TrickleStar Limited IPO

TrickleStar Limited is offering 15m placement shares for its IPO on Catalist at $0.26 per share. Market capitalization based on 81.791m shares is S$21.27 mil. The offer will close on 14th June at 12 noon and start trading on 18th June at 9 am. 

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IPO Timeline

Business Overview

The Company design and supply affordable, simple and easy-to-use energy-saving products to help consumers reduce energy consumption in their homes and workplaces. These products also protect consumer devices and help to minimise environmental impact by reducing energy wastage
from appliances and consumer electronics products.

The products consist of energy-saving products includes Advanced Powerstrips, load controllers, energy meters, energy monitors and surge
protectors.

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The products consist of energy-saving products includes Advanced Powerstrips, load controllers, energy meters, energy monitors and surge
protectors.

Financial Highlight

Base on the offered document, the group had turned from loss to profit of USD 2m in FY2018 and close to 200% increase from FY17.

 

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Valuation

Based on the price of the Placement Shares and the Group’s historical net earnings per share for the financial year ended 31 December 2018, the Group’s price-to-earnings ratio, calculated using its pre-IPO issued and paid-up share capital is 6.53 times and PB is 1.79 times.

Dividend

The group is committed to a dividend payout ratio of not less than 50.0% of our Group’s consolidated net profit after tax, excluding non-controlling interests and non-recurring, one-off and exceptional items, whether as an annual dividend or an interim dividend.

Conclusion

For this IPO, the group is raising SGD $2.4m which is a small amount for them to use as working capital. Their products will be popular for new homes or commercial properties where users are looking at saving energy for their daily usage and not forgetting the smart home. Since its a placement only IPO. let's see how the market determines the price of this company. Given it's low PE and PB, hope the faith is there.  

July 2019 SSB 2.16% for 10 years and 1.93% for 1 year

No place to park your excess funds and want a flexible place to park while gaining a decent yield. SSB is the place for you to park your funds.

Learn how to make use of SSB bond ladder to gain additional interest with DBS Multiplier.

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July 2019 SSB gives an average interest rate of 2.16% over the next 10 years and can be applied thru DBS/POSB, OCBC and UOB ATMs and Internet Banking.
This bond will be reflected as “ SBJUL19 GX19070W ” in your CDP statement or “GX19070W” in your SRS statement and “ CDP-SBJUL19 ” in your bank statement.

The 1st interest payment will be made on 1 Jan 2020, and subsequently every six months on 1 Jan and 1 July every year.

If you invest $1000, you will receive $217 in interest if you hold the bond till maturity in 2029.

Yearly and average interst rate as below.

SSB July 2019

Past Month SSB Rates

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Alliance Healthcare Group Limited IPO​ - Balloting Results

Alliance Healthcare Group announced on 30th May 2019, there were 480 valid applications received for the 1 million Offer Shares available for public subscription. In total, these applicants applied for an aggregate of approximately 18.3 million Offer Shares, with application monies received amounting to approximately S$3.7 million.

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Excluding applications for 565,000 Placement Shares by connected persons and the persons mentioned in Rule 428 of the Rules of Catalist, based on the Invitation size of 32,000,000 Invitation Shares and the total remaining valid applications received amounting to 48,823,000 Invitation Shares (comprising valid applications received for 18,388,000 Public Offer Shares and 30,435,000 Placement Shares), the Invitation was approximately 1.53 times subscribed.

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Alliance Healthcare Group will commence trading at 9 am on 31st May 2019. The SGX code is MIJ.

Dr Barry Thng Lip Mong (唐立茂), Executive Chairman and CEO of Alliance Healthcare welcome speech on media release.

We are heartened by the positive response to our IPO, which is an
indication of investors’ confidence in Alliance Healthcare’s business fundamentals and commitment towards delivering cost-effective and evidence-based medical solutions by leveraging the use of technology.

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Alliance Healthcare Group Limited IPO​

ALLIANCE HEALTHCARE GROUP LIMITED is offering 32,000,000 shares for its IPO on Catalistat at $0.20 per share. The Group is offering 1mil shares to public and 31 mil shares as placement.

Market capitalization based on the offer price S$41.6 mil. 

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Business Overview

The group provide managed healthcare solutions to corporations and insurance companies by establishing an extensive network of medical services providers to deliver healthcare services to the employees of corporations or, as the case may be, insured members or policyholders
of insurance companies.

Alliance Healthcare Network, comprises:

• 16 GP clinics under the “My Family Clinic” name, one GP clinic
  under the “Lee Clinic Pte. Ltd.” name and five specialist clinics
  which we own and operate in Singapore;
• our panel of over 1,000 medical services providers in Singapore
  and Johor Bahru in Malaysia; and
• our tie-ups with various GRHs;

Financial Highlight

The group revenue increase around 14% YoY and pharmaceutical services business segment contribute approximately S$2.2 million out of S$4.4 mil increase from FY17 to FY18.

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(S$’000)	Audited FY2016	Audited FY2017	Audited FY2018
Revenue	25,845.6	29,438.7	33,816.6
Profit before tax	899.5	1,865.5	3,417.9
Profit after tax	829.9	1,742.2	3,476.7

What I like

GP clinics are in demend and with Managed healthcare solutions, more companies and insurance will work with the group.

Wholesale pharmaceutical license issued by the Health Science Authority (HSA), which allows it to undertake the wholesale distribution of pharmaceutical products to hospitals, pharmacies and clinics in Singapore.

What I don’t like

Over heavily depending on panel treatment where payment might not come in due to closure or dispute.

Subject to healthcare laws and regulations including licensing requirements which are subject to fines or loss of license.

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Conclusion

With the aging population, GP services will be in demand and wholesales of pharmaceutical products is profiting. P/E at 11x and NAV at 6.03 cents. Dividend yield at 2.5%. This stock is worth a punt at $0.20 a shares. CIMB is doing book building and will close on 21st May. Contact your RM if your interested for placement.

 

What is SSB Bond Ladder and how It works with DBS Multiplier?

DBS recently announced changes to Multiplier account on 1st May. There is a write up on the changes over here. 

The Multiplier will require you to have salary credited and at least 1 of the 4 categories namely; Credit card spend, Home loan installment, Insurance and Investment. 

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Out of the 4 categories, we shall look at the simplest 2 to fulfill. The first will be Credit card spend where you just need to spend $1 every month or just set recurring payment to any low-cost subscription you have. For 2nd categories will be investment and while many are not investment savvy, the SSB bond ladder which is fully backed by Singapore Government. Your principal investment and interest payments won't be affected by the market.     

The sweet spot to earn 2% interest will be monthly eligible transactions of $2500 and with 2 categories which can easily be done with just salary credit. Now, what is SSB Bond Ladder?  

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Singapore Saving Bond or SSB pays you coupon every 6 months and you will get your capital back when It mature which is 10 years period. The latest SSB rates is available here and here's how to build the ladder. 

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Assuming you start buying SSB from Jan 2019 for 6 months and each purchase is $500 which is the minimum sum. The total cost will be $3000 and the transaction fee of $12. This ladder will last you for 10 years and by then maybe Multiplier won't be around. With this trick, you are collecting an average of 2% interest from SSB and 2% from Multiplier.  

As not everyone has a home loan with DBS and as the insurance they only take the first year premium as a valid transaction. It's rather pointless to focus on the 2 categories. To me, the easiest way to unlock 2 eligible categories will be Credit card spend and investment via SSB. Do note that for SSB purchase it can only be cash and not SRS account as the dividends won't be credited to your DBS account and you can purchase up to a cap of $200,000.   

Alliance Healthcare Group Limited IPO​

ALLIANCE HEALTHCARE GROUP LIMITED is offering 175,888,352 shares for its IPO on Catalistat $0.20 per share. Market capitalization based on the offer price S$35 mil. (Figure to be final after final offer document is lodge)

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Business Overview

The group provide managed healthcare solutions to corporations and insurance companies by establishing an extensive network of medical services providers to deliver healthcare services to the employees of corporations or, as the case may be, insured members or policyholders
of insurance companies.

Alliance Healthcare Network, comprises:

• 16 GP clinics under the “My Family Clinic” name, one GP clinic
  under the “Lee Clinic Pte. Ltd.” name and five specialist clinics
  which we own and operate in Singapore;
• our panel of over 1,000 medical services providers in Singapore
  and Johor Bahru in Malaysia; and
• our tie-ups with various GRHs;

Financial Highlight

The group revenue increase around 14% YoY and pharmaceutical services business segment contribute approximately S$2.2 million out of S$4.4 mil increase from FY17 to FY18.

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(S$’000)	Audited FY2016	Audited FY2017	Audited FY2018
Revenue	25,845.6	29,438.7	33,816.6
Profit before tax	899.5	1,865.5	3,417.9
Profit after tax	829.9	1,742.2	3,476.7

What I like

GP clinics are in demend and with Managed healthcare solutions, more companies and insurance will work with the group.

Wholesale pharmaceutical license issued by the Health Science Authority (HSA), which allows it to undertake the wholesale distribution of pharmaceutical products to hospitals, pharmacies and clinics in Singapore.

What I don’t like

Over heavily depending on panel treatment where payment might not come in due to closure or dispute.

Subject to healthcare laws and regulations including licensing requirements which are subject to fines or loss of license.

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Conclusion

With the aging population, GP services will be in demand and wholesales of pharmaceutical products is profiting. P/E at 11x and NAV at 6.03 cents. Dividend yield at 2.5%. This stock is worth a punt at $0.20 a shares. CIMB is doing book building and will close on 21st May. Contact your RM if your interested for placement.

 

Design Studio Group LTD 1Q FY19

From Hero to Zero

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Formally a Company that makes millions of profits and now millions of loss. The company was barely profitable in 2017 and made losses in 2018.

In 1Q 2019, it made losses of S$ 6.193 mil. In the whole of 2018, the losses were S$26.4 mil. 1Q 2019 made up 23.41% of 2018 losses.

[caption id="attachment_842" align="alignnone" width="1560"] DSG Annual Report 2018[/caption]

From 1Q report, the group took in revenue of S$15.4 mil but after expenses, the group is in loss of S$6.1 mil.

If we take revenue S$15.4 mil and minus from the expenses, the group is left with S$52,000 as profit EBITDA. Other expenses of S$4.785 mil further hit the group and brings it to negative profit. The cash flow on hand is left with S$11.3 mil. If the next quarter, the group don't clock in extra revenues, I think we will see negative cash flow.

Point number 8 in their financial report reflect how badly the company is in currently. Even thou their international BU has an increased revenue of 87.7% but the revenue generation was lower than anticipated due to some project delays in 1Q2019. I think this point is valid as most likely the revenue will start to come in when the project is at near completion or completed.

Personally, I felt that this stock has lost its previous glory and on-road towards a loss-making company. This quarter 2Q is critical to the group as their cash is drying up.