| Latest Forum Topics / Interplex Hldgs Rg |
 Post Reply
|
|
Amtek Engineering
|
|||
|
Jackpot2010
Master |
25-Nov-2010 22:41
|
||
|
x 0
x 0 Alert Admin |
DO NOT BUY, DO NOT SHORT ! Retail portion is too small - only $20m. That means the majority owners can easily manipulate higher than ipo price in the short-term. Shortist will be badly hurt! |
||
| Useful To Me Not Useful To Me | |||
|
Sept11
Veteran |
25-Nov-2010 22:16
Yells: "Buy high sell higher! " |
||
|
x 0
x 0 Alert Admin |
Avoid this IPO. Can short on 1st day. | ||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
Jackpot2010
Master |
25-Nov-2010 22:08
|
||
|
x 0
x 0 Alert Admin |
Beware! This 1 maybe a fake ipo - to con retail investors. Institutional investors were allocated $180m + retail $20m = $200m. These so-called institution investors ($180m) maybe "phantom" investors - i.e. money merely moved from left to right pocket of original shareholders. Onced listed they will slowing divest to retail investors - even at half price (65c) is not cheap. My honest opinion - it should be trading at about 20c only (vs book value 29c). Correct me if I am wrong - No contract manufactuers listed in SGX or worldwide sells at this price ($1.30 = 4.4x book value). |
||
| Useful To Me Not Useful To Me | |||
|
greendino
Member |
25-Nov-2010 21:10
|
||
|
x 0
x 0 Alert Admin |
wa generating revenue for SGX...maybe should buy SGX....our stock exchange like take bus huh...happy board, not happy just delist | ||
| Useful To Me Not Useful To Me | |||
|
soloman
Master |
25-Nov-2010 13:01
|
||
|
x 0
x 0 Alert Admin |
I ALWAYS DO NOT LIKE COMPANIES THAT DELSIT AND THEN TRY TO LIST BACK ............... MAYBE TIME BAD THEY DELIST AT LOW PRICE TO THE IPO, THEN LIST BACK AT HIGHER PRICES AGAIN ............. I NEVER WANT TO OWN ANYTHING IN SUCH COMPANIES .............................................. |
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
starbugs
Member |
25-Nov-2010 12:56
|
||
|
x 0
x 0 Alert Admin |
There are so many many red flags in the Amtek IPO that flagsellers have run out of stock!  Extracted from here: http://www.financeasia.com/News/239687,hong-kong-listings-called-off-while-amtek-cuts-ipo-size.aspx Meanwhile, in Singapore, Amtek Engineering downsized its IPO after the institutional demand was deemed to be insufficient. According to a source, there were enough orders to cover the base deal, but not to also allocate the greenshoe. And given the market environment, the bookrunners didn’t want to go ahead without a shoe as that would have deprived them of the ability to help stabilise the stock in the secondary market. So, they chose instead to reduce the base deal to $200 million from $250 million, which allowed them to allocate a 15% greenshoe. If the shoe is fully exercised the final deal size could rise to $287 million. In light of the modest institutional demand, the company also scrapped the 20% upsize option and increased the retail tranche to 10% from 5%. Amtek, which provides end-to-end design and manufacturing solutions for precision metal, plastic and rubber components and casings, is due to start trading on December 1. The IPO is being arranged by Credit Suisse, Morgan Stanley and Standard Chartered. One of the concerns investors had was that all the 200 million shares that comprised the base offering were secondary, which obviously begs the question of why this is a good time to buy when the original shareholders are divesting. The shares were sold by an entity owned by Standard Chartered Private Equity, CVC Capital Partners and the company management, which teamed up to buy the company in 2007. At the time of the listing, Standard Chartered Private Equity and CVC will each own 28.3% of the company, while the management will hold a combined 5.3%. Shareholders who participate in the IPO will own 36.8%. |
||
| Useful To Me Not Useful To Me | |||
|
des_khor
Supreme |
25-Nov-2010 11:50
Yells: "Tell me who is the God or MFT from this forum??" |
||
|
x 0
x 0 Alert Admin |
Will short when listed !! BTW when ah ?? | ||
| Useful To Me Not Useful To Me | |||
|
E-war
Veteran |
25-Nov-2010 11:43
|
||
|
x 0
x 0 Alert Admin |
Another greedy company that thinks retail investors are suckers. ha! | ||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
enghou
Senior |
24-Nov-2010 18:18
|
||
|
x 0
x 0 Alert Admin |
to me, this IPO is more of a chance for those private equity to cash out, don't benefit the company itself have to be careful to see if these private equity investors load up a lot of their debts into Amtek in order to reward themselves 1st and now pass this 'hot potato' to the public to pick up Make love more, don't make more enemies |
||
| Useful To Me Not Useful To Me | |||
|
starbugs
Member |
24-Nov-2010 13:48
|
||
|
x 0
x 0 Alert Admin |
Gone case! IPO size cut! Small victory for small investors. Looks like even the big funds also not so stupid to subscribe. Beware that that the share allocation can still be switched from BB to retail investors. The underwriters may lose their pants on this one. http://www.reuters.com/article/idUSL3E6MO03920101124 Amtek Engineering cuts size of Singapore IPO-IFR Tue Nov 23, 2010 10:22pm EST Nov 24 (Reuters) - Amtek Engineering has slashed the size of its Singapore initial public offering and will now raise a maximum of S$299 million ($228 million), IFR reported on Wednesday. Amtek had previously planned to issue as many as 342 million shares, including greenshoe and upsize options, at a price of S$1.30-1.60 per share, Reuters had reported. [ID:nSGE6AB02S] Amtek, delisted from the Singapore bourse about three years ago after being bought out by private equity firm CVC Capital and a unit of Standard Chartered , will issue 200 million shares at S$1.30 each, IFR said. The firm has an option to increase the offer by 30 million shares, IFR reported. Credit Suisse and Morgan Stanley are joint global coordinators for the Amtek IPO and are joint lead managers, bookrunners and underwriters alongside Standard Chartered. (By Daniel Stanton; Editing by Anshuman Daga) |
||
| Useful To Me Not Useful To Me | |||
|
Jackpot2010
Master |
22-Nov-2010 10:01
|
||
|
x 0
x 0 Alert Admin |
IF amtek ipo failed, it will drag down all contract manufactuers. At 4.4x book only fools will subscribe. Keep clear of this ipo. | ||
| Useful To Me Not Useful To Me | |||
|
Andrew
Master |
22-Nov-2010 00:29
|
||
|
x 0
x 0 Alert Admin |
I think you are dead wrong......what Do less, earn more ?? It is Do Nothing.......
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
starbugs
Member |
21-Nov-2010 12:39
|
||
|
x 0
x 0 Alert Admin |
Do less, earn more! This is a comparison of what Amtek's CEOs were paid before and after the delisting in 2007: Year - CEO Remuneration (Amtek net profit in brackets) Lai Fook Kuen 2006 - S$750k to $1m (US24.4m) 2005 - S$500k to $750k (US$18.7m) Daniel Yeong Bou Wai 2010 - S$1.75m to $2m (US$12m) 2009 - S$1m to $1.25m (-US$21.7m, i.e. loss) Sources: Amtek 2006 Annual Report and Amtek Prospectus dated 11 Nov 2010 Note: Amtek's FY ends in Jun each year |
||
| Useful To Me Not Useful To Me | |||
|
starbugs
Member |
21-Nov-2010 12:38
|
||
|
x 0
x 0 Alert Admin |
More tidbits from the prospectus: 5) NAV is S$0.29/share. At S$1.30, Price/Book value is 4.4X. 6) Mass storage (mainly hard drives) is the second largest segment and accounts for 19.9% of revenue. Steve Jobs recently proclaimed that all notebooks will be like the Macbook Air one day (meaning no hard drive). Oops! 7) Besides paying themselves a US$100mil dividend , the Vendors has an outstanding loan of US$52.7 million from Amtek, which the Vendors will repay to Amtek using the IPO proceeds. Meanwhile, in the past 3 years Amtek paid about US$10mil annually in financing charges to the banks. Is it a coincidence that SC is one of Amtek's 2 main bankers? 8 ) The CEO and CFO both joined after the privatization, i.e. this Amtek is not led by the A-Team that brought Amtek to where it was. I counted at least 5 other senior management people whom the CEO took with him to Amtek from GES. Interestingly, the CEO got a pay jump from at least S$1mil in 2009 to at least S$1.75mil in 2010 even though Amtek made a loss in 2009 and only recovered slightly in 2010. Oh, by the way, the CEO owns 8.2% of the vendor that is selling the shares. |
||
| Useful To Me Not Useful To Me | |||
|
starbugs
Member |
20-Nov-2010 10:06
|
||
|
x 0
x 0 Alert Admin |
Say NO to Private Equity Greed, Say NO to Amtek IPO Amtek was one of my double-bagger previously. I just took a look at the prospectus, but I don't think I will go for it this time. 1) The company was stagnant from the time it got privatised till now. Revenue dropped from US$786m in 2008 to $638m in 2010 (Jun end). Profits more than halved from $46.1m to $21.7m. Made a loss of $12m in 2009. 2) The private equity owners paid themselves a dividend of SG 23.46c per share (about US$100m) in 2009, causing equity to half. 3) YET, the company is trying to raise up S$547mil from IPO, about the same as the takeover price of $552mil. The IPO would value Amtek at $706m to $869m, up to 57% above takeover price. Historic price-earnings ratio at IPO is 33 to 40 times. 4) The shares offered are all vendor shares, i.e. the company itself would not get a single cent The PE owners can go F themselves. |
||
| Useful To Me Not Useful To Me | |||
|
choohian
Senior |
09-Jun-2007 10:26
|
||
|
x 0
x 0 Alert Admin |
sohguanh, received Amtek offer from POEMS, my broking company. | ||
| Useful To Me Not Useful To Me | |||
|
sohguanh
Veteran |
06-Jun-2007 13:14
|
||
|
x 0
x 0 Alert Admin |
choohian: handling fees < $10 is cheap.... ok i shall wait for the form and submit instead of sell it off in SGX to save on brokerage fees :P | ||
| Useful To Me Not Useful To Me | |||
|
choohian
Senior |
06-Jun-2007 13:00
|
||
|
x 0
x 0 Alert Admin |
sohguanh, got my amtek "cheep, cheep". | ||
| Useful To Me Not Useful To Me | |||
|
choohian
Senior |
06-Jun-2007 12:58
|
||
|
x 0
x 0 Alert Admin |
sohguanh, probably $10.00 or less. | ||
| Useful To Me Not Useful To Me | |||
|
sohguanh
Veteran |
06-Jun-2007 11:59
|
||
|
x 0
x 0 Alert Admin |
choohian: do u know how much is the handling fee? i only have 1 pitiful lot so as long as handling fee is less than brokerage fee then I can wait cuz I am not in desperate need of monies as compared to you with 43 lots heavy funds tied up | ||
| Useful To Me Not Useful To Me | |||