IPO 纬树国际 (Latitude Tree International)

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经济虽下滑　纬树国际销售额仍增长

尽管美国经济处境艰难，但主要向美国等市场出口木质家具的纬树国际（Latitude Tree International）的销售额却持续增长，集团预计2009财年的需求将保持强劲。

刚刚宣布将在凯利板挂牌上市并首次公开售股（IPO）的纬树国际总裁林鑫铿表示，尽管经济下滑但集团的需求保持强劲，这主要是因为消费者为渡过经济下滑期因而变得更加注重成本，需求多转向小型家具组合。

林鑫铿表示，纬树国际是越南最大的木质家具出口商，集团将继续以这个知名度扩大在美国庞大市场的业务。

每股22分售股

纬树国际以每股22分的价格配售3600万股。以集团截至去年6月底每股盈利4.57分为基础，每股22分的配售价格相当于该股历史本益比的4.8倍。配售于昨日下午5时开始，将于本月17日上午10时结束，该股预计将于本月19日上午9时开始交易。

该集团财务总监姚祖善表示，纬树国际的成本结构具有竞争力。越南的人力成本较低，目前集团雇佣超过5000名员工，同时还在土地成本和厂房的建设方面享受较低的成本。

纬树国际截至2008年12月底的半年营业额同比增长了18.2％至6760万元，其中美国市场所占份额也从前一年的78.1％攀升至92％，其他市场还包括加拿大、马来西亚、中东以及英国等地区。集团09财年半年净利增长206.5％至510万元，毛利润率约为14.5％，比2008年同期的10％有所提升。截至今年6月17日，集团的订单额为2960万元，并将于30天至60天内交付。

姚祖善指出，2008财年相对较低的利润率主要是由于原油价格的上涨所造成的成本增加而引起的。

首次公开售股预计将筹得614万元的净收入。纬树国际计划利用约200万元提升和扩大产能，另外利用200万元扩大仓储设施，其余214万元用于营运资本。

姚祖善表示，集团计划进一步扩展业务，扩大出口市场，并深入到中国和印度等非传统市场中去。同时也将扩大产品范围，并寻找原创设计（ODM）的机会。

林鑫铿也指出，面对同行业者的竞争，公司将继续强调研究和发展，不断推出新的产品，同时确保准时交货以及合理的价格。此外，中东市场目前虽然占集团业务比较小的部分，但从整个行业来讲该地区具有潜力，当地的业务利润也相对较高。

马来西亚上市公司纬树控股是纬树国际的控股公司。

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FURNITURE maker Latitude Tree International Group has launched an initial public offer (IPO) to raise $6 million.



The Vietnam-based exporter of wooden furniture - a subsidiary of Malaysia- listed Latitude Tree Holdings - will place out 36 million shares at 22 cents each.


The company chose to list its Vietnam unit in Singapore partly because there seems to be 'no volume' in the Malaysian listing, said finance director Yeoh Joe Son.


Two-thirds of the funds will be used to upgrade and expand production facilities and extend warehousing.


The company is also looking to move into the original design manufacturer segment. It is currently an original equipment manufacturer.


Latitude - said to be the largest exporter of wooden furniture in Vietnam - has 90 per cent of its customers in the United States, said Mr Yeoh.


The company is keen to expand into other markets such as the Middle East, which offers higher profit margins of 15-30 per cent compared with the usual margins of 10-20 per cent, he added.


The remainder of the funds will be used for working capital purposes.


For the six months ended Dec 31, 2008, post-tax profit jumped to $5.1 million from $1.7 million a year ago, thanks partly to lower oil prices. Sales rose 18.2 per cent to $67.6 million from a year ago.


The issue price reflects a historical price-to-earnings ratio of about 4.8 times.


This is based on net earnings per share of 4.57 cents for the fiscal year ended June 30, 2008.


PrimePartners Corporate Finance is manager and sponsor of the IPO, while DMG & Partners Securities is placement agent. NRA Capital is the independent financial adviser.
Latitude's shares are expected to be listed and traded on Aug 19.

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在这里下载完整版

http://info.sgx.com/webipo.nsf/6bb750ded0ac3f93482574d4002bc92b/405ad1cf58f28ff9482576110020119b/$FILE/(03)%20Latitude%20Tree%20Offer%20Document%20(Clean).pdf

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Latitude Tree launches IPO on Catalist

Updated: 12th August 2009, 1700 hrs

Latitude Tree launches IPO on Catalist

Vietnam-based Latitude Tree International plans to raise about 6 million dollars through an initial public offering on Catalist. Latitude Tree is the largest exporter of wooden home furniture in Vietnam. The products are exported to its main market, the United States, as well as to Canada, Malaysia, the Middle East, United Kingdom and Hong Kong, mainly to furniture importers, wholesalers and agents. The firm is launching 36 million placement shares priced at 22 cents each. Finance Director Yeoh Joe Son says the proceeds of the IPO will be used to help the company expand its business. "30 percent of the fund will be for capex, more advanced machinery. Another 30 percent is for warehousing. We have to build a warehouse for our buyers because now we have to give value-added services to our buyers. The remaining is for working capital, for the expansion of working capital." Mr Yeoh added that the firm also plans to expand into new, non-traditional markets for the export of its furniture, such as India and China. The IPO placement opened at 5 pm today and will close at 10 a.m. on August 17th. Listing and trading of Latitude Tree’s shares are expected to start at 9 a.m. on August 19th.

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Vietnam's Latitude Tree to raise S$6m in IPO on Catalist

Vietnam's Latitude Tree to raise S$6m in IPO on Catalist
By Yasmine Yahya, Channel NewsAsia | Posted: 12 August 2009 1751 hrs




SINGAPORE : Vietnam-based Latitude Tree International plans to raise about S$6 million through an initial public offering (IPO) on Catalist.

Latitude Tree is the largest exporter of wooden home furniture in Vietnam. Its products are exported to its main market in the US, Canada, Malaysia, the Middle East, UK and Hong Kong - mainly to furniture importers, wholesalers and agents.

The firm is launching 36 million placement shares priced at 22 Singapore cents each.

Finance Director Yeoh Joe Son said the proceeds of the IPO will be used to help the company expand its business.

"30 per cent of the fund will be for CAPEX, more advanced machinery. Another 30 per cent is for warehousing. We have to build a warehouse for our buyers... to give value-added services to our buyers. The remaining is for working capital," said Yeoh.

Yeoh added that the firm also plans to expand into new, non-traditional markets such as India and China for the export of its furniture.

The IPO placement opened at 5pm on Wednesday and will close at 10am on August 17. Listing and trading of Latitude Tree's shares are expected to start at 9am on August 19. - CNA /ls