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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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Eindec Corporation Limited



Eindec Corporation Limited ("Eindec" or the "Company") is offering 35.8m Placement Shares at $0.21 each for a listing on Catalist. The offer will end on 13 Jan 2016 at 12pm and there is no public tranche and i will not spend too much time researching into this Company. The market cap is S$22.6m based on the IPO price.

The Company is a regional clean air environmental and technological solutions group with diversified product lines across different market segments. The Company has an operating history since 1984 with 2 manufacturing facilities in Singapore and Malaysia.

Diversified Product Ranges

The diversified product range is listed below


Financial Highlights


While the prospectus looks promising, the financial statements somewhat painted a different picture. The sales stagnated over the last 3 years with declining profitability. Even the 1H results continued to show declining net profit. Without considering other factors and based purely on the financial results alone, i would have given this Company a miss.

Based on the IPO price of 21 cents, the Company is listing at a historical PER of around 21 divide by 1.27 = 16x. This is pretty expensive and over-valued in the light of declining EPS in 1H 2015. In 2014, the 1H results is actually better than 2H, so even where i gave it the benefit of doubling 1H 2015 EPS, the valuation is very high at 21 divided by 0.66 = 32x.


Future Business Plans

The Company started to market its own brand of purifiers in China. Given the poor air quality in China, it is a strategy that might have some potential but it is too early to tell. 

What i like about the Company
  • Audited by KPMG, a big 4 auditor
  • Not withstanding the slowing Chinese economy, there could be some potential for China upside given the new parentage. 
Some of my concerns
  • Stagnant revenue and declining profitability
  • Small cap company
  • Ghost of the past in the poorly managed Kyodo Allied. How did it even get re-listed again!!

My Ratings

If there is a public tranche, i would have given it a zero chilli ratings. Given the bloodshed in the markets since Jan 2016, you can get bigger and better managed companies at half the valuation. Use your time to look for something better in the market instead. ^_^

Happy IPOing
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Anonymous said…
First Singapore IPO of the year, debuts on Friday 15 January 2016; closed 21% higher at 25.5 cents from offer price of 21 cents. Around 7.5m shares changed hands.
16 January 2016 at 08:45
Mr. IPO said…
Nice debut. Probably the shares are placed out to friends and family. :)
16 January 2016 at 16:29
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