Sysma

Sysma: Traders are taking a break from broader market doldrums to chase up debutante Sysma, a Singapore-based high-end landed-property construction-services provider. The stock is up 12.5% at $0.315 from its $0.28 IPO price. Sysma's placement of 18 m shares was fully subscribed, with $5.04m raised. Post-placement, Sysma has 95m shares. The debut may be getting a fillip from the co's plan to recommend an at least 30% dividend-payout rate for FY12-13; based on FY11 net profit of $5.278m, the FY11 dividend likely would have been at least $0.017, or an around 6% payout at the IPO price. But Dow Jones says players should exercise some caution; Sysma's free-float is low, with 19% of shares placed with the public, and the 8.9 m shares traded suggests a decent amount of churn. Adds, Singapore's landed-property niche could face serious headwinds in an economic slowdown, while the limited land supply may prevent segment growth. Orderbook quotes suggest the $0.355 intraday high won't be retested.