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IPO Chilli Ratings

IPO Chilli Ratings
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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
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CMZ Holdings Ltd

CMZ Holdings Ltd produces and sells metal, resin and nylon zippers directly to manufacturers in the mid-high end market of the garment industry. The prospectus is here.

Public Offer: 1.8m shares (very difficult to get from balloting).
Placement Offer: 74.363m
Manager: Omega Capital Limited


Under the current IPO sentiments, it seemed that many companies are rushing out to be listed and this seemingly 'one product' company is no exception (hmm China's YKK ?). The Company managed to leverage on the boom in the garment industry in China to record impressive growth from FY2004 to FY2006. Sales for 2006 is RMB 159.3m (S$ 31.8m) and net profit of 38m (S$7.6m). EPS for 2006 based on enlarged share capital of 304.6m shares is RMB 12.5 (2.5 Singapore Cents). Based on IPO price of 23 cents, it is priced at an historical PE of 9.2x. Assuming EPS grow by 50% for 2007, the 2007F EPS is 3.75 Singapore Cents and based on its listed peers valuation of 10x-15x PE, the fair value for CMZ is in the range of 37 cents to 56 cents.

Good luck if you managed to get this IPO from the ATM! I wasted by my $2 again :(

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