Latest Forum Topics / Tiong Woon Last:0.5 +0.005 | Post Reply |
why is this guy falling?
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zhuge_liang
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04-Feb-2008 12:35
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Tiong Woon is a beneficiary of Singapore's current construction boom. The construction industry will see over $22b worth of contracts expected to be awarded in FY08. Demand is coming from the two Integrated Resorts, en-bloc redevelopment and public sector projects. Demand for cranes and heavy lifting equipment remains tight across all industries - contract rates are picking up. TWC is now more directly involved in construction projects with its purchase of Soon Douglas in May '07. TWC will be announcing its 1H08 results in early Feb. KE expect net earnings of between $9.5-9.7m; a typical 40:60 seasonal split for the company. FY08 forecast at $24.8m; previous numbers may have been too aggressive on the profit recognition schedule for pipelay barge. KE believe that overall earnings can surprise on the upside. Maintain Buy, TP $1.23 o Target price adjusted to $1.23 from $1.35, based on their new earnings and a PEG of 0.4x. 3-year earnings CAGR stands at 28% p.a. (ex-extraordinaries). |
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chris_cyng
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11-Oct-2007 00:07
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AGM For TW On 26 Oct, divivend 0.4 cents |
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Ryanwong
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01-Oct-2007 10:34
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From CIMB daily dated 1 Oct
Tiong Woon Corporation (S$ 1.11) - Positive impressions from Bintan Positive yard visit. We were impressed during our recent yard visit by the facilities and operations that TWC has put in place and the progress that TWC Oil & Gas Services has made since May 07, when it received all the relevant licences to operate the yard. The facility was only purchased in Nov 06, but TWC has already cleared a significant area for fabrication activities and built six workshops. Expertise clearly in place. Despite its short operating history, TWC Oil & Gas has demonstrated its expertise with the completion of its barge, the bagging of a derrick pipelay barge contract from NorCE and jacket pile fabrication work for Murphy Oil. The yard boasts capabilities in oil & gas offshore platforms, marine vessel fabrication and repair, blasting and painting work, and heavy steel module fabrication. Latecomer benefits. With regional yards running at full capacity till 2012, TWC is in a position to choose its customers with the best margins and payment terms, and clinch contracts without having to bid aggressively. Contracts for yard provide earnings upside. Possible new contracts can come from module fabrication e.g. topsides for FPSOs and jacket piles, offshore vessels like AHTS and offshore platforms. These contracts may range in value from S$20m to S$200m. Maintain Outperform and target price of S$1.50, set at 15x CY08 P/E, comparable to valuations for SGX-listed peers in the construction industry. TWC continues to offer value at 11.1x CY08 P/E against a 3-year core earnings CAGR forecast of 50.3%. |
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Ryanwong
Member |
01-Oct-2007 10:23
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From Kim Eng Securities dated 1 Oct 2007
Tiong Woon Corp Stepping up momentum Bintan yard already operational Tiong Woon Corporation (TWC) has already commenced work at its Bintan yard on its S$64.8m newbuilding order for a derrick pipelay barge to be delivered in December 2008 for Norce Offshore. There are currently 230 workers on site and is expected to increase by 800 more by year-end. TWC is targeting a workforce of 2000 by Dec 2008. The yard?s facilities come complete with a 12m deep waterfront, workshops and living quarters. Only 25ha of the 64ha yard is utilised. There is therefore room for expansion if required. TWC has already completed and has launched its first barge (meant for internal use) and is working on some smaller jobs. With activities up and running, TWC will be able to recoup its S$6m investment in one to two years. ♦ Able to broaden service offerings TWC?s new Bintan yard will enable it to widen its service offerings to its clients. Its strategy is to participate in the offshore oil and gas sector by offering a complete range of engineering, procurement and construction services. This will include fabrication and delivery of vessels and barges, as well as offshore production facilities like platforms and modules for oil rigs. It was originally acquired to support its heavy lift equipment and tug & barge fleet. With the currently tight situation at most yards, we see contributions coming through in FY08 and could even surprise on the upside if order flows gather momentum ? acting as a price trigger in the process. ♦ Soon Douglas acquisition positions TWC as IR play Soon Douglas (SD) was acquired from NatSteel for S$6.6m at an implied PE of 3.7x at end-May 2007. We expect SD to benefit from Singapore?s construction boom which was triggered by the introduction of the two Integrated Resorts over the next few years. SD operates 49 towers and two mobile cranes and will enlarge TWC?s crane fleet to 269 pieces. TWC ranks 11th in the world in terms of lifting capacity. ♦ Seizing on the Middle East boom TWC was awarded an investment license to run a wholly foreign-owned business entity in Saudi Arabia. TWC?s Middle East growth strategy is to expand its fleet size in the market to about 50-100 strong with lifting capacity growing from 50 to 300 tonnes over the next few years. It could potentially contribute as much as 25% of its revenue with the same proportion of its total fleet deployed there eventually. ♦ Reiterating BUY call We are maintaining our target price of S$1.35 based on a PEG of 0.4x, which translates into FY08 PE of 17.2x. This is in tandem with our other Downstream O&G plays. Reiterate BUY |
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maxlim
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26-Sep-2007 20:27
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RQJP68 , Thanks for report. Went up again today. Got to take a look tomorrow. |
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RQJP68
Member |
25-Sep-2007 22:15
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Tiong Woon Corp. (S$1.08,O, TP S$1.40) . Emerging heavyweight ? We initiate coverage of Tiong Woon with a 12-month target price of S$1.40 and an OUTPERFORM rating, implying 33% upside.? driver going forward, on higher utilisation rates, coupled with stronger rental yields. Tiong Woon.s heavy lift and haulage segment, with a niche in heavy tonnage (>1000 tonnes) is its core business, and remains a significant earnings? Tiong Woon.s recently-acquired 64-hectare fabrication yard in Bintan (Indonesia) for offshore production facilities has won its maiden project earlythis year. We expect order momentum to pick up, with margins improving due to scale, and increased efficiencies. We forecast earnings CAGR of23% through FY10E.? Our DCF valuation methodology is on WACC of 10.2%, and a terminal growth rate of 3%, implying an end-2008 P/E of 15x, undemanding given thestrong underlying earnings profile.? Key risks are economic downturn curbing construction spending, execution risks given tight project schedules, default of main contractors, regulatorychanges, and industry concentration. |
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idesa168
Elite |
25-Sep-2007 22:14
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IPO only 28¢ . Din know it went up to above $1.00. 4 times! |
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maxlim
Member |
25-Sep-2007 21:43
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Heard that there was a buy call by Credit Suisse today with target price 1.40. Can someone help to post the report here? Thanks. |
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AhBear
Member |
17-Sep-2007 22:34
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Will it drop to 89+ cents? :) |
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singaporegal
Supreme |
17-Sep-2007 21:26
Yells: "Female TA nut" |
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Hi maxlim, The TA indicators don't look very good. Acc/Dist and Chaikin are turning downwards. Keep alert and wait to see if the price trend follows the direction of the indicators. |
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maxlim
Member |
16-Sep-2007 21:52
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Hi singaporegal, hows the indicator showing for Tiong Woon? Thanks. |
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cyjjerry85
Elite |
02-Sep-2007 22:52
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technically speaking..MFI is slipping downwards..MACD although still positive but is no longer in a healthy position...Stochastic also began changing into slightly not so smooth signs..volumes are still healthy though |
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ray_ray
Member |
02-Sep-2007 21:21
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Hopefully monday report comes out !! vested 30 lotz at 0.9 |
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ray_ray
Member |
21-Aug-2007 16:43
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vested @.8 today will be holding till report comes out ^_^ |
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liverpoolfc
Member |
08-Aug-2007 16:59
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Time to board the bus ,,,,,,, vested again today . |
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ray_ray
Member |
08-Aug-2007 14:29
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Chiong ah 6 cents up and more to come !! |
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liverpoolfc
Member |
01-Aug-2007 21:32
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Got out today at 0.975 to protect my profit. Will stay sideline and wait for this storm to blow over. Will definitely get it again and c it cheong again |
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liverpoolfc
Member |
28-Jul-2007 07:17
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anyone know when is the half year announcement is coming out ? |
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liverpoolfc
Member |
20-Jul-2007 00:01
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See how this counter move today ,,,,,, once dust settled it will cheong again ,,,,,, ha ha ha |
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raymondho
Senior |
12-Jul-2007 19:54
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Correct! today breakout resistance1.20 and will move up most likely to 1.40. Am I right? An comments on this counter? |
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