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Singapore and Malaysia revitalise Southeast Asia’s IPO market in 2017 with blockbuster listings

A review of the Southeast Asia IPO market from 2014 to 2017

By Dr. Ernest Kan, Deputy Managing Partner (Markets), Deloitte Southeast AsiaMs Tay Hwee Ling, Global IFRS & Offerings Services Leader, Deloitte Singaporeand Mr Gary Huang, Global IFRS & Offerings Services Leader, Deloitte Malaysia23 November 2017

© 2017 Global IFRS and Offerings Services. All rights reserved. 2

ContentsPresenters

Gary HuangGIOS Malaysia Leader

(+60) 3 7610 8812Gary [email protected]

Ernest KanDeputy Managing Partner (Markets)GIOS Southeast Asia Leader

(+65) 6530 [email protected]

Tay Hwee LingGIOS Singapore Leader

(+65) 6216 [email protected]

Southeast Asia IPO Review

Malaysia IPO Review

Singapore IPO Review

mailto:[email protected]



3

Southeast Asia IPO Review

2014 – 2017

©2017 Global IFRS and Offerings Services. All rights reserved. 4

144 IPOs in 2017 (10.5 months)*,

with S$ 10.4 billion raised

and S$ 33.9 billion market capitalisation

SEA IPO Market Review

Key highlights (2017 vs 2016)

113 IPOs in 2016 (12 months),

with S$ 7.5 billion raised

and S$ 25.7 billion market capitalisation

*data is accurate as at November 15, 2017 and does not include the upcoming IPOs from 16 November 2017 to 31 December 2017

highest funds raised in four years

Y-o-Y increase of 38% in amount raised and 32% in market capitalisation

The average funds raised and IPO market cap per IPO in 2017 far exceeded those in the past two years.

Singapore and Malaysia lead the pack in IPO funds raised in 2017

7 blockbuster listings raised over S$5.1 billion

(137 companies raised $5.3 billion)


SEA IPO Market Review

Key highlights (2014 – 2017)

2014 2015 2016 2017

Number of IPOs 149 154 113 144

Amount raised 9,269 5,312 7,525 10,402

IPO market cap 42,564 23,132 25,671 33,930

149 154

113

144

9,269

5,3127,525

10,402

42,564

23,132

25,671

33,930

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

20

40

60

80

100

120

140

160

IPO

mark

et

cap/a

mount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Amount raised, IPO market cap and number of IPOs 2014 - 2017

Number of IPOs Amount raised IPO market cap

Average amount raised (S$’m)

62.2 34.5 66.6 72.2

Average market capitalisation (S$’m)

285.7 150.2 227.2 235.6

Total of 560 IPOs across Southeast Asia from 2014 to 2017, with S$33 billion raised, and S$137 billion market capitalisation

On average, each of the 144 IPOs in 2017 raised S$5.6 million more funds and were S$8.4 million larger in size


Indonesia Malaysia Philippines Singapore Thailand Vietnam

2014 964 1,779 425 3,451 2,515 135

2015 1,166 1,128 157 512 2,085 264

2016 1,264 377 1,277 2,263 2,078 266

2017 1,037 2,353 629 3,662 2,339 382

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Am

ount ra

ised (

S$ m

illion)

5,637

2,488

9,887

9,017

1,047

4,432

SEA IPO Market Review: by country

Y-o-Y amount raised in 2014 – 2017

Singapore maintains the top spot

on Southeast Asia leaderboard

with largest funds raised

Indonesia and Thailand have

consistently raised S$1 billion

and S$2 billion respectively for

the past four years.

Malaysia raised 6x more

funds in 2017



2014 5,153 6,736 2,168 15,303 11,998 1,207

2015 6,357 4,561 560 1,888 8,470 1,297

2016 5,950 1,285 5,480 4,396 6,237 2,324

2017 2,946 5,807 3,414 6,555 11,534 3,674

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

IPO

mark

et

capitalisation (

S$ m

illion)

18,388

11,621

8,503

SEA IPO Market Review: by country

Y-o-Y IPO market capitalisation in 2014 – 2017

Thailand is the clear

market leader with

regards to size of

companies that sought

listings from 2014 to

2017.

20,405

28,142

38,239

Two blockbuster listings

Malaysia – Lotte Chemical Titan Holdings Berhad (S$3.9b)

Singapore –Netlink NBN Trust (S$3.1b)


Thailand Industry Listing type

Funds raised

(S$ mil)

Market cap

(S$ mil) %

Tpi Polene Power

Public Company

Limited

Energy and

Resources SET 705 2,370 30%

B.Grimm Power

Public Company

Limited

Energy and

Resources mai 212 2,683 8%

Toa Paint

(Thailand) Public

Company Limited

Industrial

Products mai 250 1,997 13%

Rest of IPOs Various 1,171 4,484 26%

Total 2,339 11,534 20%

Malaysia Industry Listing type

Funds raised

(S$ mil)

Market cap

(S$ mil) %

Lotte Chemical

Titan Holding

Berhad

Energy and

Resources

Main board

non-trust 1,196 3,910 31%

Eco World

International

Berhad

Real

estate

Main board

non-trust 830 925 90%

Rest of IPOs Various 327 971 34%

Total 2,353 5,807 41%

Singapore Industry Listing type

Funds raised

(S$ mil)

Market cap

(S$ mil) %

NetLink NBN Trust TMT

Mainboard -

Trusts 2,447 3,130 78%

Keppel-KBS US

Reit

Real

estate

Mainboard -

Trusts 610 754 81%

Rest of IPOs Various 604 2,672 23%

Total 3,662 6,555 56%

The three largest IPOs in Thailand are from ER and Industrial products sectors; and they respectively only float 8% - 30% of the outstanding shares in the IPO.

The second largest IPO in Malaysia is from the real estate sector; it floated 90% of its outstanding shares.

The two largest IPOs in Singapore are from TMT and real estate sectors and they floated 78% and 81% of the outstanding shares/units respectively

SEA IPO Market Review: 7 blockbuster listings

A further look into Thailand, Malaysia and Singapore’s IPO markets in 2017


SEA IPO Market Overview: industry analysis

Total number of IPOs and amount raised in 2014 – 2017

145

102

91

38

78

25

4833

5,441

2,519

8,125

897

11,064

1,009 470

2,984

0

2,000

4,000

6,000

8,000

10,000

12,000

0

20

40

60

80

100

120

140

160

Consumer Business Industrial Products Energy and Resources Financial Services Real Estate Life Sciences and Health

Care

Public Sector Technology, Media and

Telecommunications

Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

No. of IPOs Amount raised

Top 3 industries based on IPO count

Real Estate raised the most

funds at S$11.1 billion over the past four years.

Out of which S$7.1 billion came from REITs in

Singapore (S$4.4 billion),

Thailand (S$2.5 billion) and Malaysia (S$154.9 million)



Consumer business and industrial products – by country 2014 – 2017

18

10 6

18

28

65

946 699

733

1,446

1,188

429

-

200

400

600

800

1,000

1,200

1,400

1,600

-

10

20

30

40

50

60

70


Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Consumer business (CB)

10 11

4

10

25

42

897

109

280

94

810

328

-

100

200

300

400

500

600

700

800

900

1,000

-

5

10

15

20

25

30

35

40

45


Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Industrial products (IP)

No. of IPOs Amount Raised (S$ millions)

Vietnam contributed

significantly to the high IPO

count in the consumer

business and industrial

products segments, but also

had a disproportionately low

contribution to the amount

raised by the two segments.

Thailand had the second

highest amount raised in both

CB and IP industries.


287

859 876

1,341

-

200

400

600

800

1,000

1,200

1,400

1,600

2014 2015 2016 2017

Am

ount ra

ised (

S$ m

illion)

Y-o-Y amount raised by Thailand’s ER

segment

13

9

2

10

30 27

570

2,800

542

769

3,364

80 -

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

-

5

10

15

20

25

30

35


Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Energy and resources (ER)



Energy and resources – by country 2014 – 2017

Thailand contributed to 41% of the total

amount raised by the Energy and Resources

(ER) segment from 2014 to 2017, which is in

line with Thailand being a country rich in

natural resources such as coal.

In addition, the Thai government has been

focused on developing renewable clean

energy resources in the recent years, and

has plans to build more coal-fired power

plants, such that renewable energy will

slowly but surely grow to be the country’s

main source of power in the future.

According to Thailand’s recent revision to its

Alternative Energy Development Plan,

Thailand has pledged to increase the portion

of renewable energy to 40% in 2036 from

the current 8%.

An uptrend in amount raised by Thailand’s ER

segment is also seen in the second graph on

the right, emphasising the Thai market’s

confidence in the government’s plans and the

industry.



Energy and resources, TMT and real estate – Y-o-Y

3027

15

19

1,435

1,684

2,184

2,822

-

500

1,000

1,500

2,000

2,500

3,000

0

5

10

15

20

25

30

35

2014 2015 2016 2017

Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Energy and resources (ER)

12

10

7

4

292 81 150

2,460

-

500

1,000

1,500

2,000

2,500

3,000

0

2

4

6

8

10

12

14

2014 2015 2016 2017 Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Technology, media and

telecommunications (TMT)


18

25

13

22

3,656

1,671

3,400

2,337

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

5

10

15

20

25

30

2014 2015 2016 2017

Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

Real estate


2017 saw a spike in amount raised by the ER and

TMT segments due to blockbuster listings –

Malaysia’s Lotte Chemical Titan Holding Berhad

(ER; S$1.2 billion) and Singapore’s Netlink NBN

Trust (TMT; S$2.4 billion).

The spike in 2016 was by the real estate segment

– Singapore’s Frasers Logistics and Industrial

Trust (S$903 million) and Manulife US REIT

(S$650 million), and the Philippines’ Cemex

Holdings Philippines, Inc. (S$626 million).


-100% -50% 0% 50% 100% 150% 200% 250% 300% 350%

Vietnam

Thailand

Singapore

Malaysia

Philippines

Indonesia

Large Medium Small

SEA IPO Market Overview: post-IPO performance by country

Change in share price from IPO Date to November 15, 2017

*Philippines data does not include DoubleDragon Properties Corporation that was listed in 2014 at IPO price of 2.00 pesos and is now 41.95 pesos as of November 15, 2017

Positive performance for IPOs from the past 2 years across Southeast Asia

*Large caps in Indonesia, Philippines and Malaysia are performing below IPO share price

All IPOs in Singapore, Thailand and Vietnam are performing well above IPO share price


SEA IPO Market Overview:

Market outlook

SEA remains an economic powerhouse, with five countries' forecast GDP growth exceeding that of the 2017 World GDP at 2.7%*.

MY: 4.8%*Malaysia’s growth is fueled by private spending and exports. However, Malaysia continues to remain heavily reliant on oil exports and its trade with China. This is reflected in Malaysia’s IPO market as well, in 2017 the majority of Malaysia’s IPOs are energy and resource related.

PH: 6.9%*Philippine's economic growth is mainly attributable to growth in exports. Also remittances rose 4.7% year over year, which is key driver of consumer spending growth.

VN: 6.3%*Vietnam’s growth is primarily seen in industry and service sectors. Being in a demographic sweet spot, having a robust domestic demand and enjoying an ever-increasing FDI are all reasons for Vietnam’s rapid economic growth in the short term.

SG: 2.5%*Not only did Singapore see strong growth in manufacturing, especially the electronics and precision engineering clusters, wholesale & retail trade, finance & insurance, as well as business services, all recorded accelerated year-on-year growth.

TH: 3.2%*Thailand’s economy is forecasted to grow the fastest in four years, fueled by surges in agriculture, tourism and exports; however, domestic demand continues to disappoint and political uncertainty still looms

ID: 5.2%*Indonesia’s credit rating has recently been raised from BBB- to BB+, officially making the economy “investment grade”. The upgrade is likely to mean more capital inflows and lower borrowing costs to the country.

* Source: http://www.worldbank.org/en/publication/global-economic-prospects#data


SEA IPO Market Overview:

China’s Impact

Outbound activities• During President Xi’s speech during 19th CPC National Congress, he

reaffirmed China’s commitment to One Belt One Road Initiative;

• Booming IPO market (377 IPOs in Mainland and 121 IPOs in HK as of 31 October 2017)

Inbound activities• China reiterates commitment to opening capital markets to foreign

investors; eases limits on foreign stakes in financial firms after Trump’s visit

• Singapore has been strong supporter of China’s financial institutions

Temasek holds 10% of ICBC’s H share and was a cornerstone investor in CITIC Securities’ HK-IPO.

GIC holds 6.8% of China Pacific Insurance’s H share.

16

Malaysia IPO Review

2014 – 2017

Malaysia IPO Market 2017 and Outlook for 2018

Mr Gary Huang, Global IFRS & Offerings Services Leader, Deloitte Malaysia23 November 2017

Deloitte Malaysia IPO Market 2016 and Outlook for 2017© 2017 Deloitte 18

Contents

Malaysia IPO Market 2017

Malaysia IPO Market Outlook 2018

© 2017 Deloitte Malaysia 19Deloitte Malaysia IPO Market 2016 and Outlook for 2017

Malaysia IPO Market 2017

© 2017 Deloitte 20Deloitte Malaysia IPO Market 2017 and Outlook for 2018

Performance 2015 – November 2017

Bursa Malaysia

Indicator 2015 2016 Nov 2017*

Kuala Lumpur Composite Index

1,692.51 1641.73 1,722.99

Total Listed Companies** 903 904 900

New Listed Companies 13 12 13

Market Capitalisation(MYR billion)

1,695 1,649 1,819

* As of 15/11/2017** No. of New Listings (IPOs including LEAP Market Listing)

2016: 12, 2017: 13 (include 2 LEAP Market listing)No. of Delistings2016: 11, 2017: 17


As of 31 October 2017

Market Capitalisation by Industry


As of 15 November 2017

Top 10 Companies by Market Capitalisation

No Company SectorMarket Cap

(MYR Million)

1 Malayan Banking Berhad Banks 99,270

2 Tenaga Nasional Berhad Power 83,980

3 Public Bank Berhad Banks 79,270

4 Sime Darby Berhad Banks 61,210

5 PETRONAS Chemicals Group Bhd General Industrials 58,000

6 CIMB Group Berhad Banks 55,350

7 Axiata Group Berhad Malaysia Chemicals 48,130

8 Maxis BerhadMobile

Telecommunications45,930

9 IHH Healthcare Berhad Healthcare 46,470

10 Digi.com BerhadMobile

Telecommunications36,700

Market capitalisation of the 10 stocks 614,310


January – 17 November 2017 (Main & ACE Boards)

Recent Malaysia Public Listed Companies

No NameListing Date

IndustryAmount Raised (million MYR)

IPO Market Cap

(million MYR)

1 KEJURUTERAAN ASASTERA BERHAD 17-Nov-17 Industrial Products 20 80

2LOTTE CHEMICAL TITAN HOLDING BERHAD

11-Jul-17 E&R 3,770 15,001

3 ADVANCECON HOLDINGS BERHAD 10-Jul-17 Real Estate 77 253

4 INTA BINA GROUP BERHAD 25-May-17 Real Estate 33 134

5 CABNET HOLDINGS BERHAD 22-May-17 Industrial Products 12 73

6 EVERSAFE RUBBER BERHAD 21-Apr-17 Industrial Products 28 87

7ECO WORLD INTERNATIONAL BERHAD

03-Apr-17 Real Estate 2,584 2,880

8 SERBA DINAMIK HOLDINGS BERHAD 08-Feb-17 E&R 584 2,003

9KIP REAL ESTATE INVESTMENT TRUST

06-Feb-17 Real Estate 234 505

10 MATANG BERHAD 17-Jan-17 E&R 17 235

11 HLT GLOBAL BERHAD 10-Jan-17 Industrial Products 33 119

Source: Bloomberg & Bursa


January – 17 November 2017 (LEAP Market)

Recent Malaysia Public Listed Companies

No Name Listing Date IndustryAmount Raised (million MYR)

IPO Market Cap

(million MYR)

1 RED IDEAS HOLDINGS BERHAD 08-Nov-17 TMT 7.00 35

2 CLOUDARON GROUP BERHAD 03-Oct-17 TMT 5.50 85

Source: Bloomberg & Bursa


Malaysia IPO Market Outlook 2018


Bursa aim high to grow 2018 SME participation in IPO market

Bursa Outlook for 2018

1

2

3

4

LEAP is part of the SME Masterplan which aims to raise the share of gross domestic product contributed by SMEs. Malaysia is the first country in ASEAN to introduce such a market.

11 SMEs have engaged approved advisers to assist them with listing on the LEAP Market. Among these potential issuers are Cloudaron Pte Ltd, Agrofresh International Group Sdn Bhd, Red Ideas Holdings Sdn Bhd. To date, Cloudaron and Red Ideas have both successfully listed. SMEs at present make up 97% of businesses in Malaysia and will form the cornerstone of the future IPO Market.

Bursa to focus on SMEs

For the financial year ended March 31, 2017, Cloudaron registered a net profit of S$1.72mil (RM5.34mil), while Red Ideas Holdings has also performed well - based on the enlarged share capital of 100 million shares and the IPO price of 35 sen per share, the company’s market capitalisation is RM35 million upon listing.

Trading on the LEAP Market is limited to qualified investors, mainly those who fall within Part I of Schedule 6 or 7 of the Capital Markets and Services Act; the guiding principles are promoting a simple and easy listing regime and facilitating an efficient fundraising platform for initial listings and secondary fundraising with short time to market.

Sources: Bursa website & https://www.thestar.com.my/business/business-news/2017/07/26/prime-minister-launches-bursas-leap-market/

https://www.thestar.com.my/business/business-news/2017/07/26/prime-minister-launches-bursas-leap-market/

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About Deloitte Southeast AsiaDeloitte Southeast Asia Ltd – a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Cambodia, Guam, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – was established to delivermeasurable value to the particular demands of increasingly intra-regional and fast growing companies and enterprises.

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About Deloitte in MalaysiaIn Malaysia, services are provided by Deloitte PLT (AF 0080), a partnership established under Malaysian law, and its affiliates.

© 2017 Deloitte

28


2014 – 2017

Singapore IPO Market 2017 and Outlook for 2018

Ms Tay Hwee Ling, Global IFRS & Offerings Services Leader, Deloitte Singapore23 November 2017



Overall Singapore stock market in 2014 – 2017

306 237 106 202

790

- 235 248

2,355

276

1,921

3,212

15,303

1,888 4,396

6,555

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2014 2015 2016 2017 (10.5 months)

IPO

MARKET C

AP (

S$ M

ILLIO

N)

AM

OU

NT R

AIS

ED

(S$ M

ILLIO

N)

Amount Raised - Catalist Amount Raised - Mainboard

Amount Raised - Mainboard - Trusts IPO Market Cap

In only 10.5 months, 2017’s funds raised have already surpassed the last three years to be the highest in four years.

More to come in the pipeline for the next 1.5 months.



SEA and Singapore comparison in 2014 - 2017

While Singapore contributed to only 13% of total IPOs, it contributed to a

sizeable 30% of total amount raised in Southeast Asia from 2014 to 2017.

29

13 16 15

149 154

113

145

3,451

512

2,263 3,662

9,269

5,312

7,525

10,941

-

2,000

4,000

6,000

8,000

10,000

12,000

-

20

40

60

80

100

120

140

160

180

2014 2015 2016 2017 (10.5 months)

AM

OU

NT R

AIS

ED

(S$ M

ILLIO

N)

NU

MBER O

F I

PO

S

Singapore no. of IPOs SEA no. of IPOs Singapore amount raised SEA amount raised


2014 2015 2016 2017

Technology, Media and Telecommunications 2 1 1 1

Public Sector 1 0 0 0

Life Sciences and Health Care 4 2 1 1

Real Estate 5 2 3 5

Financial Services 5 1 0 0

Energy and Resources 4 2 3 1

Industrial Products 2 1 5 2

Consumer Business 6 4 3 5

0

5

10

15

20

25

30

Singapore IPO Review: industry analysis

Number of IPOs 2014 – 2017

There is a good industry mix seen in the yearly IPOs from 2014 to 2017, with only Public Sector and/or Financial Services unrepresented in the past three years.

Real Estate sees a steady increase in IPO count from 2015 to 2017.

Singapore market sees the highest number of listings in Consumer Business annually, with the exception of the surge in Industrial Products in 2016.



Amount raised in 2014 – 2017 Real Estate has dominated the amount raised in Singapore markets every year from 2014, except in 2017, where Technology, Media and Telecommunications took over the top spot.

2014 2015 2016 2017

Technology, Media andTelecommunications (TMT)

14 6 39 2,447

Real Estate (RE) 1,662 293 1,921 907

Life Sciences and Health Care (LSHC) 102 41 8 11

Public Sector (PS) 16 0 0 0

Financial Services (FS) 87 25 0 0

Industrial Products (IP) 32 12 35 16

Energy and Resources (ER) 506 34 215 15

Consumer Business (CB) 1,033 103 45 265

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Amount raised (S$ million)

2014 2015 2016 2017

Technology, Media and Telecommunications (TMT)

14 6 39 2,447

Real Estate (RE) 1,662 293 1,921 907

Energy and Resources (ER) 506 34 215 15

Consumer Business (CB) 1,033 103 45 265

Industrial Products (IP) 32 12 35 16

Life Sciences and Health Care (LSHC) 102 41 8 11

Financial Services (FS) 87 25 0 0

Public Sector (PS) 16 0 0 0



Total number of IPOs and amount raised in 2014 – 2017

Real Estate forms 48% while TMT forms 25% of total amount raised.

18

10 10

6

15

8

1

51,446

94

769

112

4,782

16216

2,506

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

0

2

4

6

8

10

12

14

16

18

20

Consumer Business Industrial Products Energy and Resources Financial Services Real Estate Life Sciences and HealthCare

Public Sector Technology, Media andTelecommunications

Am

ount ra

ised (

S$ m

illion)

Num

ber

of

IPO

s

No. of IPOs Amount raised


Key highlights


Singapore saw 15 listings in the first 10.5 months in 2017.

There were 2 Company IPOs and 3 Trusts on SGX Mainboard, with S$248

million and S$3.2 billion funds raised respectively, and S$1.1 billion and S$4.3 billion market capitalisation at IPO.

There were another 10 Catalist IPOs with S$202 million funds raised and

S$1.1 billion market capitalisation at IPO.

In addition to the listings mentioned above, there was 1 listing, 2 registrations and 1 lodged deal subsequent to 15 November 2017.

2016: 2 Company Mainboard IPOs with S$235m funds raised and S$1.3bn market capitalisation

11 Catalist listings with S$106m funds raised and S$529m market capitalisation

3 Trusts listing with S$1.9bn funds raised and S$2.6bn market capitalisation



Key highlights

1615

2,263

3,662

4,396

6,555

0

5

10

15

20

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2016 2017 (10.5 months)

NU

MBER O

F I

PO

S

IPO

MARKET C

AP /

AM

OU

NT R

AIS

ED

(S$

MIL

LIO

N)

No of deals Amount raised Market capitalisation

In 10.5 months, 2017 sees only 1 fewer deal as compared to the full year in

2016, while amount raised increased 61.8% and IPO market capitalisation saw

an increase of 49.1%.



Oversubscription of public offers

Out of 15 IPOs in 2017, 10 offered subscriptions to the

public (67%). ALL of

these IPOs were over-subscribed at a median

of 31.8 times and

an average of 102.6 times.

2016: 8 out of 16 IPOs offered subscriptions to the public (50%). All were over-subscribed at a median of 7.00 times and an average of 28.85 times.

50%

67%

7.00

31.80 28.85

102.60

-

20.00

40.00

60.00

80.00

100.00

120.00

0%

10%

20%

30%

40%

50%

60%

70%

2016 2017M

edia

n /

avera

ge s

ubscri

ption (

tim

es)

% I

PO

s w

ith p

ublic s

ubscri

ption o

ffers

% IPOs with public subscription offers

Median subscription

Average subscription


# CompanyMainboard/

Catalist

Date of

listing

Amount

Raised

(S$’million)

IPO Market

Cap

(S$’million)

Offer

Price (S$)

Share Price as

at 15-Nov-17

(S$)

Share Price %

Change to-date / YE

(S$)

1 Samurai 2k Aerosol

Limited

Catalist 16-Jan-17 4.00 20.00 0.200 1.040 420.00%

2 Dasin Retail Trust Mainboard

(Trust)

20-Jan-17 153.87 439.69 0.800 0.805 0.63%

3 Kimly Limited Catalist 20-Mar-17 43.45 288.70 0.250 0.360 44.00%

4 UnUsUal Limited Catalist 10-Apr-17 19.40 128.65 0.200 0.740 270.00%

5 Aoxin Q & M Dental

Group Limited

Catalist 26-Apr-17 11.40 71.16 0.200 0.200 0.00%

6 Sanli Environmental

Limited

Catalist 08-Jun-17 11.70 60.45 0.225 0.290 28.89%

7 World Class Global

Limited

Catalist 15-Jun-17 38.01 235.48 0.260 0.245 -5.77%

8 HRnetGroup Limited Mainboard 16-Jun-17 183.80 866.79 0.900 0.880 -2.22%

9 Shopper360 Limited Catalist 30-Jun-17 11.02 33.18 0.290 0.265 -8.62%

10 Y Ventures Group Ltd. Catalist 11-Jul-17 7.70 44.00 0.220 0.240 9.09%

11 NetLink NBN Trust Mainboard

(Trust)

19-Jul-17 2,447.38 3,129.84 0.810 0.825 1.85%


All listings in 2017

2017 IPO with the largest % increase in share price at 420%


# CompanyMainboard/

Catalist

Date of

listing

Amount

Raised

(S$’million)

IPO Market

Cap

(S$’million)

Offer

Price (S$)

Share Price as

at 15-Nov-17

(S$)

Share Price %

Change to-date / YE

(S$)

12 Union Gas Holdings

Limited

Catalist 21-Jul-17 15.00 50.00 0.250 0.245 -2.00%

13 Aspen (Group)

Holdings Limited

Catalist 28-Jul-17 39.85 199.32 0.230 0.210 -8.70%

14 APAC Realty Limited Mainboard 28-Sep-17 64.67 234.43 0.660 0.950 43.94%

15 Keppel-KBS US REIT Mainboard

(Trust)

09-Nov-17 610.41 753.60 US$0.880 US$0.910 3.41%

2017 Total: 3,661.66 6,555.29 Average 52.97%

2016 Total: 2,262.82 4,395.80 Average 14.51%Total count: 16

Total count: 15


All listings in 2017

50% of 2016 IPOs saw positive % share price change to YE, while 60% of 2017 IPOs saw such uptrends in share prices.

2017’s IPOs had a stellar performance to date, averaging 52.97% post IPO increase, much higher than 2016’s 14.51% during the same period;

1 2

1 US$448.0 million (US$/S$:1.3624)

2 US$553.1 million (US$/S$:1.3624)


Singapore IPO Review – small-medium-large cap IPOs

Y-o-Y contribution 2017 vs. 2016

685

1,805

1,347

1,620

2,364

3,130

0

1,000

2,000

3,000

4,000

5,000

6,000

2016 2017

IPO

mark

et

cap (

S$ m

illion)

Contribution by IPO market cap

Small Medium Large

145420

1,018794

1,100

2,447

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2016 2017

Am

ount ra

ised (

S$ m

illion)

Contribution by amount raised

Small Medium Large

4,396

6,555

2,263

3,662

2017 saw 1 large-cap IPO (NetLink NBN Trust) dominate the market, contributing to 48% of total IPO market capitalisation and 67% of total amount raised.

2016: 2 large-cap IPOs (Frasers Logistics and Industrial Trust and China Jinjiang Environment Holding Company Limited) contributed to 54% of total IPO market capitalisation and 49% of total amount raised.

2017’s small-cap IPOs also outperform 2016’s (see next slide).



Catalist listings in 2017# Company Date of listing Amount

Raised (S$’million)

IPO Market Cap

(S$’million)

IPO price-earnings

(“PE”) ratio

Net profit margin*

(%)

1 Samurai 2k Aerosol Limited 16-Jan-17 4.00 20.00 10.7 17.7%

2 Kimly Limited 20-Mar-17 43.45 288.70 11.9 14.1%

3 Unusual Limited 10-Apr-17 19.40 128.65 31.3 15.7%

4 Aoxin Q & M Dental Group Limited 26-Apr-17 11.40 71.16 131.8 1.2%

5 Sanli Environmental Limited 08-Jun-17 11.70 60.45 10.2 10.4%

6 World Class Global Limited 15-Jun-17 38.01 235.48 N/A N/A

7 Shopper360 Limited 30-Jun-17 11.02 33.18 7.8 11.7%

8 Y Ventures Group Ltd. 11-Jul-17 7.70 44.00 19.3 13.6%

9 Union Gas Holdings Limited 21-Jul-17 15.00 50.00 12.6 11.1%

10 Aspen (Group) Holdings Limited 28-Jul-17 39.85 199.32 N/A -0.3%

2017 (10.5 months) Total / Median / Average 201.53 1,130.94 11.3 9.5%

As Catalist reaches its 10th year anniversary, 2017 sees its Catalist listings become (1) more attractive (i.e. potentially the highest funds raised in 3 years); (2) more sizeable (i.e. potentially the highest IPO market cap in 3 years); (3) increase in valuation (i.e. increase in median PE ratio); and (4) have higher overall profitability (i.e. uptrend in average net profit margin).

Total count: 11 2016 Total: 106.25 528.69 9.6 7.9%

Total count: 12 2015 Total: 236.87 1,493.70 8.7 8.3%

* Net profit margins are based on the latest audited financial year as presented in the respective prospectuses.


Summary of key trends in 2017 IPOs


In only 10.5 months, 2017’s funds raised

are already the highest in four years.

In mere 10.5 months in 2017, in comparison with 2016, saw:• 61.8% more funds

raised; and• 49.1% larger-sized

listings.

More IPOs in the

pipeline for

remaining 1.5

months.

Catalist IPOs

outperform last two

years upon

celebrating its 10th

year anniversary.

2017 saw

remarkable post-IPO

performance, with

IPOs averaging 52%

increase after listing

day.

More IPOs with public

offer tranche and at

strikingly higher levels –

median and average

over-subscription at 4.5

times and 3.5 times of

2016.

Inferences:

1. There is sufficient liquidity in the Singapore market, where individual investors have the capital to invest, are hungry to invest. Demand for new IPOs are high.

2. There is room for the Singapore market to flourish further and attract more IPOs in the years to come!

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