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(Post 1 of 10739) 01/10/2001.18:45:19 |
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United Food Holdings wins in-principle approval to list
Source : AFX SINGAPORE 18:33 10/01/2001 SINGAPORE (AFX-ASIA) - United Food Holdings Ltd, a China-based producer and supplier of meat products, said it has received in-principle approval to list on the mainboard of the Singapore Exchange. United Food said Overseas Union Bank Ltd will be the manager, underwriter and placement agent for the initial public offer. The group said that for the six months to June 2000, the group achieved profit after tax of 27.8 mln sgd on turnover of 165.1 mln sgd. It added that it has zero gearing. |
| (Post 2 of 10739) 01/10/2001.19:09:17 |
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PRESS RELEASE
Contact Information Scotchbrook-BSMG Worldwide Tel: 235 3121, Fax: 836 3120 Winston Choo, winston@scotchbrook-bsmg.com.sg Janice Ong, janice@scotchbrook-bsmg.com.sg Singapore - 10 January 2001 - United Food Holdings Limited, a leading vertically integrated food company that is one of China's major producer and supplier of high quality meat products, today announced that it has received in-principle approval from the Singapore Exchange Securities Trading Limited for a main board listing. Overseas Union Bank Limited is the manager, underwriter and placement agent for the initial public offering of shares. Founded in 1993, United Food has established a well recognised brand name - "Jiangquan" - for its extensive range of processed meat products, as well as its fresh/chilled and frozen pork products. While United Food's strategic business focus is on processed meat and pork products, the Group has expanded its business to include animal feed production and pig rearing to vertically integrate its operational activities. The Group is based in the Luozhuang District of Linyi, Shandong Province, located in the heart of China's eastern agricultural belt. United Food's vertically integrated production facilities cover some 280,000 m2 in floor area. "All our production plants and facilities are at the same location, thereby enhancing our operational efficiency and overall business management. Our integrated business model ensures a reliable supply and tighter quality control of raw materials. This enables us to better meet market demand for high quality meat products," said Mr David Yip, Chairman, United Food. From the initial production of pork sausages in 1993, the Group has expanded its product portfolio to over 30 varieties, including fish, beef, chicken, seafood-flavoured, century egg and other nutritionally fortified sausages. Today, United Food continues to improve and extend its range of "Jiang Quan" processed meat products. The Group's production facilities for processed meat products yield an annual throughput of 120,000 tonnes. All products have a shelf life of six months without refrigeration, and are gaining popularity as convenient food products. "Processed meat products forms the largest product category for our Group. With our wide variety of products, we are better able to cater to the varied and ever-changing consumer tastes in China. Improved consumer spending power has also resulted in greater demand for better quality foods, and an increasing preference for convenient food products. We believe that the Group is well positioned to benefit from these trends," added Yip. The production of fresh/chilled and frozen pork products ranks as the second largest product category for the Group. United Food operates an ISO9002-certified abattoir with a throughput of 3,000 pigs to produce 250 tonnes of pork daily, that are used for manufacturing of processed meat products, or sold as fresh/chilled or frozen parts, half carcasses and other by-products. "Our main product lines of processed meats and fresh/chilled and frozen pork products are sold through a network of 3,709 dealers and retailers, serviced through 40 sales offices located mainly in the eastern, central and northern regions of China. Through our export agents, our products are also sold to overseas markets such as Brunei, Russia and the Ukraine," said Yip. The Group employs state-of-the-art equipment and professional expertise for all its food processing operations, which comply with international standards. Coupled with its stringent adherence to hygiene and quality control, United Food was awarded an ISO9002 certification for its abattoir and food processing operations in 1999. The Group has also won numerous provincial and national accolades for its superior quality systems and products. "We are extremely pleased to be the first abattoir in the China to be ISO9002-certified, which is both an endorsement and testament to our strict adherence to quality control," said Mr Yip. The daily production output for the Group's animal feed business amounts to some 190 tonnes. Production facilities are fully automated and computerised, producing feeds for pigs, ducks, rabbits, fish, and a variety of pig feeds for different stages of growth. In the pig rearing business, the Group rears pure breeds imported from Denmark and has since developed cross breeds in the pig farm, which has an annual maximum output capacity of 150,000 pigs. Quality breeds of piglets are also sold to other pig farms and breeders. United Food's investment in research and development (R&D) reinforces its commitment in providing a range of innovative products for every market segment in the industry. Its team of veterinarians, animal nutritionists, ex-university lecturers and researchers, undertake research in their specific fields to constantly improve production processes and operations. Financial Performance The Group has zero gearing. For financial year ended 31 December 1999, the Group achieved a turnover of RMB1,012.8 million (S$211.4 million) and profit after tax of RMB158.8 million (S$33.1 million). For six months ended 30 June 2000, the Group achieved profit after tax of RMB133.4 (S$27.8 million) on the back of turnover of RMB791.1 million (S$165.1 million) for the same period. The Group's compounded annual growth rate for profit after tax between FY1997 and FY1999 is 44.8%. From FY1997 to FY1999, the Group's return on equity has improved from 66.4% to 71.0%. Note: RMB/S$ exchange rate at 4.791 |
| (Post 3 of 10739) 01/28/2001.16:25:19 |
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Another "quality" IPO from OUB. No gearing means no need $ then why IPO? Another Cytech version of China play. Ironically, now after the tech play is gone and all scrambling for old economy play, here is comes with the China food play.
Caution again. |
| (Post 4 of 10739) 01/29/2001.09:35:51 |
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Simguanheng,
How do you know they have no gearing? I disagree that companies with no debt has no reason to IPO. Does that mean that all IPOs are "bail outs" from the investing public? China food industry? Hmmmm, imagine the number of mouths they have to feed there. |
| (Post 5 of 10739) 01/29/2001.09:43:39 |
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i know someone who is the chairman and ce
of a company which went ipo amid tech euphoria whole family on the board getting director remuneration on ipo sold vendor shares raking in way more than 10 millions bought two houses for himself, bought a house for his mother bought several new cars and threw a big dinner for his son at ritz carlton millenia... gracegoh u attended that one? if it isn't a bailout i can't find another term to describe. other ipos likewise. even shaky types like ei-nets allowed to list. so that existing shareholders can exit. at whose expense? at public's expense. now we have a pig farm trying to list. who knows, maybe spca and tulip/dog/mouse farms may list as well. |
| (Post 6 of 10739) 01/29/2001.09:48:30 |
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Karrde, I think I know the company. I have been giving warnings about such companies, and if anyone get burn here, SERVE
tHEM RIGHT for not listening. |
| (Post 7 of 10739) 01/29/2001.10:00:00 |
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alan: let's check if we are on the right frequency here. the owner of that company, is he skinny/normal/fat/veryfat?
on another note, i wonder and ponder what's so gd abt ipos. my take is look at the grey market, then make the decision whether to avoid or stag. otherwise is plug into whisper circuit and see if boss had hired muscle plp to play it up. research so much from top to toe. may as well use the time to play tennis or swim. and some plp are just goonies you know alan. eg. i'd quarrelled with a few at the sgx thread (xafel) when they were telling plp not to subscribe when the grey mkt is doing 15% higher. goonies. |
| (Post 8 of 10739) 01/29/2001.13:29:03 |
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ppl have their opinions comments  |
| (Post 9 of 10739) 01/30/2001.19:37:08 |
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United Food: rising China meat consumption to underpin growth in next 10 yrs
Source : AFX SINGAPORE 11:08 30/01/2001 SINGAPORE (AFX-ASIA) - China-based United Food Holdings Ltd, which plans to list on the Singapore Exchange over the next two months, said rising meat consumption in China will underpin the company's growth over the next 10 years. United Food, which produces and supplies processed meat products as well as fresh/chilled and frozen pork products and animal feeds, had grown at a compounded annual rate of 45 pct between 1997 and 1999. "We expect the China market to continue growing as we believe that China's current consumption of meat at 45 kilograms per person (will) to grow to 52 kilograms per person in the next ten years," United Food managing director David Yip said. |
| (Post 10 of 10739) 01/31/2001.09:20:41 |
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Bigger player coming for listing.
>>>>>>>>>>> Extract from Singapore Business Times: 31 Jan 2001 People's Food gets okay for mainboard listing By Rachel Ong CHINA'S biggest meat products manufacturer, People's Food Holdings, received in-principle approval yesterday to list on the mainboard of Singapore Exchange. People's Food Holdings is the holding company of Loampit, Linyi Xincheng Jinluo Meat Products Co and Champ Base. The group was incorporated in Bermuda in August last year but has been operating in Shandong since 1994. It has factories in Sichuan, Hunan and Inner Mongolia. Linyi Xincheng Jinluo Meat Products produces frozen and fresh pork, ham, sausages and frozen chicken, sold throughout China under the Jinluo brand. Its executive director Zhou Lian Kui said: "Our Chinese customers have come to trust the Jinluo brand for high-quality meat products. People's Food has facilities located throughout the northern, southern, western and central parts of China. We are able to ensure speedy delivery of our products, thereby ensuring freshness and transferring cost savings to customers." People's Food posted a net profit of 302.6 million renminbi (S$63.5 million) on turnover of 2.3 billion renminbi in 1999. For 2000, net profit is expected to rise to 408 million renminbi on turnover of 3.2 billion renminbi. |
| (Post 11 of 10739) 02/01/2001.17:38:57 |
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Research reproduced with permission from Millennium Sec
Issue Shares : 90m shares - 75m New shares - 15m Vendor shares Lead Manager : OUB Bank Placement : 85.5m Placement Shares 4.5m Public Offer Issue Price: Indicative 0.61 to 0.65 Par Value : HKD 0.50, Approx SGD $0.11. P/E Ratio : 4.9x to 5.22x Market Capitalization : $300.85m to 320.58m (Post-IPO) Use of Proceeds : Expansion of Production Capacity (Not indicated), Range of Processed Meat Product (SGD $2.1m), Sales & Distribution Network (SGD 8.4m) Marketing & Promotion (SGD 6.2m) Research & Development (SGD 3.4m) Working Capital (Remaining Balance) Company Background United Food Holdings is an integrated food processing company based in Linyi city of Shandong province in the PRC. From a humble beginning in 1993 of manufacturing and marketing pork sausages, it had expanded its business to include, 1) Production & sale of processed meat products (47.1%) 2) Production and sale of fresh, chilled and frozen pork products (41.1%) 3) Animal feed production; and 4) Pig rearing. As an investment holding company, its principal business is conducted through its 100% owned subsidiaries, i.e. Post-Ante Holdings Limited (British Virgins Islands) which in turn owns 100% of Linyi Jiangquan Meat Products Co Ltd (PRC) and Globe Bright Limited (Hong Kong). Competitive Strengths An Award-winning Company United Food Holdings was the first food processing company to be awarded an ISO 9002 certification. Other awards include Certificate of Total Quality Control, Reliable Quality Product and well-known Export Brand, etc. Vertically Integrated Operation The company’s own abattoir supplies 100% of pork in sausage production, which in turn derives its supplies from 3% of company-owned pig farm. The rest of the 97% are derived from local farms on a 1 year contract. As a company policy, approximately 85% of demand for pigs would be from these 1 year contracts. Company-owned feed plant produces 60% of animal feeds that are solely used in its own pig farms, the remainder 40% are sold to local farms. The ability to control its own animal feeding that are developed trough its extensive R&D efforts ensures the high quality of its food products. The company also had extensive sales network of authorized dealers and retailers of approximately 3,700 and 40 sales offices in China. Strong Research & Development Team R&D team consists of well-qualified professionals i.e. veterinarians and animal nutritionists, etc. Its achievement included products such as AD calcium sausage, effective vaccination against diseases and better quality of pigs through cross-breeding. Financial Strengths The company had zero gearing with strong operating cashflows of RMB59.8 m (Approx SGD12.2m) in FY99 and RMB147.6m (Approx 30.5m) in FY2000. Gross profit margins grew from 22.6% in FY 1997 to 25.4% in FY1999, while ROE is up from 66.4% in FY 1997 to 71% in FY 1999. CAGR from FY97 to FY 99 registered a growth of 47.4%. EPS had increased from SGD3.23cts to SGD7.74cts from FY 1997 to FY1999. Risk Factors In an almost Perfect Competition Environment The company faces intensive competition in the food processing and animal feeds industries. There are more than 2,000 existing meat processing companies in PRC and 200 large-to-medium meat processing companies. There are 1,600 animal feed plants in PRC producing more than 5 tonnes of feed per hour while large scale pig farm consists of only 2% of total annual outputs of pigs. This is because pig rearing is very prevalent in PRC. The company is also susceptible to any major disease outbreak in live stocks and food scares. However, there have not been any major outbreaks and there are strict national standards that had to be complied with by the pig farms. Looking Forward Improving Living Standards in China This would lead to increased demand for quality food and convenience food products. Already average per capita meat consumption per annum is expected to increase from 45kg in FY2000 to 52.7kg in FY 2010. Export Business With the pending inclusion of China into WTO, the company intends to venture into exporting their products. Currently, prices of PRC meat products are at a significant discount of at least 50% to international market prices. Already new sales offices in Moscow had been set up to develop the Russian market. Conclusion The company is in a defensive sector with strong financial strength that had demonstrated stable earnings with zero gearing. The company had also maintained a Dividend Payout Policy of 30% consistently and had expressed maintaining such dividend policy. In view of its cheap valuation, a mere 5.22x (assuming an issue price of $0.65) compared to its nearest competitor, Singapore Food Industries of 10.6x, the stock is worth a STAG. The upside could potentially be 15% on its first day of trading from its issue price of $0.65($0.74) at a PE ratio of 6x and is still relatively cheap. |
| (Post 12 of 10739) 02/01/2001.23:48:25 |
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Spoke to my friend and he said that even though SFI is impressive. Told me to watch out for the 2 new IPOs from China in the food industry. Esp United Food.... still no details on the other one.
United Food has zero gearing (ie. no long term debt) and has a PE close to 6 against SFI's 11. Can't remember all the other details as he gave me a 1 to 1 comparision between United Food & SFI. My friend was telling me over the phone like as if he is reading from a script..... haha. |
| (Post 13 of 10739) 02/24/2001.17:39:40 |
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My broker attended both the road shows of People's Food & United Food and he was quite keen on both. He made a useful comparison between both to show me the difference. Here it is ...
United Food Holdings Limited (“UFH”) and People’s Food Limited (“PFL”) IPO Price UFH - S$0.315 PFL - S$0.445- S$0.49 PE UFH - 5.0x PFL - 5.0- 5.5x Issue Size UFH - 130.6 million shares PFL - 142.5 million shares Year of establishment UFH - 1993 PFL - 1994 Brand UFH - “Jiang-Quan” PFL - “Jin- Luo” Clientele base UFH - 7% exported PFL - Mainly China Product range UFH - 30 different types of sausages Sales breakdown Processed meat products (47%)Fresh, chilled and frozen pork products (41%)Others (12%) ie animal feed and pig rearing PFL - Wider range including pig-by-parts Sales breakdown Processed pork (41%)Frozen pork (31%)Pig by-products (24%)Frozen chicken (2%)Fresh pork (2%) Manufacturing strategy UFH - Vertically-integrated Maintains close relationship with farmers that rear the pigs to ensure better quality control PFL - Engaged in the processing and packaging of pork and related productsPigs are sourced from 13 wholesale dealers Manufacturing base UFH - 1 location PFL - 4 locations Distribution network UFH - 2800 dealers PFL - 4800 dealers ISO certified UFH - First in the PRC to be ISO 9002 certified for abattoir and food processing operations. PFL - No Own retail stores UFH - No PFL - Yes (20 including 5 franchise one) R&D UFH - 30 engineers PFL - 31 engineers % credit sales UFH - 20% PFL - 80% Annual revenue/ net profit UFH - S$300m/ S$50m PFL - S$600m/ S$80m Net profit margin UFH - 16.9% PFL - 12.8% Dividend policy UFH - 50% for current year 30% for subsequent years PFL - 30% Cash (net of current bank loans) UFH - S$19 m PFL - Negative S$5.4m Pre-flotation NTA UFH - 15.39 cents PFL - 13.64 cents Operating cashflow – 6/2000 UFH - S$29.5m PFL - S$20.5m |
| (Post 14 of 10739) 03/05/2001.15:22:11 |
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I totally agree with Kardee: the "quality" of IPOs lately, esp this spate of China food plays is plain unexciting &their sizes seems too much for this lacklustre mkt. People who say it's "cheap" at 5x shd do their homework & check out better-quality listed companies trading at such low valuations. |
| (Post 15 of 10739) 03/14/2001.14:15:49 |
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PRESS RELEASE
Contact Information Scotchbrook-BSMG Worldwide Tel: 235 3121, Fax: 836 3120 Winston Choo, winston@scotchbrook-bsmg.com.sg Janice Ong, janice@scotchbrook-bsmg.com.sg Singapore - 14 March 2001 - United Food Holdings Limited, a leading vertically-integrated food company that is one of China's major producers and suppliers of high quality meat products, today launched its initial public offering of 130.6 million shares at S$0.315 each in conjunction with its Main Board listing. The invitation of the 130.6 million shares comprises all new shares. Of the total offer shares, 9.6 million shares will be offered to the public and 121.0 million shares will be placed out. The issue price of S$0.315 represents a price earnings ratio of approximately 5 times based on the estimated net earnings per share of 6.23 cents for financial year ended 31 December 2000. The invitation which opens for subscription on 14 March 2001, will close at noon on 22 March 2001. Trading of United Food's shares in board lots of 1,000 shares each, will commence on a "when issued" basis on 26 March 2001. Representing approximately 13.5 per cent of United Food's enlarged post-invitation share capital of approximately 967 million shares, this invitation is expected to raise net proceeds of approximately S$35.1 million for the Group, which will be used as follows:- * Approximately S$15.1 million for the expansion of production capacity; * Approximately S$2.1 million for diversification and expansion of product range; * Approximately S$2.1 million for expansion of sales and distribution network; * Approximately S$6.2 million for marketing and promotion activities; * Approximately S$3.4 million for research and development; and * Approximately S$6.2 million for working capital. Overseas Union Bank Limited is the manager, underwriter and placement agent for the initial public offering of shares. United Food has carved a niche for itself as one of the leading food conglomerates in the People's Republic of China (PRC) and its extensive range of "Jiangquan" brand of ready-to-eat sausages and fresh/chilled and frozen pork products, are household names in China. "We pride ourselves on our impressive track record and reputation in providing consistently high quality products with outstanding taste. Our ability to adapt and anticipate ever-changing consumer preferences through research and development and an extensive product range has lent us a good name in the market place," said Mr David Yip, Chairman, United Food. The business was established in 1993, with the production of pork sausages at a 100,000 square meter-factory built in the Luozhuang district of Linyi, Shandong Province, the heart of China's eastern agricultural belt. Today, the Group has vertically integrated its operational activities to include over 30 varieties of sausages, production of fresh/chilled and frozen pork products, animal feed production and pig rearing with expanded production facilities in the same location to 280,000 square meters in floor area. With its integrated production operations, the Group is able to maintain reliable supply and quality control of raw materials and products; thus reducing costs and improving profit margins. "We enforce stringent quality control checks at all stages of our production process and have been rewarded for our efforts. Over the years, the Group has won numerous provincial and national awards for our quality control systems and superior quality products. We will continue in this endeavour of upholding best-of-breed quality practices, thereby reinforcing our brand equity," said Mr Yip. Added Mr Yip, "We are especially proud to be ISO9002-certifed for our abattoir and food processing operations in 1999. Being the first abattoir in the PRC to receive such a certification is both an endorsement and testament to our strict adherence to quality control." Some of the accolades received by the Group are - * "Certificate of Total Quality Control" - Ministry of Agriculture * "Hygiene Model Enterprise" - Linyi Bureau of Public Health * "Certificate of Reliable Quality Product" - PRC Technology and Information Institution * ISO9002-certified abattoir and food processing operations The PRC economy is forecast to grow at a compounded annual growth rate of 6.5 per cent per year from 2000 to 2010. Such growth will result in the continued rise in living standards and an increase in consumer spending power. Said Mr Yip, "There is tremendous growth potential in our business in the PRC market, where we are one of the fastest growing and largest food companies. With the improvement in the economy, the Group is well poised to capture greater market opportunities." Added Mr Yip, "Currently, prices of PRC's pork, beef and mutton are lower by an average of 65 per cent compared to international market prices. Hence, with trade liberalisation upon the PRC's entry into the WTO, we envisage a greater flow and an increase in trade between the PRC and other member countries. This will facilitate the Group in pursuing expansion plans in overseas markets." Currently, United Food's main product lines, both in the processed meat and fresh/chilled and frozen pork products, are sold through a distribution network of 3,700 dealers and retailers, serviced through 40 sales offices mainly in the eastern, central and northern regions of China. Other markets include Beijing, Shanghai and Hong Kong. Through trading companies, its "Jiangquan" brand of products are also sold to overseas markets such as Russia, Brunei and the Ukraine. Going forward, United Food plans to - * expand into chilled processed meat products such as sandwich ham, mushroom ham and roasted round ham; * acquire up to three more abattoirs to ensure continued supply of the Group's pork requirements; * expand animal feed production to penetrate the national market with initial focus on Henan and Hebei provinces; * develop cross-breeds of foreign pigs from the United States and Canada; * establish a sales office in Moscow to promote the marketing and direct sales of pork products in Russia; * further strengthen R&D capabilities; and * engage a professional public relations firm to enhance brand image and to develop co-ordinated product promotional programmes and campaigns. Over the last three years, the Group achieved a CAGR of 47.4 per cent in sales, from RMB466.1 million (approximately S$97.3 million) in 1997 to RMB1.01 billion (approximately S$211.4 million) in 1999, and a CAGR of 44.8 percent in profit after tax, from RMB75.8 million (approximately S$15.8 million) in 1997 to RMB158.8 million (approximately S$33.1 million) in 1999. United Food's gross profit margins rose from 22.6 per cent in 1997 to 25.4 per cent in 1999. Strong growth has continued for financial year ended 31 December 2000 and United Food expects to achieve a 48.5 per cent increase in turnover to RMB1.5 billion (approximately S$313.1 million) and 57.4 per cent increase in profit after tax to RMB250 million (approximately S$52.2 million). The Group's return on equity (ROE) improved from 66.4 per cent for 1997 to 71.0 per cent for 1999. "Our corporate mission is to provide favourable returns to shareholders and to further strengthen the Group's management. The Group has achieved ROE of 86.9 per cent as at 30 June 2000 at an annualised basis. We target to pay out at least 30 per cent of our net profit for each financial year to our shareholders. For FY2001, we expect to recommend and distribute at least 50 per cent of our net profit as dividends," adds Mr David Yip. Note: RMB/S$ exchange rate at 4.791 |
| (Post 16 of 10739) 03/14/2001.19:09:27 |
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Any Comment about this IPO?
Is it worth to subscribe? Please pour in your comment. Thanks |
| (Post 17 of 10739) 03/15/2001.01:06:36 |
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With current sentiment, plus today IPO of People's Food, who DARE to touch this counter? maybe more publicity is needed?????? |
| (Post 18 of 10739) 03/15/2001.10:26:16 |
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Been offered 2000 placement shares by my second broking house. Hmm, normally don't get such offers, seems like they have problem placing out the shares.  |
| (Post 19 of 10739) 03/15/2001.19:29:35 |
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Investors are very smart. 4,000 + apply for Frontline. 700+ apply for People's Food.
A lot of people shorted People's Food. United Food has BIG placees. Already disclose that 2 investors will take more than 5% each of the placement. Never mention whether strategic investors or not. Must be friendly parties. 85% of placement already done. If 85% is sold to friendly parties, then short sellers will be caught (just like Mid-Continent). |
| (Post 20 of 10739) 03/15/2001.23:22:02 |
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Dont worry, I am leaving my foot prints here.
My pet will come later to say this one sure good up. |
| (Post 21 of 10739) 03/16/2001.15:53:20 |
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Wrong IPO timing.... Launch after that Peoples Food.
Expect to see some blood! |
| (Post 22 of 10739) 03/18/2001.14:28:16 |
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Having gone through the prospectus, I think United Food call for a buy if it is around $0.22.They have disclosed that they intend to pay out dividends in the near future not less than 30% of net profits and in yr 2001, not more than 50% of net profits. Assuming United grow at a conservative 30% for 2001(they have been growing at 50%++ last few years), the dividends pay-out will amount to 8-12% if the price is around $0.22. Certainly beat a fixed deposit any time. Besides, I think it is much better than People's Food. They have a wider diversification of products,fish,pork,beef, chicken,seafood,century egg etc, not to mention rearing of pigs and production of farm feed unlike People's Food who sell pork only.They also have zero debt. And to receive the dividends, one will probably keep this till mid 2001. By that time, China should be in the advanced stage of entry into WTO, if not already admitted. That will provide United more growth opportunties and for investors to cash in. I believe that organic growth for China is still possible even though they seem to have expanded quite a bit. If you have friends who are Chinese nationals, you know what I mean. They go for the stuff which Singaporeans branded as unhealthy(eg pork with plenty of fat). No offence to the Chinese but that's their diet.
Having said all that, I have no interests in the IPO. Market sentiment is real bad, especially for these food industries. But if the market happens to short it down to my targeted price, I will be waiting...... |
| (Post 23 of 10739) 03/18/2001.17:16:41 |
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Titianum
My sentiments exactly. Will be waiting patiently to see if i can scoop up some of these shares at bargain prices too |
| (Post 24 of 10739) 03/20/2001.22:36:09 |
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Titanium, I read thou the Prospectus too. Agree mainly with Jr analysis. A small mistake though, the dividend for FY2001 is AT LEAST 50% and not not more than 50%. So the dividend return is likely to be bat 10% at IPO price. |
| (Post 25 of 10739) 03/20/2001.22:44:58 |
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I think few will dispute that this company is strong from FA point of view. But I am looking at the IPO from another angle. Looking at the close proximity of the People's Food and United Food's IPO and they are also competitors, it is likely that there is bad blood between the two companies.
Let's say for the sake of "face", will the management of United Food work very hard to make sure that the IPO will be a success?? It is likely that the Company find "supporters" to push up the price after IPO for the sake of face. What does fellow forumers think???? |
| (Post 26 of 10739) 03/20/2001.22:50:11 |
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I think shortist targeting at this stock shd take note that 85% of the shares are taken up by strong hands. Stated in the Prospectus that there are 2 large investors have taken large stake in the IPO. Never seen such a statement in a Prospectus before. Any views from forumers? |
| (Post 27 of 10739) 03/23/2001.20:16:43 |
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PRESS RELEASE
CONTACT INFORMATION Scotchbrook-BSMG Worldwide Tel (65) 235 3121 Fax (65) 836 3120 Winston Choo, winston@scotchbrook-bsmg.com.sg Janice Ong, janice@scotchbrook-bsmg.com.sg SINGAPORE - 23 March 2001 - United Food Holdings Limited, a leading vertically-integrated food company that is one of China's major producers and suppliers of high quality meat products, today announced that the public tranche of 9.6 million shares of its Initial Public Offering ("Invitation") for its Main Board listing was approximately 15.9 per cent subscribed. The placement tranche of 121.0 million ordinary shares was approximately 92.2 per cent or 111.6 million shares taken up, and in aggregate, the Invitation was approximately 86.7 per cent subscribed. Overseas Union Bank Limited was the Manager, Underwriter and Placement Agent for this initial public offering of shares. OUB together with the sub-placement agents and sub-underwriters have taken up the unsubscribed shares of approximately 17.4 million shares. Said Mr Chan Heng Toong, Vice President of Corporate Finance of OUB, "United Food is a solid company with very strong financials, operating cashflow and zero gearing. The company has great growth potential in the China market. The current market sentiments, is probably the only reason keeping the public investors away." The net proceeds of $35.1 million raised will be used for expansion purposes such as production capacity, product range and sales and distribution network, and for marketing and promotion activities, R&D and working capital. The Invitation, launched on 14 March 2001, comprised 130.6 million new shares at an offer price of $0.315 per share. This represents an aggregate of about 13.5 per cent of United Food's enlarged share capital. The shares will start trading on ready basis on 26 March 2001. |
| (Post 28 of 10739) 03/23/2001.20:21:05 |
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this share better watch out on monday. SURE 100% SURE as the sun sets in the west and rises in the east that opening price will be LOWER than 25 cents!!!!!!!!!! and it will COLLAPSE FURTHER |
| (Post 29 of 10739) 03/23/2001.20:21:31 |
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This Company's Ipo is a farce!
The Invitation was under-subscribed by 17,444,000 New Shares (the "Shortfall"), representing approximately 13.4% of the Invitation. Retail Trache  f the 9,550,000 Offer Shares available to the public for subscription, there were 219 valid applications for 1,514,000 Offer Shares, with application moneys received amounting to $476,910. Therefore, the public offer was under-subscribed by 8,036,000 Offer Shares, representing approximately 84.1% of the Offer Shares. only 15.9% subscribed!@&*!@^!
PLACEMENT f the 121,000,000 Placement Shares available for applications, 784 valid applications were received for 111,592,000 Placement Shares. Therefore, the Placement was under-subscribed by 9,408,000 Placement Shares, representing approximately 7.8% of the Placement Shares. EVEN the PLACEMENT allotment was UNDERsubscribed!!!
Hilarious!!! (its incorporated in bermuda) Prices gonna disappear like the bermuda triangle Dont think it is a fundamentally BAD company. Just wrong timing that's all. P/E is decent and they sell food in china which shelters them somewhat from the global tech crisis. Better to Pick up at about 15-18 cents if you want. Because if they honour their agreement to give pretty generous dividends it would give safe returns. Monday Morning watch it crash and burn. Will make the Mir look insignificant. |
| (Post 30 of 10739) 03/23/2001.21:06:48 |
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Remember how did people's food perform on the 1st day ? Mind you it was at least 98% subscribed and the general consensus was that it is better than united food.
So how will united food perform on Monday? However people food rebounded form 26 cents to 40 cents within 2 days in a very bad market. (? supporting power from VB ) Will united food perform the same way? Probably can try to catch below 20 cents if possible on Tuesday morning. |
| (Post 31 of 10739) 03/23/2001.21:13:35 |
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WFB: it(pfood) was 99.4% subscribed and yet it performed abysmally.
However, some analysts (Research reproduced with permission from DMG PEOPLE'S FOOD HOLDINGS LTD S$0.37 HOLD Prefer United Food Holdings) have actually preferred Utd Food but its subscription rate is dismal, to say the least, disgraceful at worst as one forumer , Burnout, puts it. hence, i feel that this share will open too low for those holding on to it to unload and any price drop beyond that would be due to short sellers, hence, price should stabilise by the end of the 1st or at latest 2nd trading day before it recovers slightly. my take? 24 cents open, down to 20 cents b4 closing at 21 or so. |
| (Post 32 of 10739) 03/23/2001.21:18:53 |
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Dengho,
If wallstreet drop on Monday night, by Tuesday morning it may reach 18 cents. |
| (Post 33 of 10739) 03/23/2001.21:22:44 |
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you're right WFB, but i see that DJ and Nasdaq have just started their technical rebound, could be too early to say of course, but, you never know. Honestly speaking, at anything less than 15 cents(50%) ipo price, i MAY consider buying if not for capital gains, for the dividend. |
| (Post 34 of 10739) 03/23/2001.21:23:39 |
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And if it does drop to less than 18cents on tuesday I will buy it.
I agree with Whiteflybird that united food might shoot up on 2nd 3rd or 4th day. But definitely DO NOT go long on day one. Sentiment rules here on the Singapore market and being only 84% subscribed would attract shortist. For those who short thanks for bringing the share down to my target price. Hope you burn for bashing down our stockmarket |
| (Post 35 of 10739) 03/23/2001.21:27:36 |
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Dengho and burnout,
I'll conside buying at around 18 cents. I learned my lesson from people's food . Luckily managed to get out with profits. |
| (Post 36 of 10739) 03/23/2001.22:09:50 |
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DMG analyst recommmend buy and prefer U Food to P Food because they are sub-underwriters. But did not disclose their relationship in report.
First day, sub-underwriters sure throw and cut loss. OUB maybe won't dare to throw, but definitely won't support share price. Don't think of buying unless it is below 20 cents. |
| (Post 37 of 10739) 03/24/2001.09:48:59 |
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Well it's wake up time!
Dun think that the man in the streets are all fools. The dismay take up rate should wakeup aspiring IPO debutant not to 'suka suka' list on SGX for the sake of listing. Investors are getting smarter; anyway there's enough junk on the SGX as it is, SGX should seriously start considering the 'delist' act. |
| (Post 38 of 10739) 03/26/2001.08:47:20 |
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got the feeling that this counter will rise on debut........  |
| (Post 39 of 10739) 03/26/2001.09:48:31 |
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Very weak counter can short also |
| (Post 40 of 10739) 03/26/2001.10:30:47 |
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THOSE who shorted counter, pls cover back the moment it cross .155cts. |
| (Post 41 of 10739) 03/26/2001.13:51:02 |
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i doubt there are many shortists out there, the volume is so low! but the low volume is HIGHLY suspicious. i would think entry at this level is WAY too high, maybe .18 and lower is ok |
| (Post 42 of 10739) 03/26/2001.19:49:22 |
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The volume is surprisingly very low. What happen to all stocks that the underwritters are forced to absorb?
The price only fell less than 20% today as compared to pfood's 34% on the first day. Infact the price actually rebounded a bit after 2pm. Let's see where it will go over the next few days. |
| (Post 43 of 10739) 03/26/2001.20:42:43 |
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I M STILL TRYING TO TRACE WHERE THE PLACEMENT SHARES WENT !!!!
JUDGING BY THE VOLUME TODAY, THE ONES WHO TOOK THE PLACEMENT SHARES ARE SITTING TIGHT. SELLING VOLUME VERY LOW. WILL KEEP MY EYES POSTED. LIKELY CORNERED ... |
| (Post 44 of 10739) 03/26/2001.21:20:36 |
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It will be quite hard to corner a counter with 140 million IPO shares. |
| (Post 45 of 10739) 03/26/2001.21:52:24 |
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Look like United food will rise above 30 cents this week as it is preceived to be cornered. Cheers! |
| (Post 46 of 10739) 03/26/2001.22:35:38 |
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Who cornered?
u arr? 4131 lots done and u say cornered? Ok, u wait I go corner and pee. |
| (Post 47 of 10739) 03/27/2001.10:06:35 |
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WA LAU !!
VOLUME SO LOW !! GOOD GOOD ! WILL CHEONG WHEN MKT PICKS UP ! |
| (Post 48 of 10739) 03/30/2001.17:44:54 |
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PRESS RELEASE
CONTACT INFORMATION Scotchbrook-BSMG Worldwide Tel (65) 235 3121 Fax (65) 836 3120 Winston Choo, winston@scotchbrook-bsmg.com.sg Janice Ong, janice@scotchbrook-bsmg.com.sg SINGAPORE - 30 March 2001 - United Food Holdings Limited today announced a 64% increase in pre-tax profit to RMB318.3 million compared to RMB194.1 million for 1999. This was achieved on the back of a 53.5% increase in Group turnover to RMB1.55 billion compared to RMB1.01 billion previously. Based on the full year results, earnings per share rose 63.2% to RMB0.31 from RMB0.19 previously while net tangible asset per share increased 77.8% to RMB0.48 from RMB0.27 previously. The Group's four divisions, processed meat products, frozen pork products, pig rearing and feed production contributed 46.4%, 42%, 4.4% and 7.2% to the Group's turnover and 51.6%, 37.0%, 3.7% and 7.7% to the Group's gross profit, respectively. Processed meat products division achieved a growth turnover of 48.9% to RMB 721.3 million from RMB 484.5 million in 1999. Pre-tax profit increased 60.8% to RMB145.2 million from RMB90.3 million in the previous year. The frozen pork business unit registered a 61.7% growth in turnover to RMB653.1 million from RMB403.9 million in 1999 while pre-tax profit surged 70.8% to RMB 136.6 million from RMB80 million previously. Turnover for the pig rearing business rose 82.7% to RMB 67.6 million from RMB37 million in 1999. Pre-tax profit registered a 123.8% growth to RMB 14.1 million from RMB6.3 million previously. The Group's feed production business saw a 28.0% growth in turnover from RMB87.6 million to RMB112.1 million while pre-tax profit increased 23.7% from RMB21.9 million to RMB27.1 million. The increase in the Group's turnover is primarily attributed to higher sales volume brought about by an expansion in United Food's sales and distribution network. The improved general economic conditions in the People's Republic of China (PRC) also contributed to the increase in turnover. The corresponding increase in Group's pre-tax profit was primarily due to an increase in Group's turnover, enhanced operational efficiency and the lower price of live pigs from suppliers. "We are glad to announce that United Food's financial results are better than estimates made at our IPO launch. This clearly demonstrates the Group's capabilities and growth potential. Backed by strong financials and operational efficiency, we are well poised to further expand in the PRC market," said Mr David Yip, Chairman, United Food Holdings Limited. For the current year, the Group plans to further expand its sales and distribution network, increase production capacity, introduce new premium products as well as to intensify brand-building and other promotional activities to increase market share. Barring any unforeseen circumstances, the Group expects turnover and profits in the current financial year to grow. |
| (Post 49 of 10739) 04/05/2001.16:21:46 |
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Just nibble some on UNIFOOD...hope it'll be like PFOOD.... |
| (Post 50 of 10739) 04/19/2001.18:59:45 |
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It's definitely cheap at $0.205
Currently valuation is about PE3 and dividend of more than 15%. Looking forward to move on for the coming days. |
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