in the cultivation of agricultural crop and production of raw milk in the Rostov region. 

Competitive Strengths

I will not elaborate on the competitive strengths as it is in prospectus. 

Financial Highlights

The Company showed declining revenue but increased profitability from FY2016 to FY2018. Looking at the HY2019, it seemed to be showing a nice growth in both revenue and profitability.

The HY2019 (Page 34 of the prospectus) seemed to be showing a strong traction where the revenue and profits grew by more than 100% over the same period last year. Assuming a more modest 25% growth from FY2018, EPS for FY2019 will be 4.25 x 1.25 = Singapore 5.3 cents.

That translate into a forward PER of 4.15x. (extremely value for money).

The NAV per share as of 30 June 2019 is around 28 cents (before the IPO). Including the IPO proceeds, the NAV translate to 26.7 Singapore cents, still higher than the IPO price.  

Future Plans

Proposed Dividends

THe Company intends to recommend up to 20% of its net profit after tax for each of FY2019, FY2020 and FY2021. (See what i like about the company below)

What I like about the Company
  • Exposure to agricultural industry - you can now access the agri sector from Singapore (if you don't mind the exposure to commodities prices, which is highly susceptible to weather conditions)
  • Decent valuation - It is quite rare to see a company listing at a PER of below 5x and below its NAV. All things being equal (assuming we can trust the financials audited by KPMG), i guess it is necessary given investors are not familiar with companies from Russia
  • Dividend paying company - It is good that the Company signaled its intent to pay dividends for up to 20% for the next 2 years. Assuming 20% x EPS of 5,3 cents = 1.06 cents. That translate into a yield of 4.8%, which is fairly decent if they deliver on their promise
Some of my concerns
  • Russia is a tough place for foreigners to make money - I have heard enough horror stories about doing business in Russia. Many so-called experts in Russia are 'burnt'. One local success story is MacCoffee by Food Empire but most of the foreigners didn't survive. The mitigating factor here is that we have a local Russian company seeking listing in Singapore. While i welcome new foreign listing, i do hope they are seeking listing here with a long term view (not like some of the S-chips we had)
  • Website is not even working - I tried visiting the website listed in the prospectus and it is not even working... 😟

  • Exposure to Russian Rubles - The Company's operations are entirely based in Russia and its customers include major Russian food producers. As such, investors are exposed to underlying foreign currency risk exposure and Russian Rubles can be highly volatile (not to say about foreign currency controls). Go in with your eyes open 
  • Biological assets are very hard to value - While the Company has engaged KPMG to be its auditors (which is more comforting), biological assets are typically very hard to value and can be prone to factors that are difficult to predict or control
My chilli ratings

My chilli ratings is not important given it has already listed and it actually did well enough to open above water. All things being equal, I would have given it a one chilli rating. Decent valuation is probably required, given the “exotic” nature. It is hard to monitor the company that is based in a remote part of Russia. I didn’t do enough homework to see if the biggest shareholder is “trustworthy”, only time will tell. Personally i am not into both agricultural and Russia, looks like a potent Vodka for me!

But for those who dare, Happy Russian Rouletting !

Wednesday, 5 February 2020

Elite Commercial REIT - Balloting Results

Elite Commercial REIT ("Elite" or the "REIT") announced that its public offer was 8.3x subscribed.

The placement tranche of 108,951,900 units were 3.2x subscribed. 

Ms. Shaldine Wang (黄晓亭), Chief Executive Officer of the Manager, said, "We are delighted with the overwhelming response and support from Cornerstone, Institutional and retail investors to our Offering. This is a testament of our strong investment proposition of providing investors with attractive yields and steady cash flow, backed by our stable IPO Portfolio leased to the AA-rated UK Government."

"Going forward, we will focus on harnessing the REIT's growth potential from acquisition, enhancement and redevelopment opportunities to generate sustainable long-term distribution growth for our Unitholders. In particular, we have a right of first refusal granted by Elite UK Commercial Fund II, a private trust managed by our Sponsor – Elite Partners Holdings Pte. Ltd., which comprises of 62 commercial properties located across the UK, which are primarily long-term leased to the UK Government," she added. 

For those who applied, you would have a 100% chance of being allotted, and the balloting table is presented above for your information.

Overall, i think it is a good outcome for the Issuer. The size and the public offer wasn't too big and was able to attract and absorb all the demand among the corona virus situation.

Good luck to those who applied!

Monday, 3 February 2020

Elite Commercial REIT

Elite Commercial REIT ("Elite" or the "REIT") is the first UK-focused REIT to be listed on SGX with more than 99% of the properties being leased to the UK government.

Elite is offering 114,686,200 Units for subscription at 68 pence per unit (or $1.21) of which, 5,734,300 units will be available for public subscription. In addition, 77,827,900 units were allotted to Cornerstone investors. 

The IPO will close on 4 Feb 2020 at 12pm and commence trading on 6 Feb 2020 at 2pm.


The portfolio comprises 97 quality commercial buildings located across the UK and is primarily occupied by the Department for Work and Pensions ("DWP") - the largest public service department responsible for crucial welfare, pensions and child maintenance services for ~20 million claimants. 

There are 96 freehold properties (and 1 property with lease till 19 May 2255) across United Kingdom with a 100% occupancy rate. The weighted average lease expiry ("WALE") is 8.6 years.


The first distribution period will be from listing date to 30 June 2020 and will be paid on or before 30 Sep 2020. The distributions will be declared in GBP and unless investors elect to receive in GBP, it will be converted to SGD at the exchange rate at that point in time. The distributions will not be subject to further tax in Singapore. 

The second distribution will be in Q1 2021 (within 90 days of close). 

Financial Forecast

The forecasts above used a lower forex rate of GBP 1 : SGD 1.76. In this regard, if you are "bullish" on brexit and positive on the movement of GBPSGD rate, then your yield will be higher than 7.1%

You can see the foreign exchange rate sensitivity analysis on page 124 of the prospectus.  

What I like about the REIT

  • Over 99% leased to the UK Government - meaning there is a very low likelihood of "bad debt".  As shown in the chart below, the yield of 7.1% represents a spread of ~6% to UK government bonds (rated AA by S&P and Aa2 by Moody's)
  • Embedded rental growth from inflation linked rental escalation - The leases are reviewed every 5 years based on UK CPI subject to annual minimum increase of 1% and maximum of 5%
  • Freehold properties and long WALE of 8.6 years  - the properties are freehold and the long WALE provides certainty and stability of income 
  • Social benefits once given out, is hard to take away - the properties are used to provide crucial social benefits, which in my view, is tough for any government to "remove"  
  • REITs are currently the "flavor" of 2020 and the leverage of 33.6% is manageable - REITs have been performing well until the coronavirus hit the market last week. The leverage is not too aggressive
  • Right of first refusal for 62 commercial properties located in UK that are on long term leases to the UK government
Some of my concerns
  • Single country risk - Investors must be comfortable that they are taking on both the sovereign (government) and geographical risk of United Kingdom. Having said that, the properties are well diversified across different regions across UK
  • GBP risk - with the brexit out of the way, it actually provides more clarity and certainty for investors. Investors are now taking on GBP/SGD risk and GBP is at 52 week high against SGD. Any depreciation of GBP will lower the yield to investors
  • No major shareholders or Sponsor - The biggest shareholder is Ho Lee Group Trust at 10.8% (assuming over-allotment is exercised), followed by Sunway RE Capital at 8.2% and Kim Seng Holdings at 6.9%. The top 3 effectively controls 25.9% of the REIT, while the Sponsors only hold 19% on a combined basis. I would prefer a stronger alignment of interest 
  •  Cornerstone investors are primarily HNWIs - the issuance are widely distributed to the wealth banking clients of UBS, BOS and CIMB and they hold 23.4% of the enlarged share capital and are not subject to any lock-ups. The HNWIs are offered leverage to take up this IPO
  • Assets are not "grade A" offices - while the buildings are leased to "AA-rated" government entities, it doesn't mean there is a ready use for the building should the lease be extended. The value will probably "drop" if the government no longer wants to lease them or decide to relocate 
  • Artificial "yield" due to payment of management fees in units -  had the units been paid in cash, the 7.1% yield would have dropped to 6.3% in FY2020

Fair value

At an yield of 7.1%, i thought the issuance is attractively valued but it was so difficult trying to find the price to book ratio. Why can't the issuer just state the figure out there. Is it intentional not to show the NAV per unit? Some bloggers computed and said the price to book is around 1.17x based on "historical" and 1.03x based on appraised values. No idea who is right or wrong but i certainly don’t like to be digging high and low on the figure in the prospectus. 

Chilli Ratings

I will give this IPO a 1.5 chilli ratings.  

Please note that this IPO is not for flipping but more for constructing a portfolio of REITs for income production. 

I like the stable and sovereign credit backing the rental cashflows and the 7.1% yield, which is pretty decent in current market. The fact that the manager is electing to receive its fee in units also provide some assurance (if we think positively) that the longer term outlook is favorable. Otherwise, they would have elected to receive the fees in cash.

The size of the public tranche is pretty small at 5.7m units and the Wuhan coronavirus, Brexit uncertainty, GBP exposure, poor market sentiments and over-allotment to private banking clients may put off some investors.

You can decide if you want to apply at the IPO or buy it later post issuance. You should however, compare it against other listed REITs before deciding whether you would like to buy Elite Commercial REIT. Do note that post IPO, the trading of GBP denominated REIT is untested.

Happy IPOing

Sunday, 26 January 2020

Resources Global Development Limited

Resources Global Development Limited ("RGD" or the "Company") is offering 15m shares at $0.20 each via Placement. Given this is a small placement, i will not spend too much time on this. The IPO will close on 29 Jan 2020 at 12pm and starts trading 2 days later at 9am.

The Company is principally engaged in Coal Trading and Shipping services. The Company is able to procure coal from 3rd party coal mines and coal mines related to its founders. The Company also provides chartering services of tugboats, barges and bulk carrier to transport coal within Indonesia.
Competitive Strengths

As you can see from the prospectus, the Company's regard its competitive strengths as having reliable supply of coal, established reputation and long standing relationship, having a young fleet and experienced management team.

Business plans and financial highlights

It is interesting to note from the prospectus that revenue improved significantly in FY2018 to $44.8m but the profit stagnated at $4m (pro-forma at $3.3m - see page 26 of the prospectus). The profit dropped even further if you use the pro forma 1H2019.

The Company is however, very keen to highlight its "cash flow from operating activities" , which had been positive since FY2016.

What I like about the Company
  • IPO price is close to book value and listing PER seemed "low enough"- The NAV per share is 18.3 cents based on the prospectus. This means the investors are getting the company at close to book value at 20c. The listing PER is in single digits.
Some of my concerns
  • The coal commodity business is cyclical in nature- The company is exposed to commodity risk - in coal. This business is highly cyclical and can be highly volatile
  • It violates most ESG policies - The Company is in a declining industry as more banks requested not to lend to companies in the coal business. You can see that many banks are trying to wind down lending to coal-fired power plants (see article here). This will have a downstream impact should they extend this ban to all "coal-related" businesses.
  • The market cap and float is small - The market cap is only $18m and listing will be tightly controlled with only 15m shares available via placement.
  • Financial projections will be difficult - Looking at the financial statements, i have no clue why coal trading is able to ramp up so repaidly when the coal shipping business seemed to be suffering a downturn.
My Chilli Ratings

I am not going to spend too long on this. I don't like the coal (commodity) sector and i don't see why coal is going to be a growing industry when the banks are trying to curb lending to coal-fire powered plants. I will give this IPO a miss (not that they are targeting retail investors anyway)

Happy IPOing!

Friday, 24 January 2020

Happy Chinese New Year

The year of the Earth Pig came and went. The lessons and sharing from my last post still holds true where i said 

You can revisit the post here.

2020 is start of a new decade and it coincides with the year of the Rat, which is the first animal in the zodiac world. Other than Mickey Mouse, Stuart Little, Ratatouille, most of the time, rats have a negative connotation, especially in Chinese idioms. 猫哭老鼠,蛇鼠一窝,胆小如鼠

So what can i share with you for the year of the Golden Rat? Let me share with you two "mouse" stories.

Be kind and goodness will follow - As you progress through life, always be kind. Be kind to your family, friends and colleagues.  Never burn bridges and always be kind. People will remember your kindness and it will bring you happiness. In the story of the "mouse and the lion", the Lion was "kind" to the mouse (by not eating it) and he repaid it by saving him in future. Perhaps in real life, always be kind to your colleagues and subordinates. One day, they might become your boss and "pull you along".

Don't procrastinate - Start small and it has the potential to become something big one day 

Walt Disney became what it is today by starting small and it started from a mouse named Mickey. Walter Disney probably didn't realise that this little mouse was going to create the happiest place on earth one day! So the least i can do is to encourage you to start small. Save a little, invest a little and one day, before you know it, it will become something substantial and meaningful.

Lastly, be alert as the mouse. We are in the longest bull run ever, fueled by low interest rate and cheap money. Will the musical chair stop and when will it stop? 
Your guess is as good as mine. Stay alert and be nimble as the mouse as a market crash may be nearer than you think. It will happen when no one is expecting it.

Happy year of the golden rat and 新年快乐,身体健康,万事如意!Stay Healthy as that is even more precious that gold!

Wednesday, 1 January 2020

Singapore IPO Tikams for 2019

2019 is an extremely bad year for IPOs in Singapore.
There were only a pathetic 11 IPOs of which 7 were available to the investing public. For retail investors who can only apply for the shares through the ATM, you will realistically be able to get Lendlease, Prime US Reit, Eagle Hospitality Trust and ARA Hospitality Trust USD. 

Few takeaways:
  • Hospitality Trusts are still not in favor with local investors
  • Eagle dumped the shares on retail and coupled with the "Queen Mary" PR nightmare, the share price crashed.  Not to mention some related party transactions that caused investors jitters
  • Reputation of the Sponsors are extremely important. REITs that are managed by known and reputable sponsors such as Lendlease and Prime are better sought after
  • Small cap IPOs, if "well controlled", can still rise from their ashes after a bad debut 
Since my IPO tikams are reported annually, 2019 will be no exception. You can search for prior year results here.

I had wanted to participate in an IPO in a big way but eventually it was canned. I also participated in an HK IPO but eventually the allocation was quite small, so i made about $207. Since it is not a local IPO, i did not include it in the 'tikam'. I wasn't successful in my IPO application for Lendlease REIT, so the end results is a big fat Zero! 😅

2019 certainly didn't do well for Mr. IPO by historical standard. It also showed the state of our market here. Hope 2020 will be the start of a new decade of better IPOs.

Here is wishing all readers a Happy 2020 with lots of love 💝, good health 💪 and abundant wealth 💰

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