ValueMax

ValueMax: Expect strong positive interests in its IPO debut today, after latests stats relvealed that the IPO has drawn strong demand from investor, with the total Invitation tranche (Placement and public offer) for 138m shares, 6.3x oversubscribed. The public offer tranche of 5m shares saw an application for 731.6m shares, indicating a 146x over subscription for the public offer. At the IPO price of $0.51, Valuemax Trade at 16.7x FY12 P/E, versus peers Maxi-Cash at a hefty 44.3x trailing P/E and MoneyMaxat 20.6x. Valuemax has proposed to distribute 50% of its net profit for next three years as dividends. Using FY12 earnings, that would translate to a dividend yield of at least 3% Separately, Voyage research has initiated coverage on ValueMax this morning with an Increase Exposure rating, valuing the co at $0.82 per share.