How sustainable are No Signboard's profits?

WE knew we were overpaying for those pepper crabs. Now with the coming initial public offering (IPO) of No Signboard, we will know exactly by how much.

Investors will have an unparalleled opportunity to compare No Signboard with Jumbo Group, the other listed crab play in town.

Alas, No Signboard isn't going to come out looking so good. An initial glance at its statements reveals how fewer and fewer customers have been visiting its restaurants in recent years. Yet, what is fascinating, the chain is still incredibly profitable.