Skip to main content

IPO Chilli Ratings

IPO Chilli Ratings
Click to understand how it works

Featured

Posted by

Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...
1 comment
Read more
Labels
Posted by

Audience Analytics Limited


For information only - no detailed analysis as there is no public offering

Audience Analytics Limited ("Audience Analytics" or "AA" or the "Company") is placing out 26m shares at $0.30 each for a listing on Catalist, of which 18.2m are new shares and 7.8m are vendor shares. The IPO ends at 12 noon on 28 Sep 2021 and based on the IPO price, it will have a market cap of $50.5m.

Principal Business

AA was established in 2002 and the Company offers a range of solutions that give companies better understanding of their businesses so that they can make better decisions to grow. 



Competitive Strengths



Business Strategies and Future Plans



Financial Highlights



According to the prospectus (page 35), the EPS for FY 2020 based on post placement shares of 168.2m shares is 1.75 cents. Based on the IPO price of 30 cents, this translates into a historical PER of 17x.

Proposed Dividends



Mr IPO Comments

AA is basically a publisher and awards organiser (similar to beauty pageant organiser) where in this case, it is to organise awards such as SME 100, HR Asia etc.  

For a while, from the logo and the press release , I thought AA was a "business data analytics" company and positioned as a "SAAS - Software As A Service" business, which to me, was highly misleading given that such the SAAS service has not even been launched yet (targeting Q3 2021).

Obviously if you track the US market, SAAS companies trade at very rich valuation because of the recurring nature of the business model but AA is nowhere near this model yet.  At this juncture, it is at best a media and exhibition company with its own portfolio of digital and print titles as well as exhibition business. You can read more about AA in the Edge article here.  Having said that, KGI securities find the valuation "attractive" and you can find the article here.

Since there is no public offering, I will not be doing any analysis on the company. 

Email Post
Labels:

Comments

Post a Comment