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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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Z-Obee Holdings Limited



Public - 5m shares at 34 cents
Placement - 124m shares at 34 cents
Manager / Underwriter - OCBC Bank
Closing date: 19 Nov 2007 12pm.

The Company provides full-set solutions for the handset industry. Let me summarise the results for the financial year ended 31 March 2007:

Sales - US$46.2m (S$66m)
Net profit - US$8.8m (S$12.7m) assume US$/S$ is 1.44
EPS - US 1.77 cents (Singapore 2.55 cents) based on post-ipo no. of shares

Personally i dont like this sector. This sector in China is very competitive and cut throat. The FY2007 results really surprised me in terms of its profitability and 19% net margin. Based on the IPO price of 34 cents, the company is priced at 13x historical PE. The market cap based on the IPO price is around $169.2 million. One of the competitors in the same sector listed on SGX is Long Cheer. Long Cheer is currently trading at 6.13x PER and its net margin is much lower at 7.7%. Long Cheer's market cap is around $226 million. OCBC is one of the pre-ipo investors and they are selling vendors shares at the IPO. Personally, i never like IPO backed by OCBC.

Assuming FY2008, the EPS grow by 50% and EPS is 3.8 Singapore cents. Based on a valuation of 8x-10x PER, the fair value is around 30 cents to 38 cents. In this regard, i think upside is limited post-IPO and i will give this a miss. It will be tough to get from the IPO from the public tranche though.
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