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Tiong Woon
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Tiong Woon
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shareluck
Veteran |
03-Jul-2014 15:37
Yells: "buy share also need some luck to win " |
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bee hoon getting hotter Tiong Woon NAV 54.95  DYODD
UOB-KH TP 45.5
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shareluck
Veteran |
03-Jul-2014 11:11
Yells: "buy share also need some luck to win " |
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henta kaki at 35 for very long Tat Hong up 3 cents liao get ready to move Tiong Woon NAV 54.95 DYODD
UOB-KH TP 45.5 |
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bishan22
Supreme |
25-Jun-2014 06:36
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This bee hoon is getting cold. What's happening? | |||||
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shareluck
Veteran |
23-Jun-2014 21:41
Yells: "buy share also need some luck to win " |
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must get one capable tow kay to operate this bee hoon stall Tiong Woon NAV 54.94 DYODD
UOB-KH TP 45.5 |
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bishan22
Supreme |
23-Jun-2014 14:09
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This bee hoon is getting cold. What's happening? | |||||
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shareluck
Veteran |
23-Jun-2014 13:27
Yells: "buy share also need some luck to win " |
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catch up!!!!!!!!!! your peer Tat Hong cross 90 already Tiong Woon NAV 54.95 DYODD
UOB-KH TP 45.5 |
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shareluck
Veteran |
22-Jun-2014 14:07
Yells: "buy share also need some luck to win " |
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still very much lower than NAV and UOB-KH TP Tat Hong moving highier Tiong Woon got more to catch up Tiong Woon NAV 54.95 DYODD
UOB-KH TP 45.5 |
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shareluck
Veteran |
20-Jun-2014 16:10
Yells: "buy share also need some luck to win " |
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more people know this bee hoon is delicious Tiong Woon NAV 54.95 DYODD
UOBKH-TP 45.5 |
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Secret_Squirrel
Elite |
20-Jun-2014 15:57
Yells: "Stay curious but skeptical" |
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Tiong Woon crane in O& G. Oil price up, this stock will likely to follow.
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shareluck
Veteran |
18-Jun-2014 18:03
Yells: "buy share also need some luck to win " |
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I think chng kay will char bee hoon soon as market is active again Tiong Woon NAV 54.95
UOB-KH TP 45.5 |
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shareluck
Veteran |
11-Jun-2014 14:17
Yells: "buy share also need some luck to win " |
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enjoy your bee hoon they will up the price soon Tiong Woon NAV 54.95
UOB-KH TP 45.5 |
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bishan22
Supreme |
11-Jun-2014 13:42
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Q for bee hoon and got served. Good luck.
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shareluck
Veteran |
11-Jun-2014 13:39
Yells: "buy share also need some luck to win " |
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can eat crab bee hoon liao Tiong woon NAV 54.95
UOB-KH TP 45.5 |
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Secret_Squirrel
Elite |
10-Jun-2014 20:41
Yells: "Stay curious but skeptical" |
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Woon woon jia bee hoon.
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shareluck
Veteran |
10-Jun-2014 17:48
Yells: "buy share also need some luck to win " |
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well done , up 1.5 cents with good volume
tomorrow will be better Tiong Woon NAV 54.95
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shareluck
Veteran |
10-Jun-2014 11:30
Yells: "buy share also need some luck to win " |
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most of the stocks had gone up in the past few months Tiong Woon is yet to catch up to his fair value Tiong Woon NAV 54.95
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WanSiTong
Supreme |
10-Jun-2014 11:19
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WanSiTong
Supreme |
10-Jun-2014 11:06
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Tiong Woon - Undervalued service provider to the O& G industry Written By Stock Fanatic on Tuesday, June 10, 2014
We initiate coverage on Tiong Woon with a BUY recommendation and a target price of S$0.455 pegged to its industry peers&rsquo P/B average of 0.83x. Serving primarily the Oil & Gas (O& G) industry, Tiong Woon is an integral crane operator for oil majors in an industry that has high barriers to entry due to safety concerns. At 0.64x P/B, Tiong Woon is trading at a 23% discount to its local peers average P/B of 0.83x, offering value investors a huge margin of safety. The ability to consistently record strong gains from disposal of equipment suggests a possible understatement in fair value of assets, making valuation even more compelling. INVESTMENT HIGHLIGHTS &bull An integrated one-stop service provider. Tiong Woon is the 15th largest crane owner in the world. Providing a comprehensive set of project management services, from the planning and design of an integrated lifting and haulage service to the installation of dangerous Oil and Gas (O& G) structures (eg oil rigs), Tiong Woon plays an integral role in supporting its customers in the O& G industry.
&bull Serving a defensive niche. Deriving 70-80% of its revenue from the O& G industry, Tiong Woon&rsquo s earnings are relatively more resilient in nature as these service contracts are longer term in nature and can be recurring. Safety issues pertaining to the O& G industry also create high barriers to entry to the industry.
&bull Deep discount to book value offers high margin of safety. Tiong Woon is trading at 0.64x P/B, which is at a 23% discount to its local peers&rsquo average P/B of 0.83x. The depressed valuation offers investors a high margin of safety.
&bull Possibly undervalued assets make valuation even more compelling. While the resale value depends on current market conditions, Tiong Woon has typically been able to resell its equipment above book value. In the last five FYs, we noted that Tiong Woon was able to record strong gains from the disposal of property, plant and equipment (PPE) of about 29-274% in excess of its book value, suggesting the possible understatement in fair value of PPE in its balance sheet.
&bull Possible stock re-rating on the cards. Affected by poor market sentiments as some of the industry peers&rsquo earnings disappoint, Tiong Woon&rsquo s share price has remained depressed since last year despite a strong earnings rebound in FY13. However, we note the recent price strengthening in its locally listed peers of between 16.7%-40.7%, suggesting a possible re-rating could be on the cards, as Tiong Woon plays catch up to its peers.
&bull HQ redevelopment to bring cost savings and new recurring income source. Tiong Woon is in the midst of redeveloping its HQ to add 1ha of parking space, a 500-bed workers&rsquo dormitory and about 320,000sf of warehouse space. We expect Tiong Woon to enjoy cost savings and a new recurring income source with the leasing of the dormitory and the warehouse space. The redevelopment is however expected to be only completed by end-15 (ie 2HFY16 onwards).
Technical Analysis
Peers Comparison
Valuation
We initiate coverage on Tiong Woon with a BUY recommendation and target price of S$0.455, pegged to its industry peers&rsquo P/B average of 0.83x. Our target price is near the upper end of Tiong Woon&rsquo s 3-year historical P/B band (0.33x-0.82x), which we think is justifiable given that Tiong Woon&rsquo s earnings are also theoretically more resilient than its peers. (as they are mainly serving the O& G sector which has higher barriers to entry due to safety requirements) Our target price has an implied FY15F PE of 11.0x. (Read Report)
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francisd
Master |
10-Jun-2014 10:40
Yells: "BUY LOW SELL HIGH" |
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Please dont be suckers....BEWARE. Cheers
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shareluck
Veteran |
10-Jun-2014 10:16
Yells: "buy share also need some luck to win " |
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this is just the beginnig see the bullets below Tiong Woon NAV 54.95
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