【股票】IPO

2009-10-07 · 2486 阅读

本帖最后由老鼠爱小米于 7-10-2009 18:03 编辑

07 Oct 2009 10:38 CST DJ MARKET TALK: Ziwo May Struggle Thursday Debut; Rich Valuations

0238 GMT [Dow Jones] Ziwo Holdings (I9T.SG) may struggle on SGX debut tomorrow on concerns over rich valuations. China-based company offered 121.6 million new, vendor shares at S$0.235 each (4.99X FY08 P/E). Ziwo makes synthetic rubber, other foamed materials used as raw components for production of furniture upholstery, interior linings for vehicles, consumer products like shoe soles. "Pending capacity-led earnings expansion, Ziwo's historical P/E is above peer average. Coupled with vendor shares forming nearly 51% of the issue size, we could see selling pressure on Thursday when the shares debut," says CIMB. With vendor shares of 61.6 million accounting for over half of total issue, NRA Capital says market may perceive large portion of vendors selling out as negative. Ziwo plans to use S$11.7 million net proceeds to install extra production lines, buy equipment, fund working capital. (FKH)

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jilinning LV4

发表于 7-10-2009 16:34:01 | 显示全部楼层

07 Oct 2009 15:33 CST DJ MARKET TALK: Goodland Group May Struggle On SGX Debut Thursday

0733 GMT [Dow Jones] Goodland Group (5PC.SG) may struggle to hold above IPO price when shares start trading on SGX tomorrow. Singapore-based boutique property developer's IPO, fully taken up, comprises 30 million placement shares priced at S$0.20 each (13.4X FY08 P/E), translating to 3.63X book value, multiple widely used for valuing property stocks. "The price-to-book valuation is one of the highest, if not the highest, among developers in Singapore," says analyst at foreign brokerage. Valuation-aside, recent dismal performance by new listings such as China Gaoxian Fibre (I4U.SG), Passion Holdings (I3L.SG), as well as Goodland's small market cap of S$32 million, may also work against sentiment. Company plans to use S$4.5 million net proceeds to buy more land, fund expansion via acquisitions or JVs. (FKH)