卓智控股有限公司.pdf

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8096 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Sabina Cheng 30th June 2008 This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while its group companies may from time to time have interests in securities of the company or companies mentioned herein. Main Board Listing – Research iOne Holdings Limited [Stock Code:00982] 卓智控股有限公司 Sponsors :Baron Capital Limited Sun Hung Kai Financial Lead Manager and Bookrunner :Baron Capital Limited Sector : Printing services Business : Provision of financial printing services for the financial sector in Hong Kong Total share offer: *60,000,000 shares (26.07% of the enlarged share capital)Public Offer: 6,252,000 shares (10%) Placing: 23,748,000 shares (90%) *Comprising 30,000,000 New Shares and 30,000,000 Sale Shares Price: HK$1.60 per share Market Cap: HK$368 million Adjusted NTA per share: HK$ 34 cents Staffing: 174 (as of 23rd June 2008) HK Public Offer period: 30th June 2008 – 4th July 2008 Receiving banks: Standard Chartered Bank (HK) Limited Principal share registrar & transfer office: Butterfield Fund Services (Bermuda) Limited Hong Kong branch share registrar & transfer office: Tricor Investor Services Limited Listing date: 14th July 2008 Business of iOne iOne principally engages in the provision of financial printing services for the financial sector in Hong Kong which include mainly the printing of IPO prospectus, financial reports, company announcements, circulars, legal compliance documents, research reports, corporate brochures and newsletters. Majority of the customers are companies listed on the Stock Exchange and corporate communication and investor relations companies. The Group provides a range of integrated services to its customers ranging from typesetting, translation process are subcontracted to a panel of subcontractors for higher efficiency and capital saving purpose. For the financial year ended 31st Dec 2007, the Group handled and completed printing services for 18 IPO prospectus and ancillary forms, and over 500 financial reports amongst many other documents. For each of the three financial years ended 31st Dec 2007, the Group’s turnover was approximately HK$116.9 million, HK$199.1 million and HK$370.1 million, respectively. Meanwhile, the Group recorded profit of approximately HK$24.4 million, HK$48.1 million and HK$89.4 million, respectively. iOne Holdings Limited 2 EAST ASIA SECURITIES COMPANY LIMITED Shareholding Structure after Listing (Assuming the over-allotment option is not exercised) Brilliant Eagle (A company owned by Ms. Ng Wing Mee, Denise (executive director & Chairman) and her spouse, Mr. Ip Mo Leung, Gary, Ms. Chiu Hok Yu (executive director), Ms. Lai Bo Kei, Mr. Lam Wing Hong, Jimmy and Ms. Chan Che Ching) 53.22%Goldfish Ventures Limited (A company owned by Ms. Yeung Wing Yan, Wendy, Mr. Tsang Link Carl, Brian and Mr. Yih Lai Tak, Dieter) 8.87%New Court Management Inc (A company is beneficially owned by Ms. Yu Tak Yee solely) 2.96%Interasia Ventures Limited (A company is beneficially owned by Ms. Wong Yee Mei solely) 2.96%Eternal Fortune Management Limited and Twin Luck Worldwide Holdings Limited (Companies beneficially owned by Ms. Kong Yee Ching, Ellen) 5.92%Public Investors 26.07%100.00% Use of Proceeds Net proceeds from the offer are estimated to be HK$40.5 million (Assuming the over-allotment option is not exercised, and at an issue price of HK$1.60 each) HK$ million For the expansion of the production capabilities by upgrading and /or purchase of sophisticated equipment, software and production facilities 15 For expanding the translation operation in PRC 6.5 For setting up or acquiring a backup production hub in PRC 6.5 For setting up a representative office in Beijing, PRC for exploring business opportunities and developing business network 6.5 For the general working capital of the Group 6 Financial Highlights Year ended 31st December 2005 2006 2007 HKD’000 HKD’000 HKD’000 Turnover 116,947 199,087 370,064 Gross profit 42,256 85,591 190,726 Operating profit 29,869 57,252 109,617 Profits attributable to shareholders 24,439 48,098 89,446 Gross margin 36.13% 42.99% 51.54% Operating margin 25.54% 28.76% 29.62% Net margin 20.90% 24.16% 24.17% Revenue by b。