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| Penton International - Only for the brave-hearted |
24 Dec, 2001 |
But expect a pop at the outset as IPO was 'all-placement'
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| Tsit Wing Intl IPO - Reasonably priced BUT its NOT a real China play |
11 Dec, 2001 |
No compelling medium term investment story….so a Stag at best
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| SingMall Property - Yields are fair BUT not without risks |
8 Nov, 2001 |
Immediate interest likely to be high owing to huge uncertainty in broad equity market
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| SingMall Property Trust – Singapore first listed pure retail property trust |
7 Nov, 2001 |
Indicative earnings yield (which will be paid out) of 5.75% and 6.05% in 2002-03 respectively.
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| Lantrovision – Realistically priced for decent upside |
30 Oct, 2001 |
A sturdy business model which should continue to create value
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| IPO Watch. Tat Seng Packaging. Fundamentally sound but nothing to get excited over |
31 Aug, 2001 |
Offer size of 39.3m shares could limit upside under current market. Do not subscribe.
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| IPO Watch – Cyber Village – Not another e-business enabler! Avoid. |
22 Aug, 2001 |
Landscape already strewn with carcasses of IT services company that have failed to execute well
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| PCA Technology – No upside seen |
10 Aug, 2001 |
Already fairly valued even considering the healthy financials
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| JK Yaming International – Don't turn on the lights |
3 Aug, 2001 |
Declining margins with great hopes for the future may be too much of a risk to take
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| Allcom Technologies. Don't even think about it |
27 Jul, 2001 |
Highly geared and bleeding cashflows, it’s no wonder Allcom needs money
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| IPO Watch. Startech Electronics. Ambitiously priced |
24 Jul, 2001 |
But small public float likely to create the usual squeeze
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| Fischer Tech – Nowhere near as cheap as it looks |
2 Jul, 2001 |
Historical PE ratio 4.9x is just that – History
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| IPO Watch - Singatrust - New businesses to dampen profitability in coming 12-24 months |
30 Jun, 2001 |
Fairly priced but investor interest in company looks strong. STAG.
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| Willas-Array Electronics – Riding on the Chinese wave |
26 Jun, 2001 |
Reasonably priced for good medium-term prospects. SUBSCRIBE.
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| Top Global IPO - reasonably priced but too small now to be serious investment |
25 Jun, 2001 |
Offers trading opportunities on listing if you have placement shares
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| IPO Watch. AP Oil. Not quite the most glamorous segment of the market. |
1 Jun, 2001 |
Dependency on emerging markets and oil prices also a concern
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| IPO Watch. Colorland Animation. Another China play? |
31 May, 2001 |
At best a Stag. Earnings to fall this year in line with slowing economies
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| IPO Watch - SMT Holdings |
22 May, 2001 |
Well-positioned to ride rise in Japanese and Korean outsourcing. SUBSCRIBE
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| Norelco Centreline – Just like EMS, only better |
21 May, 2001 |
Make no mistake, this is one to BUY and KEEP!
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| Unidux Electronics – Another 1% public float IPO |
15 May, 2001 |
Fundamentally sound company at a reasonable price
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| Enzer Corporation – Small public float setting this up for a squeeze |
14 May, 2001 |
Fundamentally weak and facing near-term earnings decline
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| AsiaTravel.com – Travel agent or dot com? An interesting combination of both. |
9 Apr, 2001 |
AsiaTravel.com likens itself to the Hotel Reservations Network of America.
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| IPO Watch. Oculus Ltd. Fairly valued with no imperative reason to own the shares. |
5 Apr, 2001 |
Short earnings track record makes forecasting tricky.
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| Santak Holdings – Not cheap enough |
28 Mar, 2001 |
Punchline: Unexciting business with vulnerable-looking margins
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| United Food Holdings. IPO Watch |
21 Mar, 2001 |
Another China meat processing company IPO that you can AVOID
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| IPO Watch. Tung Lok Restaurants. Appetising, but can the market digest it? |
19 Mar, 2001 |
We like the Tung Lok group and think it offers more as a brand than the other listed food players.
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| Frontline Technologies – IPO Watch – Another e-business solution provider |
13 Mar, 2001 |
Low absolute pricing, blue-chip investors & customers could attract trading interest. STAG at best.
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| People's Food Holdings IPO of 142.5mn shares at $0.45 |
9 Mar, 2001 |
Can't fault the financials or valuations...but concerns make it a STAG at best
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| IPO Watch - TTL Holdings - Avoid. |
5 Mar, 2001 |
Low valuation belie the fast fading investment appeal of the plastic component business.
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| Innovalues – IPO Watch – Issue looks fairly priced |
26 Feb, 2001 |
Operates in relatively unexciting sector, low liquidity will be a key issue. Avoid.
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| Integra2000 - Less than what it appears |
23 Feb, 2001 |
Why would you want to buy a struggling mainframe software company?
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| IPO Watch - Integra 2000 Part 2 - Avoid |
22 Feb, 2001 |
Stiff valuation leaves very little room for error or systemic market risk
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| IPO Watch - Integra 2000 Part 1 |
21 Feb, 2001 |
A largely US-centric business model
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| Lankom - IPO Watch - Not all that cheap |
19 Feb, 2001 |
Supplies fast growing industry but still a low-end component supplier. STAG at best.
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| ECS Holdings - E-business enabler or plain old IT reseller? |
5 Feb, 2001 |
Uninteresting IT reseller selling into weakened region, but appears cheap. Risky STAG at best.
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| IPO Watch - ei-Nets Ltd - Part Two. Avoid. |
17 Jan, 2001 |
e-service architect or business transforming Internet play?
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| IPO Watch - ei-Nets Ltd. -Part 1 |
16 Jan, 2001 |
A look at its business models. Part two tomorrow has more interesting findings in store…
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| Hyflux Ltd – IPO Watch. Subscribe. |
12 Jan, 2001 |
Strong growth prospects in an area of high demand.
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| AEM-Evertech - Sector facing uncertain 2001 for now - STAG at best |
15 Dec, 2000 |
Profit growth this year hurt by rising expenses
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| TPA Strategic IPO – Expensive and not as exciting as it might appear AVOID |
14 Dec, 2000 |
Its not an Asian airline proxy play via parts supplying...non airline businesses leading growth
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| Novena Holdings - Much too difficult to sustain investor interest post IPO. |
13 Dec, 2000 |
Giving this a miss as well. Do not subscribe.
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| Green World Holdings - IPO Watch - AVOID |
12 Dec, 2000 |
Scrap metal recycling business lists on fair valuations but no compelling investment story
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| King Wan IPO Watch. Limited upside. Do Not Subscribe |
1 Dec, 2000 |
Absolute offer price is cheap – but so are a lot of other stocks.
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| Singapore Exchange Ltd (SGX) – IPO – Subscribe with fair value of $1.51 |
20 Nov, 2000 |
SGX is well positioned to benefit from the growth of capital markets in S’pore and the region
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| Qian Hu Corporation IPO - reasonably priced but no compelling investment angle |
3 Nov, 2000 |
Trading opportunity possible given small size & reasonable valuation but I would give it a miss
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| Royal Clicks Ltd - Good medium term potential |
11 Oct, 2000 |
But….valuations are expensive relative to sustainable long term growth
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| Sim Lian Group IPO Watch. Yet another construction firm comes to the market. |
5 Oct, 2000 |
Weak IPO market and a sector that is out of favour. Quite clearly a Do Not Subscribe.
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| Wizoffice.com - IPO Watch - Still an e-tailer for now |
27 Sep, 2000 |
Biz model & strategy unconvincing at this time - AVOID
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| Sing Lun Holdings. IPO Watch. Neutral |
12 Sep, 2000 |
Well managed company, decent margins and debt free. But garment business is not in vogue.
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| Federal International - IPO Watch. Do Not Subscribe |
6 Sep, 2000 |
Possibly a chance to buy cheaper after listing as market consolidation will likely impact reception
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| VibroPower Corporation – IPO Watch. Worth a Stag |
5 Sep, 2000 |
Group has developed as a credible player in the power generator market
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| IPO Watch. Inchem Holdings. Stag if you must. |
4 Sep, 2000 |
Low issue price and small free float should ensure a decent debut.
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| Transview Holdings Ltd - IPO Watch |
1 Sep, 2000 |
Fairly valued with little stagging opportunities - Do NOT subscribe
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| IPO Watch – Boardroom Ltd. Reasonable fundamentals, STAG |
30 Aug, 2000 |
One question for the longer term – where is the business growth coming from?
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| Nylect Technology. At best a Stag. Low market cap, issue price and small float |
29 Aug, 2000 |
Underlying business is unexciting - fundamental valuation appears fair
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| IPO Watch - Miyoshi Precision Ltd - What? Another disk drive component manufacturer? |
28 Aug, 2000 |
Unattractive fundamentals arising from an unattractive industry - AVOID
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| IPO Watch - Sunlight Group - Fairly priced on fundamentals |
15 Aug, 2000 |
But low market capitalization, absolute offer price and small public tranche could make for a Stag
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| Cytech Software Ltd - IPO Watch - fundamentally attractive - SUBSCRIBE |
14 Aug, 2000 |
A reasonably priced hybrid of North22, CSE, CSA and Adroit
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| New Wave – An electronic component distributor at this time – Avoid |
9 Aug, 2000 |
Pricing is fair at best leaving little room for upside on listing
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| eWorld of Sports - IPO Watch – Combining the best of the brick and click world |
1 Aug, 2000 |
Sound business model but awesome valuation. Do not subscribe.
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| iSoftel – IPO Watch – Riding the telecoms deregulation wave |
31 Jul, 2000 |
Short term prospects look good but valuations are expensive – STAG at best
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| Stratech Technology - IPO Watch – A homebrewed success, made in Singapore |
31 Jul, 2000 |
Solid tech base, complex systems expertise. Needs breakthrough product, regional expansion - STAG
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| IPO Watch – Osim International. Healthcare or retail play? |
26 Jul, 2000 |
Not attractive as either. Do Not Subscribe.
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| Eu Yan San Intl IPO - unexciting growth in a fragmented market |
25 Jul, 2000 |
AVOID given unattractive pricing and weak market sentiment
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| IPO Watch - SMRT Corporation |
24 Jul, 2000 |
New debutant will have market cap of S$915m
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| IPO Watch - SMRT Corp. A long term growth and yield story |
24 Jul, 2000 |
Not for short term stags but worth considering if you are an income investor
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| IPO Watch. BRC Asia - Construction sector not in vogue |
19 Jul, 2000 |
High number of vendor shares in issue and at unattractive pricing. Do Not Subscribe.
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| IPO Watch - Tastyfood Holdings Ltd - low valuations do not offset PRC dependency concerns |
18 Jul, 2000 |
Too many unanswered questions and concerns about PRC - AVOID
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| Ezyheatlth Asia Pacfic - IPO Watch Part 2 - No " Ezy" healing |
17 Jul, 2000 |
Compelling business model but huge implementation obstacles ahead
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| IPO Watch - Internet Tech Grp - Expensive valuations understate risk - Do Not Subscribe |
14 Jul, 2000 |
Strong management team but pricing does not reflect risk
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| IPO Watch Part 1 - Ezyhealth Asia Pacific |
14 Jul, 2000 |
Healthcare IT solution provider pushing its way into new Internet business model
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| IPO Watch - Jadason - an evolving PCB equipment supplier |
10 Jul, 2000 |
Fundamentally unattractive relative to its major client Elec & Eltek - AVOID
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| IPO Watch - North22 – Pricey but interesting story for longer term investors |
10 Jul, 2000 |
Low absolute price should generate performance unless tech stocks are weak – STAG
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| IPO Watch - Goodpack - Goodstuff |
5 Jul, 2000 |
Good for at least $0.58
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| IPO Watch – Shining – Yet another construction services provider – Avoid |
4 Jul, 2000 |
Not another
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| IPO Watch - Singatrust - New businesses to dampen profitability in coming 12-24 months |
30 Jun, 2000 |
Fairly priced but investor interest in company looks strong. STAG.
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| IPO Watch - FDS Networks - Another Datacraft in the making? Not quite |
29 Jun, 2000 |
Fundamentals look unconvincing but buoyant market and cheap pricing means STAG at best.
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| IPO Watch – PKTech – A systems integrator specializing in financial software |
28 Jun, 2000 |
Jury still out on long term sustainable growth – STAG at best
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| IPO Watch - TT International Ltd – An E&E distribution and trading group Avoid |
19 Jun, 2000 |
Poor earnings and poor market visibility
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| IPO Watch – Hong Lai Huat – hot off the heels of Hua Kok – Avoid |
16 Jun, 2000 |
Best to avoid for now
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| IPO Watch. Adroit Innovations-First pure play systems integrator off the block-BUY |
13 Jun, 2000 |
Bricks to clicks transition by regional corporate customers should sustain growth
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| IPO Watch: Hua Kok International |
9 Jun, 2000 |
Debut is likely to be capped by Hor Kew's recent poor performance
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| IPO Watch. Addvalue Technologies - Good business model but high single customer exposure |
7 Jun, 2000 |
NOT for stags....but GOOD for the medium/long term investors
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| IPO Watch - Achieva. An electronic component distributor at this time? Avoid |
30 May, 2000 |
Pricing is not a steal
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| IPO Watch – AsiaOne – Valuations are too high and demand looks weak – AVOID |
25 May, 2000 |
With a low base, near term fundamentals have no choice but to improve. Long term outlook is weak.
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| IPO Watch – AsiaOne – What do comparable valuations look like? |
24 May, 2000 |
Not as good as what you would expect
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| IPO Watch – AsiaOne – We remain unconvinced after reading the prospectus |
24 May, 2000 |
It makes for disturbing reading, esp the very generous pre-IPO stock option package
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| IPO Watch - Trek2000 – Scalable business model – Buy |
17 May, 2000 |
Price target $0.42 or about 20X FY01 forecast earnings
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| IPO Watch - Avaplas - Yet another plastic injection moulder - Avoid |
15 May, 2000 |
Pricing is not exactly a bargain and its facillities are still stuck in Singapore
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| SIA Engineering IPO fixed at $2.05 |
5 May, 2000 |
Pricing leaves little rooms for stagging gain
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| SATS issue price fixed at $2.50 - toward low end of indicative range |
5 May, 2000 |
FY2000 earnings likely to be good - 20% medium term price appreciation possible
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| Giant Wireless Technology Ltd - Unlikely to perform - Neutral |
2 May, 2000 |
Valuations already at same level as its peers I-Comm and VTech
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| IPO Watch - Food Empire-No meat; do not subscribe |
25 Apr, 2000 |
Should be at discount to SFI and Want Want
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| Parkway Laboratory Services - Fair value of S$0.43 may not be reached in the short term |
17 Apr, 2000 |
Inexpensively priced but unfortunately market timing is bad
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| Ong Asia Ltd – Do NOT subscribe |
11 Apr, 2000 |
Issue is expensive relative to the deregulations risks and its peer group
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| AirOcean Group Ltd - good pricing with a target price of $0.28 - Stag |
10 Apr, 2000 |
Cheap pricing and a supply chain internet angle will ensure IPO success
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| Lafe Technology - Yet another storage component manufacturer |
6 Apr, 2000 |
Inexpensive but industry becoming more competitive ... Stag for potential trading upside
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| Jurong Tech Ind Corp (JTIC) - Hit and run |
6 Apr, 2000 |
Small contract manufacturer with too much exposure to disk drives
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| Ban Joo - Comiing to the market at the worst of times |
5 Apr, 2000 |
Very old economy stock - unlikely to perform despite absolute cheap price.
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| MAE - should close valuation gap with Strike to fair value of $0.50 |
3 Apr, 2000 |
Fundamentally unattractive but IPO trading interest should rerate stock.
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- For 2006 IPOs click here
- For 2007 IPOs click here
- For 2008 IPOs click here
- For 2009 IPOs click here
- For 2010 IPOs click here
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