Yamada: IPO will debut today, with invitation shares priced at 22cents. 2m shares will be offered to public, while 103m shares placed out privately. Proceeds will be used to double its shiitake mushroom cultivation bases and for boosting its eucalyptus tree plantations……
At 22c, Yamada is priced at abt 4.2X PE FY09. In comparison China MinZhong is trading at 6.3X PE FY10 ended Jun and SinoGrandness at 5X FY09 ended Dec09, with market rumors that Grey Market price is around 26-27c…
We note that Yamada’s revenue rose 74% to $46.5m, while net earnings rose 120% to $16.1m YoY for FY09 on back of increasing sales led by strong domestic consumption.
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