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Tiong Woon
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Tiong Woon
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bechaotic
Member |
05-Dec-2023 17:26
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Wow! Closing closed down even more. Now 45! | ||||
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Secret_Squirrel
Master |
05-Dec-2023 15:06
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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Now only at 46 cents. | ||||
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ozone2002
Supreme |
21-Nov-2023 10:38
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0.47 -- Super undervalued vs NAV at $1.2 construction boom in SG with HDB and condos selling like hotcakes! new T5 construction and transformation projects will propel this stock higher |
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Secret_Squirrel
Master |
01-Nov-2023 16:54
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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Volume started to pick up, but share prices has not. Based on Annual report, as of 15 Sep 2023, total number of shares issued are 231,835,253 shares only. 59.11% of the shares are held by the public. | ||||
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Joelton
Supreme |
30-Oct-2023 09:25
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Tiong Woon reaches for regional growth to build on pandemic momentum
Opportunities abound both at home and abroad as the construction sector picks up pace, says Michael Ang, chief executive officer of the crane specialist company
Tiong Woon chief executive officer Michael Ang points out that demand for its crane services remains robust amid a strong project pipeline.
IT has been a fruitful few years for . While most in the construction industry have seen muted activity, especially during the pandemic, the crane specialist has been on a roll.
Profit has grown more than tenfold in the past six years. And the company&rsquo s chief executive officer Michael Ang believes there is more headroom for growth, particularly in key regional markets outside Singapore.
Its winning formula: keep your head down and focus on your strengths.
The labour crunch during the pandemic was challenging for Tiong Woon. &ldquo There was a deep slowdown in (construction projects) since many sites in Singapore were shut down due to labour shortages,&rdquo said Ang. &ldquo Our tower crane segment was pretty slow.&rdquo
Restrictions during the pandemic also made operations more difficult a leaner workforce meant that projects were completed more slowly, Ang said.
It was then that Tiong Woon started leveraging its niche expertise to enhance its competitiveness.
This included concentrating on medium-duty cranes with a load capacity of up to 600 tonnes. These hefty cranes are more specialised than mass market ones, which have a load capacity of up to 100 tonnes and are more easily accessible.
Operators of these cranes therefore need a good track record and know-how in handling them, especially since the equipment is expensive, critical in projects, and takes a long time to manufacture, Ang said.
Safety requirements for such heavy equipment are more stringent too, he noted. But that was not an issue for Tiong Woon. &ldquo Our guys have been lifting loads, big or small, for so many years. This is our bread and butter.&rdquo
While managing operating costs and business risks, Ang said, the group prioritised &ldquo adequate liquidity&rdquo and a &ldquo strong cash flow&rdquo .
The strategy proved successful.
Profit more than doubled to S$7.6 million in 2020 &ndash when the pandemic first set in &ndash from S$2.9 million the year before.
The group&rsquo s earnings more than doubled again through the pandemic, to S$15.7 million for the latest FY2023 ended June.
Ang attributed much of the growth to success in the Singapore market, which recovered relatively quickly from the pandemic. The city-state was responsible for around 77 per cent of total revenue in the latest financial year.
Reaching for overseas growth
Although recovery in the crane specialist&rsquo s overseas operations has been more subdued, Ang is confident that there will be more growth opportunities in the coming few years. This is especially so in key markets such as India and Saudi Arabia, he said.
Tiong Woon continues to receive &ldquo strong customer enquiries&rdquo for crane services in these markets &ndash particularly in the construction, oil and gas, petrochemical and infrastructure sectors &ndash amid a still &ldquo strong project pipeline&rdquo , he said.
In India, for instance, Tiong Woon was recently awarded two major contracts to provide heavy lifting services at sites such as a fertiliser plant.
In Saudi Arabia, the group currently provides heavy lifting services at around four &ldquo high-profile&rdquo sites, including a refinery site. There are other sites that are contracted on an ad-hoc basis.
There is also talk about The Line, a car-free linear city planned within Saudi Arabia&rsquo s US$500 billion mega-development project in Neom. Plans include an industrial city and a mountain sky resort.
&ldquo They are still working on the foundation (of the project), but we hope to participate in it since we already have a foothold there,&rdquo said Ang. &ldquo Depending on how these major projects take shape and the timeline for it, the Saudi market could be quite robust for us.&rdquo
On the home front, Ang highlighted that there is a healthy pipeline of potential projects as construction demand rebounds. &ldquo The Housing and Development Board (HDB) is churning out more units to meet demand. That&rsquo s an area that we&rsquo re quite competitive in, so we should have several projects coming up in the next one to two years.&rdquo
Building its reputation
In an Oct 25 report, Lim & Tan Securities analysts also noted that in the past few years, Tiong Woon has beaten international heavyweights, such as Mammoet and Sarens, to win contracts.
&ldquo The regions that Tiong Woon operates in are facing tailwinds from the higher construction demand post-Covid, higher oil prices and final investment decisions that were not present since 2014 (when oil prices crashed),&rdquo Lim & Tan said.
Even with record high profits, the analysts believe that Tiong Woon is &ldquo far from the cycle peak&rdquo and is trading at &ldquo distressed valuations&rdquo .
The analysts added: &ldquo The time for a sector rating is imminent, and Tiong Woon remains the cheapest and the biggest laggard in the construction industry, which should translate into supernormal gains for investors in time to come.&rdquo
Still, some challenges lie on the horizon.
Finance costs, for instance, jumped 42.8 per cent to nearly S$4 million in FY2023, from S$2.8 million in the previous year. This was mainly due to the higher cost of borrowing, and could prove an obstacle should the US Federal Reserve raise interest rates yet again, said Ang.
There are also geopolitical tensions, growing inflationary pressures and concerns about global economic growth, which may adversely affect Tiong Woon.
Nonetheless, Ang remains optimistic about the group&rsquo s prospects.
To protect itself, Tiong Woon is now more selective in the projects it takes on, stepping up its credit assessment of potential clients, he said.
It is also crucial for the group to maintain a strong cash flow since interest rates are unlikely to soften any time soon, he said.
Ang highlighted that Tiong Woon will continue focusing on its core capabilities to strengthen its competitive edge and provide &ldquo high quality&rdquo solutions to clients. &ldquo Customers want a partner that they can trust,&rdquo he said.
The group&rsquo s positioning as a &ldquo prominent one-stop integrated heavy-lift specialist and service provider&rdquo also means that it is well-placed to benefit from strong demand in the coming years, both in Singapore and abroad, he added.
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Secret_Squirrel
Master |
26-Oct-2023 13:48
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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To be able to hit 58 cents is already a challenge. | ||||
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Joelton
Supreme |
26-Oct-2023 09:52
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Lim & Tan maintain ' buy' call and 88 cents target price on Tiong Woon Corp
Lim & Tan' s Nicholas Yon and Chan EN Jie have maintained their " buy" call on Tiong Woon Corp, citing how the crane operator stands out as a rare listed entity here that has a positive outlook of its business and of its industry.
In their Oct 25 note, Yon and Chan figure that the company, as a regional heavyweight in the heavy lift industry, is trading at a significantly undervalued level.
" There exists a notable perception gap between the market&rsquo s perception and reality regarding TWC&rsquo s capabilities, which are on par with international industry giants, yet remain relatively unknown. This presents a strong potential for a re-rating," the analysts note.
Yon and Chan figure that having gone through the pandemic, Tiong Woon is starting to win more business both within Singapore and in overseas markets and be on track to surpass its previous record earnings of $22 million recorded in FY2014.
As a sign of its confidence, the analysts point out that Tiong Woon investing in more heavily powered cranes that will help it capture more business in the current upcycle of the construction and petrochemical industries.
" With Ting Woon&rsquo s operating leverage, we are confident project visibility will pave the way for margin expansion, increased profitability and dividends," the analysts say.
Meanwhile, despite profits at a record high since its last downturn in FY2017, Tiong Woon is far from the cycle peak and trading at distressed valuations of 0.4x PB, 6.2x FY24F PE and 2.7x FY24F EV/ EBITDA.
Their target price of 88 cents is at a 40% discount to its peers EV/EBITDA, which Yon and Chan explain is so because of the company' s small market cap and low trading liquidity.
" We believe the time for a sector rerating is imminent and Tiong Woon remains the cheapest and the biggest laggard in the construction industry, which should translate into supernormal gains for investors in time to come," state the Lim & Tan analysts.
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Secret_Squirrel
Master |
28-Aug-2023 20:13
Yells: "Buy share cannot keep long ,will LPPL ,back to square one" |
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Results just out. For more details refer to SGX website. Highlights:- ▪ Earnings per share up 38% to 6.77 cents ▪ Net asset value per share up 5% at $1.27 ▪ Strong cash position of $75.5 million ▪ Proposes to double dividend to 1.0 cent per share ▪ Capabilities as a one-stop integrated services provider could help it secure new contracts | ||||
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tongphlp
Supreme |
22-Feb-2023 16:25
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Times would be tough moving forward...Tough Woon...
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Joelton
Supreme |
22-Feb-2023 09:58
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Tiong Woon wins contract for building of new manufacturing facility
Tiong Woon Corporation BQM -2.13% has won a contract from Takenaka Corporation for the proposed erection of a new manufacturing facility at Pasir Ris Industrial Drive 1.
The contract, which was secured by Tiong Woon&rsquo s wholly-owned subsidiary, Tiong Woon Crane Pte. Ltd, includes integration works with additions and alterations to existing blocks at the facility.
The scope of work includes the supply of cranes, provision of heavy lifting services, and providing engineering expertise and project management services throughout the project, says the group.
The project will begin in the 2HFY2023 ending June 30 and is expected to be completed by October. It is expected to contribute positively to the group&rsquo s revenue for the FY2023 and FY2024.
&ldquo We are delighted to have been awarded this contract for the construction of the new manufacturing facility &ndash it is a testament to our team&rsquo s commitment to providing high quality engineering and construction services. We look forward to working with all stakeholders involved to ensure that this transformation project is completed on time and within budget,&rdquo says Ang Guan Hwa, executive director and CEO of Tiong Woon.
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Everyday
Master |
21-Feb-2023 18:35
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TIONG WOON AWARDED CONTRACT BY TAKENAKA CORPORATION https://links.sgx.com/1.0.0/corporate-announcements/RJGMR94ORMUFWQM2/7324e2e611527e835ce52bc7a4dd699bbe6c5825bf76249a828857fe8bbb86a8 |
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Joelton
Supreme |
15-Feb-2023 09:40
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Tiong Woon reports higher revenue but lower earnings on unfavourable forex
Heavy lift provider Tiong Woon Corporation Holding has reported revenue of $65.9 million for 1HFY2023, up 8% y-o-y on better demand with a pick-up in construction activities across the region.
However, earnings for the same half year ended Dec 31 2022 dipped to $7.2 million from $7.8 million.
The company explains the drop was because of an operational exchange loss of $3 million arising mainly from the revaluation of intercompany balances following the appreciation of the Singdollar during the period.
" The business environment remains challenging and uncertain. Tiong Woon will continue to leverage on its capabilities as a one-stop integrated services provider to pursue new business opportunities," says executive chairman Ang Kah Hong.
" We will also continue to forge strategic alliances and collaborations with international contractors and industry players, to jointly participate in the tender for projects," he adds.
Tiong Woon says that the business environment remains challenging and uncertain amid the ongoing Russia-Ukraine conflict, geopolitical tensions, elevated interest rates and inflationary pressures, as well as concerns over an economic slowdown in the global economy in 2023.
" Notwithstanding the above-mentioned, the group is cautiously optimistic that customer demand for heavy lift and haulage solutions should remain resilient in the petrochemical, construction, infrastructure sectors in Singapore and in our key regional markets," the company adds.
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spursfan
Elite |
14-Feb-2023 21:08
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MEDIA RELEASE
Tiong Woon Records Revenue of $65.9 Million and Net Profit of $7.2 Million in 1HFY2023 Highlights:- ▪ Net asset value per share at $1.23 ▪ Business opportunities from public sector projects as well as refinery and petrochemical development in the region ▪ Capabilities as a one-stop integrated services provider could help it secure new contracts SINGAPORE, 14 February 2023 ? Mainboard-listed Tiong Woon Corporation Holding Ltd (長 運 集 团 ) and together with its subsidiaries (?Tiong Woon? or the ?Group?), a leading one-stop integrated heavy lift specialist and services provider, recorded revenue of $65.9 million for the six months ended 31 December 2022 (?1HFY2023?), an 8% improvement from the corresponding period a year ago. This was mainly attributable to the increase in contributions from Heavy Lift and Haulage as well as Trading segments. Gross profit was $28.4 million in 1HFY2023, an increase of $2.7 million or 11% from $25.7 million in 1HFY2022 and gross profit margin was higher at 43%. The Group?s net profit attributable to shareholders decreased from $7.8 million in 1HFY2022 to $7.2 million in 1HFY2023 largely due to operational exchange loss of $3.0 million arising mainly from the revaluation of intercompany balances following the appreciation of the Singapore Dollar during the period. https://links.sgx.com/1.0.0/corporate-announcements/UBW6SOYC3MHFGU5K/746578_1HFY2023%20Press%20Release_FINAL.pdf |
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madboysg
Member |
13-Sep-2022 20:25
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bought some at 0.48. Hope I am right.
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vicloo
Elite |
13-Sep-2022 20:22
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Anyone bottom fishing now?
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harlow
Member |
29-Aug-2022 17:12
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Dropped six cents today. Haiz.
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Joelton
Supreme |
29-Aug-2022 10:35
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Tiong Woon Corp reports FY2022 earnings of $11.4 million, up 15% y-o-y
Crane company Tiong Woon Corp Holdings has reported earnings of $11.4 million for FY2022 ended June, up 15% y-o-y. Revenue in the same period was up 9% y-o-y to $122.6 million, driven by the pick up in construction activities.
The company enjoyed a better gross margin of 40.2% for FY2022, versus 37.6% recorded in FY2021, mainly due to better performance in heavy lift and haulage segment.
The company plans to pay a final dividend of 0.35 cent per share, plus a special dividend of 0.15 cent. For the preceding FY2021, it paid 0.4 cent.
The company notes that the operating environment continues to be challenging and uncertain, as rising interest rates, inflationary pressures, ongoing geopolitical tensions, pose disruption risks to the nascent market recovery.
&ldquo The group&rsquo s priority is to ensure that it has adequate liquidity to sustain its business, manage its cashflow, operating costs and business risks, amid the uncertainties posed by the business environment,&rdquo adds Tiong Woon.
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sengkang
Veteran |
29-Aug-2022 09:32
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As per standard procedure - buy means bye ... lol
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AttasBoss
Elite |
29-Aug-2022 09:17
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What happen gap down 10% | ||||
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tongphlp
Supreme |
29-Aug-2022 09:15
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they have to say BUY so they can sell and exit...
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