The Trendlines Group

[LionFlyer]

http://www.channelnewsasia.com/news/busi...65772.html

SINGAPORE: Israeli firm The Trendlines Group launched an initial public offering (IPO) on the Singapore Exchange’s Catalist board on Monday (Nov 16).
The medical and agricultural tech incubator firm said it will offer 75.76 million shares, priced at S$0.33 for each share. The IPO is expected to raise S$25 million gross proceeds, and is priced at approximately 1.4 times the price-to-book ratio of Trendlines’ net tangible assets value as of Jun 30.
Trendlines commenced operations in 2007 and has since established and incubated 60 portfolio companies. It said 17 of these companies are at the “commercialisation” stage and are generating revenue. Five portfolio companies have also been acquired by or sold their assets to multinational corporations.
Currently, it operates through its two subsidiaries Trendline Medical and Trendline Agtech, and its own internal innovation centre, Trendline Labs.
Trendlines’ chairman and CEO Steve Rhodes said the decision to list in Singapore was because it is fitting for the company’s size, as compared to other stock exchanges such as NASDAQ or the Tel Aviv Stock Exchange.
He said: “We’ve found tremendous opportunity in Singapore for establishing incubators, and using Singapore really, as a hub for our Asian expansion.” He added that other factors such as the rule of law, the use of English and location makes Singapore a comfortable place to do business.
Trendlines said it will use to proceeds raised to expand Trendline Labs and invest in current and new portfolio companies. In addition, it expects to use S$5 million of the capital to establish new incubators, including one in Singapore by 2016. It is also looking to use Singapore as a centre for expansion.
The first day of trading is scheduled for Nov 26. The Israeli group said it has entered into an agreement with B. BRAUN Melsungen AG – a healthcare supplier – to purchase S$7.1 million worth of Trendlines’ shares.  

Previous attempt at IPO in 2014
http://business.financialpost.com/news/f...ast-minute

[butcher]

Trendlines Group (TTGL SP): BUY
Market Cap: US$71m | Average Daily Value: US$0.36m
Last Traded Price: S$0.19; Price Target: S$0.28 (Upside 45.8%) (Prev S$0.28)

Analyst

Sachin Mittal +65 6682 3699 sachinmittal@dbs.com

Significance of losing agtech license
Trendlines’ bid to renew its agricultural technology (agtech) incubator license in Israel has been denied
The group hopes to bundle agtech investments with its medical tech (medtech) license
Even in the worst case scenario of being denied agtech license, there is no material change to our forecasts, BUY rating and S$0.28 TP
What’s New?

Trendlines’ bid to renew its agtech incubator licence in Israel has been denied. The company's 85%-owned subsidiary, Trendlines Agtech Ltd, has on March 15, 2016 received a notice from the Office of the Chief Scientist of the Israel Ministry of Economy (OCS) that the license to operate an incubator in the Judea and Samaria region of Israel has been awarded to a competitive bidder and not to Trendlines Agtech. Trendlines has submitted a request to the OCS for permission to expand the mandate of its medical tech (medtech) incubator Trendlines Medical-Misgav Ltd - which has an incubator franchise until Dec 31, 2023 - to include agtech investments. It will also continue to apply for financial support from the OCS for its agtech investments.


Our View

Not a material loss. Trendlines management hopes to bundle agtech investments with its medtech incense, valid till 2023. In the worst case scenario of agtech license being denied, existing agtech portfolio companies will still continue to receive funding and only new agtech companies will be affected. Trendlines will still have access to some funding programs of the government for new companies which may be 40-50% less than those that come with the agtech license. Given that medtech companies comprise an estimated 70%-80% of Trendlines portfolio value, this should not be a big concern in our view.

Investors should focus on potential exit opportunities in 2016. In 2016, we expect most of the potential exits to come from medtech companies. While three medtech companies have engaged investment bankers to find potential buyers, one of them is in an advanced stage and could stage exit in the next 3-4 month.

No change to our S$0.28 TP and BUY recommendation. We have a S$0.28 TP for Trendlines based on FY16F P/BV of 1.1x (versus selected peers trading at 1.3x) pegged to an estimated book value per share of S$0.25 in FY16F. Key risk will be failure to exit from existing investments leading to negative cash flow and losses hurting its book value.


Source: DBS Vickers

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TRENDLINES GROUP: You are invited to 27 June event

Published: 20 June 2018

Trendlines’ senior management team will be in Singapore next week (on a Singapore-government sponsored trip), and will hold an investor relations event on Wednesday, 27 June.

The event will showcase Trendlines’ operations in Israel and provide insights into the incubation of startup companies.

Trendlines invents, discovers, invests in, and incubates innovation-based medical and agricultural technologies.
...
Investors, shareholders, analysts and media who are interested to attend -- please email your full name and contact number to: reyna@financialpr.com.sg

More details in https://nextinsight.net/story-archive-ma...ines-event

[BRT]

anyone attended the jun 27 event? interested if there's updates rgding their most valuable company and product which is supposed to be released 2H 2018. hopefully nextinsight will followup with a writeup.

[cyclone]

anyone attended the jun 27 event? interested if there's updates rgding their most valuable company and product which is supposed to be released 2H 2018. hopefully nextinsight will followup with a writeup.

Write-up from NextInsight.net : https://nextinsight.net/story-archive-ma...olio-value

On where to look for the next exits : http://trendlines.com/trendlines-report-...h-q1-2018/

[BRT]

nice! thanks. been following the co for a year and a bit more. imo, a lot of the comments are recycled stuff, but great to hear of progress in some areas.

[BRT]

http://infopub.sgx.com/FileOpen/Trendlin...eID=532989

"Noting that the Company has exceeded its cost reduction goals for the financial year ending 31
December (“FY”) 2018, in the interest of staff retention, the Company has determined to discontinue
salary cuts for certain staff for fiscal FY2019, returning their salaries to FY2017 levels. Additionally,
the Company will reinstate half of the salary cut of the Company’s Co-CEOs David Todd Dollinger and
Stephen Louis Rhodes, such that their salaries for FY2019 will be 10% below their FY2017 salary
levels."

lol. did they set too good of an example n now U turn? exceeded cost reduction goals so now reversing to meet them?