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(Post 1 of 1251) 02/26/2001.09:28:14 |
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Oculus Limited Obtains In-Principle Approval for listing on SGX SESDAQ
The Board of Directors of SMB United Limited ("SMB") is pleased to announce that its subsidiary, Oculus Limited ("Oculus") has received in-principle approval from the Singapore Exchange Securities Trading Limited ("SGX-ST") for the listing and quotation of all its ordinary shares on the Stock Exchange of Singapore Dealing and Automated Quotation System ("SGX Sesdaq''). SMB made a strategic investment in Oculus in 1998 and the listing of Oculus is part of SMB's strategy to create shareholders' value for the SMB Group. Overseas Union Bank Limited has been appointed as the manager, lead underwriter and lead placement agent for this initial public offering of shares. Information relating to Oculus Oculus is a manufacturer and distributor of contact lenses and contact lens solutions in the Asia Pacific region. Incorporated in 1980, Oculus carries a diverse range of contact lenses and contact lens solutions. Today, the Group has established an efficient and extensive distribution network to service 2,200 eye-care practitioners and optical retailers in Hong Kong, Malaysia, the People's Republic of China ("PRC"), Singapore and Taiwan. Oculus also distributes its products to more than 20 other countries in the Middle East, Indian Sub-continent and Southeast Asia. The Group maintains three principal manufacturing facilities located in Malaysia, Shanghai and Singapore. Oculus' soft contact lenses are marketed and distributed under its proprietary brand names such as Freshkon, Unicon, Flexcon and Derisoft. Oculus also manufactures and sells soft contact lenses to third party customers under their respective private labels. Besides soft lens, Oculus is also the authorised manufacturer and distributor of rigid gas permeable lenses under the Boston brand name under a strategic relationship with PTC, a subsidiary of Bausch & Lomb Inc. Oculus is the exclusive distributor of Boston lens solutions in Singapore and Hong Kong, and the non-exclusive distributor of Boston lens solutions in Malaysia, Indonesia and the PRC. Information relating to SMB SMB is a leading player in the design, engineering and distribution of switchgears, control panels, electrotechnology devices and system integration solutions. The Group's broad portfolio of products, type-tested by PSB or ASTA, includes a complete range under its own widely-accepted Rudolf brand as well as multiple well-known international brands under exclusive distributorship agreements. Since its listing in 1996, the Group has sucessfully diversified into energy management/utilities metering systems and optical businesses. Submitted by Tan Ngiap Hong, Company Secretary on 26/02/2001 |
| (Post 2 of 1251) 02/26/2001.21:51:32 |
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Oculus secures in-principle approval for SESDAQ listing
Source : AFX SINGAPORE 8:54 26/02/2001 SINGAPORE (AFX-ASIA) - Oculus Ltd has obtained in-principle approval to list on the Singapore exchange's SESDAQ, parent SMC United Ltd said. Overseas Union Bank Ltd has been appointed as the manager, lead underwriter and lead placement agent for the IPO, it said. Oculus, established in 1980, manufactures and distributes contact lenses and contact lens solutions. It has manufacturing facilities in Malaysia, China and Singapore. SMB United made a strategic investment in the company in 1998. |
| (Post 3 of 1251) 03/26/2001.23:36:53 |
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 Pay attention to this stock.
1. IPO is priced at about 8x PE on 2001 earnings. this is only one-third of the avearge of 25x of Baush & Lomb, Novartis(Ciba Vision) and Johnson & Johnson. While it may not be comparable against its big competitors in many aspects, its pricing has more than compensated for that. Anything more than 50% difference in PER is cheap. Furthermore, it is also supplying to Baush & Lomb's subsidiary. The stock thus offer a cheaper entry to buying Baush & Lomb's shares. 2. IPO float of about 22 million shares to be priced around $0.23 is a relatively small as it is about S$5 mil worth. This should attract good retail and syndicate interest. 3. Defensive play in the local market as Singapore has the highest rate of myopic population and research study revealed that 50% of our Pri 6 students are myopic. Thus, the local market ensures that the company would continue to do well. 4. Exposure to consumer play in the vast China market. While Baush & Lomb, Johnson & Johnson offers good exposure to the huge US market and the rest of the World, Oculus may present the best exposure to the huge China market in a similar to that of Baush & Lomb to US markets. Its plan to expand its retail outlets in China would ensure strong growth ahead. The average net margin for such business is about 15%. Check on this stock Global which offers exposure to distribution business of handphone in China. The share price more than triple in less than 1 yr after listing. What it offers was simply consumer play, which is what Oculus now offers. So follow the stock closely and hope to give u more info later.  |
| (Post 4 of 1251) 03/26/2001.23:39:23 |
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I omitted in stating that the fair price should be $0.38 ie half the PER of Baush & Lomb, J&J. |
| (Post 5 of 1251) 03/27/2001.11:20:32 |
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I will be myopic if i were to buy this share.  |
| (Post 6 of 1251) 03/28/2001.20:06:14 |
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Source : AFX 28/03/2001 19:21 SINGAPORE (AFX-ASIA) - Oculus Ltd, a regional manufacturer and distributor of contact lenses and contact lens solutions, said it has launched an initial public offering of 21.96 mln new and vendor shares at 0.23 sgd each. The IPO includes 14.64 mln new shares and 7.32 mln vendor shares. Of the IPO shares, 2.196 mln shares comprises the retail tranche, while the remaining 19.764 mln shares comprises the placement tranche. The net proceeds of 2.40 mln sgd will be used to expand its manufacturing facility in Malaysia, finance marketing efforts in China, invest in IT systems and fund working capital requirements. The IPO, which is being handled by Overseas Union Bank, closes on April 9 and trading is expected to begin on April 11. |
| (Post 7 of 1251) 03/28/2001.20:49:49 |
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What Oculus??? Remind people about Optus !
such bad market also dare to price 0.22? Give free also must consider. Later not enough to cover commission and brokage. |
| (Post 8 of 1251) 03/29/2001.14:24:46 |
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In this tumultuous period,it is better to go for old economy stock... |
| (Post 9 of 1251) 03/30/2001.17:49:22 |
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any serious comment on this IPO? buy or no buy????
any views from close associates? |
| (Post 10 of 1251) 03/31/2001.13:30:09 |
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| (Post 11 of 1251) 04/01/2001.23:07:35 |
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This company looks interesting. I think 8 out of 10 wear glasses or contact lenses. Can't go wrong. They have a regional play as well. Easier for products to go regional compared with services. Less problems with cross border culture. I can't imagine much adaption of contact lens are required when they are sold in China or malaysia. Maybe japan where their eyes seem a bit smaller.
What I am not sure is whether PE of 8.61 times is reasonable. Only thing that worries me a bit is debtors and inventory. Both seems relatively high although bad debts provision is not significant. Worth thinking about? Not sure if there is presently any listed company to compare with? Except Bausch & Lomb listed in New York? |
| (Post 12 of 1251) 04/02/2001.09:35:55 |
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1. IPO is priced at about 8.61x PE on 2000 earnings and based on Sassoon's forecast, the PE for 2001 earnings would be about 8x despite a bigger post-IPO share base. this is only one-third of the avearge of 25x of Baush & Lomb, Novartis(Ciba Vision) and Johnson & Johnson. While it may not be comparable against its big competitors in many aspects, its pricing has more than compensated for that. Anything more than 50% difference in PER is reasonable. Furthermore, it is also supplying to Baush & Lomb's subsidiary PTC (Polymer Technology Corporation). The stock thus offer a cheaper entry to buying Baush & Lomb's shares.
2. IPO float of about 22 million shares priced at $0.23 is relatively small worth about S$5 mil. This should attract good retail and punting interest. 3. Defensive play in the local market as Singapore has the highest rate of myopic population and research study reveals that 50% of our Pri 6 students are myopic. Thus, the local market serve as a base and ensures that the company would continue to do well. 4. Exposure to consumer play in the vast China market. While Baush & Lomb, Johnson & Johnson offers good exposure to the huge US market and the rest of the World, Oculus may present the best exposure to the huge China market in a way similar to that of Baush & Lomb to US markets. Its plan to expand its retail outlets in China would ensure strong growth ahead. The average gross margin for the business is above 50% and the average net margin is about 15%. Reffering to another China play stock Global which offers exposure to distribution business of handphone in China. The share price more than triple in less than 1 yr after listing. What Global offers was simply a consumer play, which is what Oculus now offers. 5. This sotck also presents healthcare funds a choice for Asia healthcare play. There aren't many healthcare stocks that healthcare funds can buy in Asia. Fundamentally, this stock offers some good exposure. On a conservative but fair PE of 10x 2001 earnings, the stock is worth S$0.30. Worth to monitor. |
| (Post 13 of 1251) 04/02/2001.23:32:41 |
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will this counter start trading as short selling counter. |
| (Post 14 of 1251) 04/05/2001.23:01:09 |
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smalll cap stocks have make a comeback today. if u notice carefully on today's trading pattern, u would discover that prices never really retrace much after moving up. however, i agree that the volume is still on the low side and u don't see the rush to buy, except for Hyflux. don't worry, better times ahead.
most retails are still cautious and most remisiers and dealers are also think that the rally may not last. this are good signs of a rally sustainable for up to 1 week. next week should see good volume and good upward price movements. pay attention to any small new IPOs. of course, my pick is still Oculus. small enough, fundamentally attractive, good angle to play, good market sentiment, scarcity of such healthcare stock. who may buy ? i think healthcare funds, insurance funds, and Greater China funds, small cap funds, growth funds would be interested in this stock. should worth about S$0.38 on 13x 2001 earnings. |
| (Post 15 of 1251) 04/06/2001.23:42:20 |
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IMPORTANT NEW DISCOVERY. take a look at the video clip of the interview Oculus managing director Siew Chee Meng held with CNBC. it was mentioned that "he has no problem acquiring a company or merging his company". he stated that the company had touched base with a few prospects but still in preliminary stage. also when asked about why choose now to launch the IPO, he replied that there was growth opportunity to fund. getting interesting. he also said that institutional investors had ver strong interest in the stock. getting more interesting. stay tune. |
| (Post 16 of 1251) 04/08/2001.18:24:05 |
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AHKOW must have loaded himself with alot of placement shares .....
gd luck ... |
| (Post 17 of 1251) 04/08/2001.19:52:46 |
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Once Lasik surgery takes off, it's BYE-BYE Occulus. |
| (Post 18 of 1251) 04/08/2001.22:03:17 |
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Read the research report by Keppel Securities. Recommendation is : STAG.
Extract from report: As the contact lens market is still in its infancy stage in developing countries, with penetration rate of about 10%, Oculus is poised to benefit from any increase in demand in these countries. Additionally, contact lenses are no longer meant for correcting vision, innovative products such as cosmetic lenses are creating fashion trends. However, given the current weak market and overall lower market valuation, we are recommending a STAG for Oculus. Good luck to those applying for the share. |
| (Post 19 of 1251) 04/08/2001.22:04:57 |
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Empresswu, people nowadays quite vain. Even eyesight perfect, may want to put on coloured lens. Those "old blue eyes". |
| (Post 20 of 1251) 04/08/2001.22:18:33 |
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IPO Closing Alert!
Oculus IPO subscription closes tomorrow! Closing : 9 April 2001 - 12 noon Subscription price : S$0.23 Together with subsidiaries located in Singapore, Malaysia, Hong Kong, Taiwan and the PRC, Oculus is engaged in the business of manufacture and/or distribution of contact lenses and contact lens solutions in these countries. In addition, they also export contact lenses and contact lens solutions to 20 other countries in the Middle-East, the Indian sub-continent and other countries in Southeast Asia. Useful links: 1. Prospectus Summary / Download full prospectus 2. Company overview 3. Oculus Company website |
| (Post 21 of 1251) 04/08/2001.23:23:04 |
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I downloaded the videoclip like what tanahkow89 suggested. I did not read the prospectus but if you listen to the video, you would realise that their business is in coloured lens and torrid (spelling?) lens (which are also hard lens? as the interviewer asked "Who wears hard lens nowadays?), a very niche market that is suitable for a small company. They are not competing in the disposable lens market against the giants such as J & J and B & L. |
| (Post 22 of 1251) 04/09/2001.22:55:39 |
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u are right. they made hardlens, but only a small percentage. this hard lenses are under the Boston brand belonging to Baush & Lomb's subsidiary Polymer Technology Corporation. Also, hard lenses are still in play. it is a nich market and every year is growing at a steady although low rate. B&L would be doing the R&D and marketing of this type of lenses. Occulus just manufacture and supply to the market.
now come to soft lenses. oculus manufactures its own soft lenses under various brandname as well as color lenses. those brand would not be familar here but they are recornisable in places like Shanghai, Beijin, Indonesia. For your info, don't write off Indo. During the crisis years 1997-1999, oculus's sales in Indonesia were showing strong growth. these are audited figures. also, to compete with J&J and B&L, you think oculus will win ? of course not. therefore, oculus has to establish itself in niche market and not mass market, new market and not saturated market. thus, oculus is the B&L in China, Indonesia. the gross margin of the biz is 56% and the net margin is 15%. growth for the next 3 yrs are 25-35% p.a. if investors don't buy such good fundamental stocks, and choose to buy other funny penny stocks or worst still loss making, i would say good luck to these people. the raw material in oculus case is only about 20% of its selling price. too bad, there are just too many ignorant people out there who would buy contract manufacturers who make a miserable 3% but have to invest heavily in production line every year. the basis principal of stock investing is to look at it as though you are buying in to the business. would u buy a biz that is givging u net profit margin of 15% at 8x PE or would u buy one that is giving u 3% gross margin at 20x PE ? earnings growth the same in both instance. a smart biz man would know the answer. your decision. |
| (Post 23 of 1251) 04/09/2001.23:09:14 |
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appreciate if you can name a few stocks that give net profit of 15% and trade at 8X Pe. thanks |
| (Post 24 of 1251) 04/10/2001.10:01:13 |
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Tanahkow89 ,
Hmm...you've brought my eyes to a potential gem. A boring biz with high profit margins, growth and has low P/E. need to research more on it. thanks. |
| (Post 25 of 1251) 04/10/2001.23:08:39 |
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i can't name other specific stocks as i dont't look at all stocks. however, i am sure that most contract manufacturers are out of the questions, may be except Venture. typically, contract manufacturers have margins about 3%-8%. PERs are above 20x. no niche market and have to compete with hugh US counterparts like Flextronics, Solectron, SCI, Jabil Circuit. furthermore, there is a need to keep investing on capital expenditure, either to increse production capacity or to re-design its production line due to change in product or to upgrade to newer technology.
a smart biz man would invest in biz that yield good margin, good cash flows, less capital commitment and defensive nature. that's why in a hawker centre or coffee shop, the drink stalls always have the highest margins. next is the fruit stall. |
| (Post 26 of 1251) 04/11/2001.10:48:17 |
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Asher, from what I understand about contact lenses, toric lenses correct astigmatism. The proper name for hard lenses is rigid gas permeable lenses (or RGP for short). RGPs take some getting used to because, as the name implies, are less comfortable when compared to soft lenses. However, they are now known to retard the progression of myopia in children. From what I've read, in Singapore, 25% of Pri 1 kids need vision correction. By the time they reach Pri 6, 50% need vision correction. The % is even more alarming by the time they reach 18 -- something like 80%! Singapore has one of the highest incidents of myopia in the world! |
| (Post 27 of 1251) 04/11/2001.11:27:52 |
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Pheim May Have Bought Oculus Shrs
Source : Dow Jones 10/04/2001 15:44 [Dow Jones] SINGAPORE: Traders say there's vague speculation Pheim Asset Management bought slightly less than 5% of Oculus (5AL) shares. Pheim was also involved with shares of Hyflux (600), another recent IPO, making substantial gains when it sold about 4 million Hyflux shares 1 month after buying them. Oculus due to start trading tomorrow; IPO price at 23 Singapore cents.(AXH) |
| (Post 28 of 1251) 04/11/2001.12:55:04 |
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Sources verified by SI, therefore, rumours that same players who took up Hyflux placement are the same guys who took Oculus placement, is not baseless. Beginning to like horses - their mouths, no doubt, stink, seems to breathe out fresh air this time round..... |
| (Post 29 of 1251) 04/11/2001.12:56:01 |
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By the way, even Commandos are taking in bespectacled chaps....worried about defence of Singapore.....how to fight with glasses on..... |
| (Post 30 of 1251) 04/11/2001.13:54:06 |
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hi all, everyone please tell everyone that this one got play. pheim element cannot be ignored. small float, sound fundamentals, niche business. so, dun be myopic anymore hyflush out, oculus in. coloured lenses big sellers. cheers......... |
| (Post 31 of 1251) 04/11/2001.14:00:53 |
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for those with eyesight problem in life, go visit one of oculus' consultant, sure they can help. for those with eyesight problem in the stock mkt, please ask smallikan for help, he is really good. |
| (Post 32 of 1251) 04/11/2001.14:42:54 |
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anyone looking at this?? attention wanted. buy ahead of pheim now... |
| (Post 33 of 1251) 04/11/2001.14:52:53 |
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Debra,
Nice to see you back...where have you been all this while? Myopia is a big problem facing Singaporeans....and I mean in every aspect....cheap things, nobody want...when it gets expensive, everyone grabs...Singaporeans like to pay high price for assets what...look at Optus..and maybe Dao Heng... |
| (Post 34 of 1251) 04/11/2001.14:55:39 |
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ya lor, cheap cheap dun want, wait until high high at time when pheim wants to distribute only buy and get stuck high high. sigh....... |
| (Post 35 of 1251) 04/11/2001.14:59:21 |
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smallikan, tell u a secret, gracegoh is in this... shh.. |
| (Post 36 of 1251) 04/11/2001.15:09:42 |
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Is it? She never tell me....i hope she is... |
| (Post 37 of 1251) 04/11/2001.15:10:00 |
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smallikan, ppl got $$ one, this level too cheap lah. wait until 0.30 and above then get in. safer that way |
| (Post 38 of 1251) 04/11/2001.15:15:06 |
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smallikan, just two of us shouting here and there no use one. ask you gang members to join also ma... seriously, this one got play. |
| (Post 39 of 1251) 04/11/2001.15:22:05 |
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Under-subscribed rite?  |
| (Post 40 of 1251) 04/11/2001.15:24:41 |
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1.29 times subscribed. |
| (Post 41 of 1251) 04/11/2001.15:39:09 |
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wah, so fast got shot down! |
| (Post 42 of 1251) 04/11/2001.15:46:20 |
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Potato,
This kind of counter is like that one lah....up down fast fast....stockist in stockist out....make a quick one then bye bye... |
| (Post 43 of 1251) 04/11/2001.15:47:12 |
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debra
see!! get gracegoh kick out now no shouter.my gang will join in only when you declare your interest.oculus got future one becoz many ppl getting blind staring at so many postings. |
| (Post 44 of 1251) 04/11/2001.15:49:39 |
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This counter not for you guys to play lah....if Pheim is in there, others will follow...be patient and wait for Pheim to declare their substantial interest, IF ANY AT ALL! |
| (Post 45 of 1251) 04/11/2001.22:03:57 |
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wow, occulus profit margin is at near 50%. honestly, i didn't know contact len biz is so lucrative. this is due to the reported high barriers of entry which result in only very few players around in this industry. well, once the production n quality control get set up, it is just a matter of keep on producing small plastics and solution. er, my simplistic thinking
it is the onli manufacturer of contact lens listed here reportedly no comparables in singapore. its current overseas counterparts are trading in high PEs (eg ranging from 15 to 45 times)and even taking into account of a discount in relative strength, occulus is still very cheap at PE 8 times. assuming it trades to a value of PE 20 times, that should be 46 cents still room to move after today's fall. Asia is the growing market for occulus n one eye should be on the very very big PRC market. it is touted that Asia only has 1% penetration and annual growth rate of 23% is suggested. obviously, there is still competition. however, with a such gross 50% profit margin, even a small capture of market share is good enough to enable good growth rates in the very high regions. occulus is better poised to compete on price due to its relatively low costs of production in Asia. from this thread, i read the rumour that pheim is interested. i can understand why if they take some stake. whatever, i supposed no harm tikam tikam a bit :-) oh yes, stock very tightly held and only free float of 30%, about 21 mil in placement. it is really hard to find an interesting small-cap growth stock around in singapore n i supposed this stock qualifies in some way. good luck to all oculus shareholders. |
| (Post 46 of 1251) 04/11/2001.23:34:47 |
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heard from remisiers that the Japanese broker who took the placement shares was dumping them in the market. such weak investor should not be in the stock market at all. hokkien says "seah sway". hope the stock repeats the Hyflux pattern: down on first few days and then big surge thereafter. healthcare funds and insurance funds would buy this stock, i believe. worth to monitor. |
| (Post 47 of 1251) 04/12/2001.00:17:27 |
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With more and more people using disposable lenses and more and more people going for lasix corrective surgery, how bright can the peospect be?
In 10 years time contact lens may even be obsolete. You only need one laser surgery and you will regain your 20/20 eyesight. |
| (Post 48 of 1251) 04/12/2001.00:52:59 |
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lasix surgery sure got good publicity. i thot it would be the trend too. i once posed this question to my eye surgeon-friend about lasix why is he still wearing glasses despite the very 'low risks'. quietly, he told me he has seen enough complications to be wary n has to deal with many of all these cases that are referred. basically, i was surprised cos i read about the positive things the press has to say. well it is true there are a majority of successes n there are still risks involved. lasix is still a new thing nevertheless. even a complication might arise after some years. however, my surgeon-friend also told me that his view is a 'biased' one cos of his experience with dealing with the complications' cases. even his account of some of the eye-surgeons raise some interesting wariness, i guess speaking as a professional.
nevertheless, the costs of lasix are still high still beyond the reach of many. just a note for those who might think lasix is very safe. a surgery always carry a risk. it is better to seek alternative perspectives. now i m not sure how safe lasix is cos i don't want to believe what has been read. i will be skeptical. perhaps some eye-surgeon around might like to comment :-) anyway, contact lenses also have risk lah :-) if u don't clean well. however, the risk is not similar to that of surgery. |
| (Post 49 of 1251) 04/12/2001.01:54:35 |
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This one definitely worth to buy aggressively. Coy is sound, share issued is small enough & mostly to institute investors + fully taken up. It is a rare chance that such good counter hit below IPO of $0.23, a whopping $0.04 discount. Less than 1/4 a cent to breakeven,just imagine the profit if it surges. Even better than Hyflux! Watch out & dun ever miss the chance to strike. |
| (Post 50 of 1251) 04/12/2001.07:47:01 |
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I don't think the fundamental of the company is as good as Hyflux.
But I agree that if the price is low, it is worth buying. Anyway, I believe some of the new listed would see some upward movement (and this one has a good chance) otherwise there will be no public offering for quite some time. Almost all are below IPO price, who would subsribe to the next IPO even if the IPO price is low. |
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