Search Results for: ipo

Temasek Acquisition of Eu Yan Sang at Low Optimism

We have learned from Dr Tee to buy giant stocks at low optimism for investing. However, nowadays fund managers have become competitors for retail investors for such investing opportunities.  Recently a consortium including Temasek, has offered to acquire Eu Yan Sang.  Let’s analyse further based on optimism strategies. The earning ability of Eu Yan Sang has declined over the past few years due to slowdown in local and regional economy but still it is profitable. Net Asset Value (NAV) of Eu Yan Sang has increased consistently over the past 10 years since IPO (see chart below).  Temasek and partners...

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Do Hyflux’s 6% Perps Have Sufficient Margin of Safety?

Hot on the heels of Aspial, Perennial and Oxley, Hyflux has launched an IPO for its retail 6% perpetual capital securities (perps). I used to own its existing 6% preference shares when it launched in 2011. However, that was before I calculated whether it had sufficient margin of safety based on Benjamin Graham’s criteria. After I calculated the figures, I sold it off in Jan 2014. Hyflux’s preference shares were the first bond / preference shares that I evaluated using Benjamin Graham’s criteria of minimum average earnings coverage and minimum current stock value ratio as discussed in The Lost...

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Manulife US Reit – Feeling before and after

What a different feeling. Yesterday I felt sad and frustrated that I got zero allocation for the Manulife US Reit IPO units. Today I feel relief that I got zero allocation for the Manulife US Reit IPO units. It was surprising to me that Manulife US Reit opened trading at USD 0.82, even below its IPO price of USD 0.83.  It ends the day at USD 0.79, 4.8% lower than its IPO price.  Well, I think the market has spoken that the Reit was priced too high. Surprising on Manulife US Reit’s performance as today is a green day for the...

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Manulife REIT – Balloting Results

Manulife announced that its public offering was 1.6x subscribed. Given that this is a big size offering, it was not difficult to get some via the public tranche. The balloting ratio are as follows: Investors who applied for 50,000 shares will get a 38:50 chance and will be alloted in full.  The list of placement shareholders have some interesting names like Dymon Asoa and SeaTown. Let’s see if it has any impact on share price performance tomorrow.  Best wishes to those who got some shares....

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Manulife US REIT

Manulife US REIT is touting itself as the “first pure-play” US office REIT in Asia. They probably have learnt some important lessons from the prior failed attempt to list last year. They downsized the portfolio, lined up a list of cornerstone investors and seemed more able tell a better story this time.  Of course, timing wise, it is definitely better than last year. Manulife US REIT is offering 396.569m units in total at $0.83 per Unit with about 45.787m units for the public. The IPO will close on 18 May 2016 at 12pm and starts trading on 20 May...

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Manulife US REIT

There are 2 IPOs going on the market this week, one being the Manulife US REIT and the other another Oxley bond issue (5.15%, 4 years), since I’ve covered Oxley bonds before (here), I’m going to cover the Manulife US REIT, which is the first pure-play US REIT to be listed in Asia, which would make it a convenient way to diversify into US property. It is also listed in US dollars, but for the initial public offering here, investors will pay in Sing dollar ($1.138 per unit). The P/E ratio of the REIT for 2015 is quite high...

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Searching for moats: Facebook, Inc. and how it dominates the social media industry

We’ve primed you on what qualitative and quantitative factors to consider when looking for companies with economic moats. We’ve also talk about two companies (Apple & Blackrock) with moats and how they’re amassing wealth at such a rapid pace that leaves all other companies in the dust (and some bankrupt). I’m starting this series of articles to help and initiate you to look for wonderful companies, and you decide when it’s a fair price to invest. Now the search begins with the elephant in the room: Facebook. The social media industry This is a relatively new industry, and with...

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Soilbuild Business Space REIT: 10 things I learned from the FY2015 AGM

Soilbuild Business Space REIT (SGX: SV3U) portfolio of properties include two business parks and nine industrial properties located around Singapore. The REIT has a total net lettable area of approximately 3.53 million square feet and a portfolio valuation of S$1.19 billion as at 31 December 2015. Singapore’s industrial production fell 0.5% in March from a year ago. While that might seem like a small drop, the figure was boosted by strong monthly figures from the volatile biomedical manufacturing cluster. Exclude that and Singapore’s industrial production actually fell 5.5% year-on-year. So with the local economy slowing down and demand for...

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MGCCT 4Q DPU up 10.4% at 1.923 cents

Mapletree Greater China Commercial Trust posted their 4Q FY 15/16 earning report in summary below.  Available Distribution per Unit (DPU) for 4Q FY 15/16 of 1.923 cents, 10.4% higher than the corresponding quarter a year ago FY 15/16 DPU increased 10.8% year on year Gross revenue grew 15.2% to $87.8 million Net Profit Income (NPI) rose 17.3% to $73 million The growth in revenue and NPI was mainly due to the acquisition of Sandhill Plaza and steady contribution from Festival Walk and Gateway Plaza. There is rental uplifts of 37% from Festival Walk and 25% from Gateway Plaza. 94%...

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Perennial Real Estate Holdings Limited – 4.55% 4 years

Perennial Real Estate Holdings Limited (“Perennial”) is offering up to S$200m bonds at 4.55% due 2020 with $75m from placement and the balance from public offering. If the demand is overwhelming, the Issuer may issue an additional S$100m bonds. The closing date is 12pm on 27 April 2016. The main purpose of the bonds issuance is to repay debt. The previous retail bond was sold in October last year with a 3 year tenure and an interest rate of 4.65% and the write up is here. I have recently received my first payout from that bond. Usually a longer dated...

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ISOTeam – My CNAV Analysis

Recently, one small cap company keep popping up in my private group chat with a few of the like-minded financial bloggers. Hence, decided to do a quick CNAV (Conservative Net Asset Value) Analysis. The company in question is ISOTeam Ltd (5WF.SI). In fact, it happens to be one of the RHB’s top 25 small cap picks for 2016 (whatever it means to you). ISOTeam Ltd. operates as a building maintenance and estate upgrading company in Singapore. It operates through Repair and Redecoration (R&R), Addition and Alteration (A&A), and Others segments. It primarily serves town councils, government bodies, and building owners. ISOTeam Ltd. was founded in 1998 and listed in SGX...

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Acromec Limited – Balloting Results

Acromec Limited announced that its IPO received strong interest from investors where its shares is about 5.3x subscribed. Below is the excerpt from its Managing Director on the strong response. Mr. Lim Say Chin, Executive Chairman and Managing Director of Acromec, said: “We are deeply encouraged by the strong investor support we have received for our IPO. This is a clear demonstration of the confidence that the investment community has in Acromec’s proven track record and promising prospects in serving the growing healthcare, biomedical, and research and academia sectors.“ The balloting table is as follows: Investors who applied for 100,000...

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Acromec Limited

Acromec Limited (“Acromec” or the “Company”) is offering 27m New Shares at $0.22 each. 1.5m shares will be via public offering and 25.5m via placement. The IPO will close on 14 April 2016 at 12pm. The market cap based on the IPO price is around $26.46m The Company is a Singapore-based specialist engineering services provider with 20 years of experience in the design and construction of facilities requiring controlled environments such as: Cleanrooms Medical and Sterile Facilities Laboratories It also provide maintenance services to these facilities. The Company serve mainly the healthcare, bio-medical, research and academia, and electronics sectors.  Financial...

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Found: Holy Grail of Stock Trading

My name is Jimmy Lim and here is my story of how I found the Holy Grail of Stock Trading. Making money was easy 20 years ago in the early 1990s, was when I first began my investing journey. Witnessing aunties being at the stock market rather than wet markets were enough to convince me that I should also get part of the action! It was called “The Super Bull Run” for a reason. Losing money in stocks seemed pretty impossible. Queues at ATM formed to ‘tikam’ any IPO that came along. With money dropping from the sky every...

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Aspial Retail Bonds 5.3% 4 Years

Aspial Treasury Pte. Ltd. (“Aspial” or the “Company”) is offering up to S$75m worth of bonds through public and placement offering.  The placement trance of $25m was fully subscribed on its first day. Investors who are keen to invest can try to buy through the ATM as the Company has set aside $50m for the retail tranche. In the event of oversubscription, the Company can upsize the offer to $200m. This retail offering comes after its inaugural retail bonds issuance in Aug 2015. My post was here. Application for the public tranche will close on 30 March 2016. For...

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