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Beli sheng siong ..... later sibeh siong binya lah ..... after wedding end of year ..... anyway i should be invited .... angpow money don't know enough or not binya ....
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sheng siong ipo,should subscribe???
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Thought you dropped dead already. You don't bluff. You don't buy supermarket shares. You buy horse racing bets...binya all the way!
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Itu Lee bride .... gua guarantee manyak cantik binya at wedding ... tapi itu sheng siong anak sikit of a let down leh ....
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Saya menunggu pengemubian anda. Emas putih seringgit saja boleh.
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Emas ...? Mas ..lu eh silang tow ah !!
Jangan elak meet people session ..... sekali sylvia cane you ....!!
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Saya elak dan tolak!
Lu Jangan begitu selfish binya to the committee ...
Nanti at basement level 18 ..... manyak "" orang"" tunggu lu .....
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The "highly helicoptered" in the 60% will throw their theories in financing strategies at the rest of the people and tell them, "ok what", "not wrong mah"
Just to share with the masses. "Many people" know of a very successful guy in sales from a particular industry. He thought he knows alot after spending decades in that industry. A particular company in that industry offered him "discounted prices" in their shares with new shares issue, and he thought it was a good buy in that he can influence the dealership rights for that company to grow. The person who started (now director) the company is very rich and can finance any initiatives from his own capital. Someone told him that its a trap to enslave him, but greed and ego didnt listen. Now the market price is below his entry and stayed that way. Lan Lan liao.
Your hard earned money that you are investing, therefore be more hardworking in doing homework before deciding.
Just to share with the masses. "Many people" know of a very successful guy in sales from a particular industry. He thought he knows alot after spending decades in that industry. A particular company in that industry offered him "discounted prices" in their shares with new shares issue, and he thought it was a good buy in that he can influence the dealership rights for that company to grow. The person who started (now director) the company is very rich and can finance any initiatives from his own capital. Someone told him that its a trap to enslave him, but greed and ego didnt listen. Now the market price is below his entry and stayed that way. Lan Lan liao.
Your hard earned money that you are investing, therefore be more hardworking in doing homework before deciding.
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then they will be third time unlucky, this month will be a bad month to IPO.
I think beyond the details, I do not see a concrete plan on their expansion. If a company cannot offer you a realistic vision of their expansion and their mid to long term growth priorities, then you better stay well clear of that company. This IPO sounds more like an exit strategy.
All good questions - not that I have the answers.
Frankly, if an IPO stinks even from merely reading a Shitty Times article..... 
Isn't that insider trading
If it's listed in Spore I wouldn't be surprised that anything goes
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i also think it's good buy. cheers!
http://singapore-ipos.blogspot.com/
Sheng Siong Group Ltd ("the Company") is selling 201.5m New Shares and 150m Vendor shares in the upcoming IPO. Out of the 351.5m shares, 15m will be for the public and the rest via placement at $0.33 each.
The Company is one of Singapore's largest retailers and operates the Sheng Siong chain of supermarkets and groceries outlets. At the date of prospectus, there is 1 hypermarket, 22 supermarkets and 3 wet market stalls. The Company also operates a new warehouse at Mandai Link to improve its economies of scale.
It is "heart-warming"to see a local household brand that is able to take on the competition from NTUC Fairprice, Cold Storage/Giant/ShopNSave (under SGX-listed Dairy Farm) on its local turf. You have to give it to the owners who build the company up from scratch a midst such tough operating environment.
Revenue grew from $610m in FY2008 to $628m in FY2010 and net profit also grew from $20.6m to $42.7m during the same period. This is the results of improvement in operating margins (rather than revenue growth) from 3.4% to 6.8% during this period.
In my personal view, the Company has reached a 'saturation' point in Singapore in terms of operating efficiency or market potential. It is likely to pitch itself as a stable business with strong cash flows that pays good dividend. The Company has "promised" to pay up to 90% of
net profit for FY2011 and FY2012. I believe this 'promise'was inserted to "boost" investors' interest in this counter. From my market sources, the initial demand for the IPO was rather weak, thus it came as a surprise to me that it was finally able to 'launch' the IPO when Dow Jones had its biggest drop that week.
Based on the post-invitation no. of shares, the EPS grew from Singapore 1.53 cents to 3.18 cents. At the listing price of 33 cents, the listing PER is 10.4x. It is interesting to note that there will be 'stabilization' manager if there is over-allotment, which in my view, will be tough to achieve. The market cap will be about $442.7m. The IPO will close on 15 Aug and starts trading on the 17 Aug. The founders will be 'richer' by $49m as they will be cashing in at the IPO but it is also interesting to note that they will be taking a huge pay-cut from FY2011 onwards in terms of basic pay but this excludes the 'service bonus' which they may get if the Company continues to perform. Tan Ling San, who founded PSC was brought on in 2006 and he is actually more highly paid than the 2 Lim Founders and head the expansion of the Company. Amazingly, Tan Ling San is not holding any shares but his two "associates"will be subscribing for up to 6.5m shares. That is worth $2.145m and it is hard to imagine that they are not holding in trust for him.
Dairy Farm, which is a listed giant with forecasted revenue of US$9 billion and a net profit of US$492m is trading at a 2011 forward PER of 24x. The net profit margin for Dairy Farm for FY2010 was around 5.2%. Another comparable PSC (that operates Econ Minimart stores) is trading at around 9.1x PER but has a lower net profit of $14.2m for FY2010.
In my view, the IPO is launched during a challenging period, hence there is unlikely to be significant upside in the near term. The fact that Company is paying up to 90% of its net profit for the next 2 years may provide some downside protection but come to think of it, the founders still own 60% of the Company, thus it doesn't really hurt too much for the founders. For investors who want to hedge against a rising cost of living, buying the shares may not be a bad idea as it provides a 'natural hedge'. Should it fare badly during the initial period, it may not be a bad idea to buy some of the shares. Assuming a similar EPS of 3.18 cents for FY 2011 and a payout of 80%, the projected DPS is about 2.5 cents and that translate into a respectable yield of 7.6% per year for the next two years. That could prove to be very attractive for pension and insurance fund managers to buy into the firm. I would give it a 2 Chilli ratings based on "cheaper-than-peer"valuation and the decent yield it is projected to give out.
PS: In case you are wondering if the rumour that the Sheng Shiong family is related to the Lee HS family is true, according to the independent director whom i spoke to recently, there is absolutely no basis in that rumor....
http://singapore-ipos.blogspot.com/
Sheng Siong Group Ltd ("the Company") is selling 201.5m New Shares and 150m Vendor shares in the upcoming IPO. Out of the 351.5m shares, 15m will be for the public and the rest via placement at $0.33 each.
The Company is one of Singapore's largest retailers and operates the Sheng Siong chain of supermarkets and groceries outlets. At the date of prospectus, there is 1 hypermarket, 22 supermarkets and 3 wet market stalls. The Company also operates a new warehouse at Mandai Link to improve its economies of scale.
It is "heart-warming"to see a local household brand that is able to take on the competition from NTUC Fairprice, Cold Storage/Giant/ShopNSave (under SGX-listed Dairy Farm) on its local turf. You have to give it to the owners who build the company up from scratch a midst such tough operating environment.
Revenue grew from $610m in FY2008 to $628m in FY2010 and net profit also grew from $20.6m to $42.7m during the same period. This is the results of improvement in operating margins (rather than revenue growth) from 3.4% to 6.8% during this period.
In my personal view, the Company has reached a 'saturation' point in Singapore in terms of operating efficiency or market potential. It is likely to pitch itself as a stable business with strong cash flows that pays good dividend. The Company has "promised" to pay up to 90% of
net profit for FY2011 and FY2012. I believe this 'promise'was inserted to "boost" investors' interest in this counter. From my market sources, the initial demand for the IPO was rather weak, thus it came as a surprise to me that it was finally able to 'launch' the IPO when Dow Jones had its biggest drop that week.
Based on the post-invitation no. of shares, the EPS grew from Singapore 1.53 cents to 3.18 cents. At the listing price of 33 cents, the listing PER is 10.4x. It is interesting to note that there will be 'stabilization' manager if there is over-allotment, which in my view, will be tough to achieve. The market cap will be about $442.7m. The IPO will close on 15 Aug and starts trading on the 17 Aug. The founders will be 'richer' by $49m as they will be cashing in at the IPO but it is also interesting to note that they will be taking a huge pay-cut from FY2011 onwards in terms of basic pay but this excludes the 'service bonus' which they may get if the Company continues to perform. Tan Ling San, who founded PSC was brought on in 2006 and he is actually more highly paid than the 2 Lim Founders and head the expansion of the Company. Amazingly, Tan Ling San is not holding any shares but his two "associates"will be subscribing for up to 6.5m shares. That is worth $2.145m and it is hard to imagine that they are not holding in trust for him.
Dairy Farm, which is a listed giant with forecasted revenue of US$9 billion and a net profit of US$492m is trading at a 2011 forward PER of 24x. The net profit margin for Dairy Farm for FY2010 was around 5.2%. Another comparable PSC (that operates Econ Minimart stores) is trading at around 9.1x PER but has a lower net profit of $14.2m for FY2010.
In my view, the IPO is launched during a challenging period, hence there is unlikely to be significant upside in the near term. The fact that Company is paying up to 90% of its net profit for the next 2 years may provide some downside protection but come to think of it, the founders still own 60% of the Company, thus it doesn't really hurt too much for the founders. For investors who want to hedge against a rising cost of living, buying the shares may not be a bad idea as it provides a 'natural hedge'. Should it fare badly during the initial period, it may not be a bad idea to buy some of the shares. Assuming a similar EPS of 3.18 cents for FY 2011 and a payout of 80%, the projected DPS is about 2.5 cents and that translate into a respectable yield of 7.6% per year for the next two years. That could prove to be very attractive for pension and insurance fund managers to buy into the firm. I would give it a 2 Chilli ratings based on "cheaper-than-peer"valuation and the decent yield it is projected to give out.
PS: In case you are wondering if the rumour that the Sheng Shiong family is related to the Lee HS family is true, according to the independent director whom i spoke to recently, there is absolutely no basis in that rumor....
Ya, looks like the curse of seng shiong is gonna come true. Maybe should ban them from listing forever so as to avoid another market crash.
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Power! This is similar to HK Adam Cheng's 'ding hai' effect on HK's bourse...
