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(Post 1 of 163) 06/28/2000.16:09:00 |
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Another IPO in the food industry .... following the listing approval given to Thong Siek few days back! Tastyfood Industries, which makes instant cereal, coffee and tea, has attained approval to list on main board of Singapore Exchange. IPO expected to be launched in month. |
| (Post 2 of 163) 06/28/2000.17:46:00 |
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Some figures to chew, Tastyfood posted pretax profit of about S$3.5 million on sales of $26 million last fiscal year. UOB Asia Limited is the IPO's lead manager. |
| (Post 3 of 163) 06/28/2000.19:00:00 |
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What brands does it produce? |
| (Post 4 of 163) 07/03/2000.10:34:00 |
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WillyLim, They are an investment holding company engaged in the manufacture and sale of instant beverages, instant cereal and snack foods. Their brands include "Vitamax", "Mr Cafe", "Mr Tea", "Mr Right", "Snowkis" and "Johnny Boy". Heard of them????? |
| (Post 5 of 163) 07/03/2000.10:38:00 |
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Heard that their are having a launch today at Mandarin Hotel NOW! So many IPO, so little money, a bit like a Contractionary Monetary Policy the SGX is doing to the economy... siphoning all the cash into equities. Beware of the contraction. |
| (Post 6 of 163) 07/12/2000.11:58:00 |
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Notice the IPO Alert in SI shows Tastyfood as OPEN for Subscription! Is it confirmed? No official new yet right? |
| (Post 7 of 163) 07/12/2000.12:01:00 |
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From SI's IPO ALert TastyFood Mainboard $0.235 12 July 2000 12 pm 19 July 2000 7 days left 21 July 2000 start trade |
| (Post 8 of 163) 07/12/2000.15:02:00 |
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Does anyone know how does tastyfood fair as compared to SUPER and FOOD EMPIRE? |
| (Post 9 of 163) 07/13/2000.02:07:00 |
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Tastyfood launches IPO of 42 mln new shares at 0.235 sgd each SINGAPORE (AFX-ASIA) - Tastyfood Holdings Ltd said it has launched an initial public offering of 42 mln new shares at 0.235 each. The IPO comprises a retail tranche of 4.20 mln shares and a placement tranche of 37.80 mln, which includes 4.20 mln shares reserved to employees and business associates. Of the net proceeds of 9.10 mln sgd, 3.50 mln sgd will be used by the company to repay bank loans and the balance will be used for working capital purposes. The company, which manufactures instant beverages, cereals and snacks, achieved a net profit of 3.50 mln sgd in 1999. The IPO, which is being handled by UOB Asia Ltd as manager and United Overseas Bank as lead underwriter and placement agent, closes on July 19 and trading is expected to begin on July 21. jb/rf |
| (Post 10 of 163) 07/16/2000.13:41:00 |
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UOB Securities Recommends Subscribe at $0.235 See attachment for details.
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| (Post 11 of 163) 07/16/2000.13:51:00 |
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The IPO, which is being handled by UOB Asia Ltd as manager and United Overseas Bank as lead underwriter and placement agent, closes on July 19 and trading is expected to begin on July 21. UOB Securities Recommends Subscribe at $0.235 Gosh, how can they do that???? |
| (Post 12 of 163) 07/16/2000.13:56:00 |
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Tastyfood BIG %return Heard of Vitamax, Mr Cafe ... This tasty IPO launch @$0.235 PE = 7 The ave food industrial PE = 18 The closest competitor Supper Coffee PE = 20 Food Empire PE = 14 Just base on the PE, Tastyfood worth at least $0.47 (PE = 14 lowest of 14,18 & 20) If you look at the mkt cap of Supper Coffee and Food Empire, they are at least 3 times the size of tastyfood. With an extremly small float of < $10m, this stock can be easily cornered and I will not be totally supprise if it go more than 3 times > $0.70 on the debut. Buy on debut if < $0.47 and enjoy a tasty return  |
| (Post 13 of 163) 07/16/2000.17:58:00 |
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Valley, Pls be more realistic!!!!! Are you those that have gotten Placement Shares and trying to get pple to subscribe to the shares and to buy up the shares up to $0.47?!?!?!?! 1) TastyFood is not offered at a PER of 7x but at 8.4x. UOB Sec actually forecast a drop in EPS in FY2000 from 2.81 cents in FY1999 to 2.48 cents in FY2000. At the issue price of $0.235, the forward PER will be 9.5x. 2) Next, Super Coffee and Food Empire are both not trading at 20 and 14 times PER respectively. Based on 13/7/2000 closing, Super Coffee at $0.285 is trading at 15.0x PER and Food Empire at a price of $0.135 with a PER of 10.8x. 3) Currently, Super Coffee and Food empire have a mkt cap of approx. $99m and $46m respectively. Based on the IPO price for TastyFood, its mkt cap is only approx. $38m. As such, a closer comparison will be Food Empire which was also listed this year. 4) So, how much was Food Empire IPO's price??? $0.13! and what is the closing price on 13/7??? $0.135, a mere $0.005 higher than its IPO's price. If we believe that TastyFood shld at least be trading at the same PER as Food Empire, I would say that the debut price would be around $0.27. This would translate into a 15% premium. Good in terms of % but not in absolute terms. 5) The mkt is into tech stocks now. If one is really interested in this stock, I would say STAG and get out on the first day. The mkt still have many more interesting IPO coming like Stratech. In addition, I believe the mkt will continue to play tech stocks like N22, Jadason, PKTech and Trek2000. 6)so, Valley, will you be buying up to $0.47??? If you are, let me know, I'll sell you mine at $0.47 if I am successful in the IPO. |
| (Post 14 of 163) 07/16/2000.19:01:00 |
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You are such a creature in your wonderful analysis on this aroma bit. I bet that smell is so heavy that that guy in the valley got carried away even without seeing what is cooking.  |
| (Post 15 of 163) 07/16/2000.19:19:00 |
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Stag at best for this counter. If lucky, 30ct. |
| (Post 16 of 163) 07/16/2000.21:27:00 |
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I think I'll save the trouble and my $1.00 to apply for this IPO. :) |
| (Post 17 of 163) 07/16/2000.22:17:00 |
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Thank you Emmu. Pricing an IPO is an art and it is also a beauty. If UOB is kind enough to allot 2,000 shares for those who apply for 2,000 shares, after deducting the min. $10 brokerage, investors shld be able to get a $40 to $60 profit based on a debut price of $0.26 to $0.27. However, if you are a big player, save the trouble and trade on other stocks in the mkt. |
| (Post 18 of 163) 07/18/2000.16:04:00 |
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Hi, I dig this from the listing manual. Mr Lim Chee Kiong 1987-1989 Product Engineer with EMS 1985-1987 System and Maintence Engineer with KES before 1985 Technician ( diploma in Electronics Present job, Executive director in Tasty. Join Tasty as an "executive". I think Tasty is more like a family business. |
| (Post 19 of 163) 07/19/2000.19:54:00 |
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Wah, this one response not bad too, bad I give it a miss cos' most $$$ will go to repay loans and working capital. Tastyfood Holdings IPO 34 times subscribed SINGAPORE (AFX-ASIA) - Tastyfood Holdings Ltd said the retail portion of its 42-mln-share initial public offering was 34 times subcribed. The retail tranche comprised 4.2 mln shares which were offered at 0.235 sgd per share. The remaining 37.8 mln shares consisted of a placement tranche of 33.6 mln shares and a reserved portion of 4.2 mln shares. mbe/tr |
| (Post 20 of 163) 07/20/2000.11:07:00 |
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Though the issue is oversubscribed, i dont think the issue will be exciting unless there are syndicates playing this stock upwards. |
| (Post 21 of 163) 07/20/2000.20:16:00 |
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From POEMS : We are concerned about the weak financials of this company, particularly the high debt level and its high liquidity risk. Furthermore, the company operates in a highly competitive market and we do not see Tastyfood as having any strong competitive edge over its competitors in this industry. We are not too optimistic about the company's future growth. Although expansion plans are laid out, we remain concerned with the need for new sources of financing for such plans. With the proceeds from this listing going into the repayment of bank loans and funding its huge working capital needs, it leaves us with little or no doubt that the company will need additional financing should it carry out its expansion plans. Although the low historical PER of 11.2x seems attractive as compared to Super Coffeemix's 23.0x, it is already trading close to the industry's average of about 12 to 13 times. Hence, any upside potential of this counter is limited. Given the unexciting industry of this company and its weak financials with no concrete plans for growth, we are at best Neutral on this company. |
| (Post 22 of 163) 07/20/2000.20:22:00 |
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From UOBIR : Despite the risk of facing more intense competition, we believe that the PRC is still a lucrative market which will provide strong growth potential for Tastyfood in the next 2-3 years. At an issue price of $0.235, Tastyfood's valuations are undemanding and we are targeting the counter to trade up to 11-13x FY00 EPS. This translates into a price range of $0.27-$0.32, a premium of 14.9%-36.2%. Thus we are recommending a SUBSCRIBE on Tastyfood. |
| (Post 23 of 163) 07/20/2000.20:27:00 |
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TASTYFOOD -- YUM YUM TREAT by K S WONG Tuesday, 18/07/2000 10:15:26 AM TastyFood, a manufacturer of 3-in-1 instant cereal, instant beverages and snack foods like crackers and potato fries will benefit from the fast growing domestic consumption in China (See Street Buzz ). Currently, over 60% of TastyFood's revenue and all its profits are from the PRC. TastyFood major growth prospects will come mainly from the PRC, where the penetration of snack food per capital is still low. With a historical FY99 P/E of only 8.4x, and expected to grow in excess of 15%, the market believes the stock is worth a STAG. Fair value of the stock is seen at around $0.32 per share, giving it a prospective FY00 P/E of 10x. |
| (Post 24 of 163) 07/20/2000.21:02:00 |
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From Netresearch-asia.com : IPO Watch - Tastyfood Holdings Ltd - low valuations do not offset PRC dependency concerns 18 Jul 2000 Too many unanswered questions and concerns about PRC - AVOID Synopsis : Memories of Cerebos' problems in PRC heighten risk profile of Tastyfood which are not fully discounted in IPO price Tastyfood Holdings Ltd $ 0.24 ST : NONE LT : NONE Investment recommendation Tastyfood is a manufacturer and distributer of 3-in-1 beverages. Although tracing its existence to 1987 in Singapore, the group has not made profit from its Singapore operations over the last three years. Its earnings are almost totally dependent on its 3-in-1 cereal products which it sells to the PRC. With historic post IPO PERs of 11.3 times, the issue is expensive and we find no compelling reason to subscribe and would recommend that investors AVOID the issue. Key factors which give us reasons to be concerned are: a) the 3-in-1 instant beverage market is very fragmented with hardly any barriers to entry b) there is little or no brand loyalty and pricing is key which suggests that current margins are likely to be eroded with new competition c) its Vitamax brand has hardly any brand awareness in Singapore d) its main market is the PRC where its distributors are allowed to return unsold products. Its products also have a shelf life of one year. This brings back memories of similar problems in China for Brands Essence of Chicken in terms of unsold products and huge stock writeoffs. The latter had a more dominant brand name in the essence of chicken market as well as 3 year expiry for its products. This problem is already showing signs of surfacing with a significant increase in the average length of debtors turnover which increased from 82 days in 1997 to more than 204 days in 1999. e) One third of the proceeds raised are to repay bank debts from the lead manager with the balance for working capital. The group already admits that existing capacity can last another two to three years. All these suggest that the apparent low valuations are not cheap especially for a business whose earnings will be driven by growth in China and support our AVOID recommendation. ... Use of proceeds Of the $9.1m being raised: a) $3.5m will be used to repay bank borrowings from UOB. As at the end of the last FY, Tasty had borrowings of more than $10.1m. b) the balance $5.6m will be used as working capital. ... |
| (Post 25 of 163) 07/20/2000.23:20:00 |
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Sporebgr, what's with the negative postings, planning to short this counter ? |
| (Post 26 of 163) 07/20/2000.23:35:00 |
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Nibbler, Actually Sporebgr is doing us all a favour. By collating as many of the different professional viewpoints as possible, SI forumers can make an informed choice. They can decide for themselves if this stock is up to scratch and will do well when it debuts at 9am on Friday 21 July 2000. If not, they can cite the reasons why. Overall, a fair and responsible action by fellow netizen. I applaud his efforts. Thank you much Sporebgr! |
| (Post 27 of 163) 07/21/2000.00:17:00 |
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Well, Seasonplayer : 1 AVOID, 1 SUBSCRIBE and 1 NEUTRAL recommendations. So much for professional help I happen to be free this month. Spent a lot of time learning more about shares from various web sites esp. about Singapore IPOs this month. Nibbler, with the Dow and Nasdaq both up by 100 over points ... I'm reassessing whether to short or not to short. I was initially very adamant on shorting the counter. |
| (Post 28 of 163) 07/21/2000.09:16:00 |
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Attn Admin, there is NO Intraday chart for TasyFood ? |
| (Post 29 of 163) 07/21/2000.09:19:00 |
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ppl, me was told tht this counter got a lota loans to pay.....pls bware |
| (Post 30 of 163) 07/21/2000.09:49:00 |
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Worth buying at 0.23 |
| (Post 31 of 163) 07/21/2000.09:50:00 |
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Afterall, tastyfood is not too tasty. |
| (Post 32 of 163) 07/21/2000.09:58:00 |
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Main weakeness is its PRC dependency. However, I think it is good to be a contrarian in this stock. PRC offers potential and immerse growth potential.Its debt level should not be too much of a concern. I recommend a BUY taking a contrarian viewpt.Cheap pxing ensures retail punters interest and expoect it to be on Top volume for the next two weeks. A close at 0.24~0.25 is expected. |
| (Post 33 of 163) 07/21/2000.10:05:00 |
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Onender, From a mktg standpoint, weakness also stems from the relative unknown brands Tastyfood represent. Against listed peers like Want Want, Del Monte, Super Coffeemix, S F I or Bonvest..... tell me if you have heard of their brands that includes "Vitamax", "Mr Cafe", "Mr Tea", "Mr Right", "Snowkis" and "Johnny Boy". Heard of them????? First 2 maybe, but not a strong brand at all. Qn is if they can sustain the competitive pressure from existing competitors and new entrants? If I am buying into this food industry, I had rather bet my hard earned money into Del Monte or SFI. |
| (Post 34 of 163) 07/21/2000.10:18:00 |
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No, I don't agree. Brands (of Cerebos) is very well known in Singapore and Asia. However, it is not very saleable in China.It is a well known fact in the market and Cerebos making a huge provision in previous financial year end. Go to China and you will realise that Tastyfood brands esp Mr Cafe and Vitamax is a household name. |
| (Post 35 of 163) 07/21/2000.10:25:00 |
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No long tasty! Again, an "empty-shell" company but much better than internet companies. Probably will close below IPO's price. Poor retail investors subscribing to this counter hoping to earn some profits but disappointment was the results. The high of Tasty is $0.265 and the IPO is at $0.23. Tell me what can a retail investor earn from this marginal play! |
| (Post 36 of 163) 07/21/2000.12:07:00 |
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Buy before NTUC starts buying! No vested interest, but will soon have. |
| (Post 37 of 163) 07/21/2000.12:31:00 |
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Expected short covering towards closing today. Remember what happened to Goodpack on ast day of IPO. Keep an eye on this counter. |
| (Post 38 of 163) 07/21/2000.12:41:00 |
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Oneder, I thot the well-known brandname in PRC is "SUPER"? They paid a hefty sum just to secure and patent its name in China to prevent 'piracy' of their brand. |
| (Post 39 of 163) 07/21/2000.12:47:00 |
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Pls Take a Contrarian view on TastyFoods. I recommend a BUY when people are selling. Bought 50 lots at 0.215~0.23 today. |
| (Post 40 of 163) 07/21/2000.12:54:00 |
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Mrmoon, the scenario of Tasty is different from Goodpack. The initial sold down of Goodpack on the first day of its IPO was cause by the on-line TVText not displaying the counter trading info. No vested interest at this moment. |
| (Post 41 of 163) 07/21/2000.12:55:00 |
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Oneder Stop abusing bandwidth plssssssss!!!! Yr ip has been noted and that goes for all yr twins around here. Rgds |
| (Post 42 of 163) 07/21/2000.13:00:00 |
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Mrmoon, the scenario of Tasty is different from Goodpack. The initial sold down of Goodpack on the first day of its IPO was cause by the on-line TVText not displaying the counter trading info. No vested interest at this moment. |
| (Post 43 of 163) 07/21/2000.13:12:00 |
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hi Oneder, You mentioned that "Pls Take a Contrarian view on TastyFoods. I recommend a BUY when people are selling." What you you mean by taking a "contrarian view on tastyfoods"?? Did you use the term lossely?? All investors loved to buy low and sell high..but let us look at the fundmentals of this company...let us take a long term view!! Do you see this company competing well here in S'pore and oversea market? Are they innovative in their products and How is their distribution network?? brand-name???...so many things to note and not just the price only. And if you have holding power...you can hold on to any counters in any amount..but it is a waste not putting money in good use. no vested interest in tastyfoods as yet...only holding on to SupperCoffeeMix...which I brought it recently at $0.285 ***My neutral comments*** |
| (Post 44 of 163) 07/21/2000.13:35:00 |
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UOBS (UOB being the underwriter) targeted the price to be .27 to .29. Well, the highest TF could ever reached was .265!! So much for fair valuations... To foresight: I fully agreed with you on your comments- "Do you see this company competing well here in S'pore and oversea market? Are they innovative in their products and How is their distribution network?? brand-name???...so many things to note and not just the price only. And if you have holding power...you can hold on to any counters in any amount..but it is a waste not putting money in good use." |
| (Post 45 of 163) 07/21/2000.13:53:00 |
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Neither Mr Cafe nor Super Coffeemix is well known in China, it is the Nestle brand that is on the shelves everywhere in China. |
| (Post 46 of 163) 07/21/2000.14:02:00 |
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Tastyfood is getting tasteless. It might even be stalefood later. |
| (Post 47 of 163) 07/21/2000.14:54:00 |
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Vtec, Think the syndicates have conerned this stock. Vested interests 50 lots @ 0.215 - 0.22, queueing to sell at ard IPO price. I'm prepared to pay tutorial fees to prove myself right or wrong. We shall see at closing :) |
| (Post 48 of 163) 07/21/2000.16:09:00 |
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The main reason why I did not subscribe for this IPO is because I saw the CFO (i think) on an interview on CNA. The CFO is a female and she did not have any make-up up (seems that she is not very concerned abt how she looks and it gives me the impression that she will not be too concerned with the company's image as well)and when Michelle Quah asked her to give reasons to invite investors to apply for her shares, her answers were not very enthusiastic as well. |
| (Post 49 of 163) 07/21/2000.17:01:00 |
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Cleared all positions @ 0.23. |
| (Post 50 of 163) 07/23/2000.14:00:00 |
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Tastyfood is quite an ideal stock because like it or not,it's cheap,the P/E is low and the float size is small.And it's only a matter of time someone buy it up to lead the market just like the previous week when the newly listed IPO took turn to lead the market!And everyone of us need one NOW! Most of the selling has been done last Friday and liquidation for the weekend completed.New and fresh positions would be taken again.Why not Tastyfood? It's cheap,affordable and would easily response to active buying without any overhang to stall the rise.I've bought and I'm keeping it till the SMRT IPO listing fever reach its peak! Furthermore someone in this forum suggested that NTUC may take a equity stake in it.Why not? Their alliance would definitely strenghten each other and both have presence in China,not to mention investors confidence in their shares. There are a lot of possibilities and I'd say that it's in the upside.Anyway, any rally in this stock is definitely beneficial for all. |
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