New Issue Review : Freight Links Express Holdings 4Y SGD

Market Cap SGD 220 mio coming into the market. How much bonds can you issue ?

Guessing SGD 40-50 mio. So it will not, I repeat, will not be liquid and you will find probably only 1 or 2 banks making a price for the papers.

Issuer:  Freight Links Express Holdings Limited
Currency: SGD
Tenor: 4-yrs
Sale Manager: DBS
Timing: As early as today
Issue Format: Reg S, S274 & 275 of Singapore SFA
Expected Issue Ratings: Unrated
Information from person familiar with the matter, who asked not to be identified because the terms aren’t set.

Unless I see closer to 5.5- 6%, I will not waste my time. There are too many questions to be asked about their income statement.

“Net Non Operating Loss” ? 2011 -3.89 mio 2012 -23.24 mio ? and is going up, last 12 m -38.95 mio.
“Abnormal losses” 2011 0.31 mio 2012 -3.62 mio and last 12 m -9.89 mio ? going up ?

Will keep you posted.