VersaLink (IPO)

Based on the IPO price of $0.30, VersaLink trades at 5.8x FY14 P/E and 1.75x P/B with a total market capitalization of $40.5m. SGX related peers include: 1) Cacola Furniture: Loss-making; 1.06x P/B 2) HTL International: 8.6x P/E; 0.53x P/B 3) Koda: Loss-making; 0.43x P/B 4) Lorenzo International: Loss-making; 0.52x P/B 5) Sitra Holdings: 17.4x P/E and 3.3x P/B.