Stock Name: TTJ
Company Name: TTJ HOLDINGS LIMITED
Research House: CIMB
Adds, plans to expand fabrication capabilities and resources business overseas likely to result in low or even negative cashflows for next few years. Says stock deserves to trade at discount to peer Yongnam (Y02.SG) given its weaker earnings growth, lower revenue, market share.
Company Name: TTJ HOLDINGS LIMITED
Research House: CIMB
CIMB starts TTJ Holdings (K1Q.SG) at Hold with $0.17 target price, based on 6X FY12 P/E.
Says reputation as leading structural steel specialist in Singapore has helped company clinch contracts involving iconic projects such as Changi Airport Terminal 3, double helix bridge linking Marina Bayfront to Marina Centre, but intensifying competition starting to pose risks to TTJ's market share, profitability.
Adds, plans to expand fabrication capabilities and resources business overseas likely to result in low or even negative cashflows for next few years. Says stock deserves to trade at discount to peer Yongnam (Y02.SG) given its weaker earnings growth, lower revenue, market share.
Shares +8.6% at $0.19.
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