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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

Hafary Holdings Limited

Hafary Holdings was established in 1980 and is a supplier of tiles to customers in the Singapore Market. The Company is offering 32.5m New Shares at $0.20 each for a Catalist listing and market cap is $32.5m post listing.

Personally i don't like the sector in which the Company is in as there are many competitors, low barriers of entry and cyclical in nature.  Revenue has remained stagnant from $29.9m in FY2008 to $30.8m in FY2009.  The net profit has declined from $3.4m to $3.0m.

The historical EPS (assuming service agreement in place and based on enlarged share cap) will be 2.16 cents and that translate into a historical listing PE of 9.3x (not cheap considering the sector it is in).

Avoid.

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