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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

China Hu An Cable Holdings Ltd

China Hu An Cable Holdings Ltd ("Hu An Cable") is offering 176m shares at $0.42 each of which 118m shares were new shares and 58m vendor shares. 5m shares will be via public offering and 171m shares via placement. The IPO will end on 4 Feb 2010,  12pm. There is a 30m over-allotment option and CIMB will act as the stabilising manager. The market cap post listing will be $246.9m.

Hu An Cable is a wire and cable product manufacturer in China and its products are used across various industries.

Revenue has grown from RMB 788m in FY2006 to RMB 1,385m in FY2008 and net profit has grown from RMB 46m to RMB 92.5m during the same period.  Based on the post-IPO shares, the EPS for FY2008 is RMB 15.7 cents.  For the 9 months ending FP2009, the revenue is RMB 943m and the net profit is RMB103m. The EPS is RMB 17.5 cents for FP2009.  Assuming a simple pro-rating, the EPS will be 23.3 cents and that will translate into Singapore 4.66 cents. At the IPO price of $0.42, the IPO is priced at a 9x PE for FY 2009.

The Company does not intend to pay out any dividend for FY2009 but intends to pay out 15% for it FY2010 net profit.

Based on the FY 2009 "pro-rated" results, at the IPO price of $0.42 per share, the Company is fairly valued using average listing multiples for newly listed S-Chips. I believe upside is limited at this juncture but investors may want to revisit this company after the full year FY2009 or 1H 2010 results are released.

Comments

Anonymous said…
what is the result of this IPO?