Sunday, January 22, 2017

It is a different landscape,Dasin RT IPO

At around Q4 of last year, I started to blog my investment on this website, because I was planning (Plan B) to come back Singapore to be a full time investor, and had wished to find some like minded souls with the interests of such activities.

And 3mths later, I'm back. 

However within these 3mths, I didn't do much: neither blogging, nor investing. I had planned of trying to get time to prepare myself better for SG market. But in the end, my energy and time was really occupied to work out all the logistics arrangement for moving.

Starting the new year, I bought into my first IPO on SG bourse. It started with a google search on the web, DASIN Retail Trust popped up. It is the first counter to be listed on main board  this Rooster Year. The price is $0.80.

After the application, I got an unexpected allotment ratio of 1:1, never have imagined that ratio before, it is very different from the experience I apply IPO in China. The chances of getting the IPO share there is usually in the range of 0.0x%. 

Obviously this has somewhat caused its poor performance on D1(1/20/2017), I quickly dumped all my allocation, with some minimum gains. It is really a different landscape. Usually an IPO listed on China market straightaway hits 44% price increase cap on D1 of its listing, and reaching 10% increase cap each day in the subsequent 10-days period is a common phenomenon. 

I did my research before applying this IPO, and after I did my own rough measurement, I searched web for reference, the information is scarce, I only found one article from Mr. IPO. 

My assessment(in RMB unless specified otherwise):
Total Asset: 4.686B
Total liability: 1.983B
NA: 2.7B

$0.80@549,606,331 units, assuming FX rate 4.83
Market value: 2.1~2.2B

Yield(with distribution waiver undertakings) is 8.5%(2017)/9%(2018).

I'm not sure if I did the wrong thing in applying it, or I did the wrong thing in dumping it.

It is indeed a different landscape.

A bonus question, which group did I apply under Public Offer, can you make a guess?


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