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【IPS Securex 40A 交流专区】IPS Securex Holdings Limited

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楼主: PaPerSoldier       显示全部楼层   阅读模式

楼主
发表于 30-6-2014 01:22 PM | 显示全部楼层 |阅读模式
公司官网:http://www.ips-securex.com/


IPS Securex Holdings Limited
Wednesday, 25 June 2014
http://singapore-ipos.blogspot.s ... ldings-limited.html



IPS Securex Holdings Limited ("IPS" or the "Company") is a "one-stop" security solutions provider and is placing out 12m shares at $0.35 each for a Catalist listing. There is no public tranche and the IPO will start trading on 30 June 2014.The market cap is $26.3m based on the IPO price.

The Company provides security products and integrated security solutions to commercial entities and government bodies and agencies in Asia Pacific. The map below shows its distribution agreement with Ultra Electronics.



According to the prospectus, the prospects for the Company is good due to heightened security concerns from terrorism and political/social unrest.

Financial Highlights


The revenue has been erratic of around $5m and then spiking to $10m in FY2013. Net profit has also been pretty erratic and you can see that it is probably they managed to get a big project in FY2013 which resulted in the high turnover and the exceptional profit that year.



Even if i give it the most aggressive EPS of 2.3 cents, the valuation is rich at 16x PE and i don't think current year FY2014 EPS will be close to that of last year. The low NAV of 8 cents per share is not going to help support the share price post-listing either.

Use of Proceeds


The table shows you the majority of proceeds raised are going to the service providers.

Shareholders



The Company will be majority owned by Chan Tien Lok (62%) and Kelvin Lim (16.8%) post IPO. The CEO will draw a pay of $23k a month and has a generous profit sharing ratio. He will be entitled to 10% of the NPAT if NPAT is > $800,000



Mr IPO ratings
There is no public tranche and frankly the valuation is rich and the CEO is well paid. You can find better quality companies at lower valuation. In this regard, i will give it a 0 Chilli rating and give it a miss.




本帖最后由 icy97 于 30-6-2014 02:32 PM 编辑

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