Stock Name: Tiong Seng
Company Name: TIONG SENG HOLDINGS LIMITED
Research House: Kim Eng
Kim Eng Research in a May 11 research report says: "Tiong Seng announced a net profit of $2.1 million for 1Q11, albeit still short of our expectation. Revenue grew by 14% to $56 million, from $49 million a year ago, thanks to an increase in work done for ongoing projects such as The Wharf Residence and The Volari, as well as maiden recognition from the NUS staff housing project.
"Net profit fell by 30% y-o-y with the completion of major JV projects last year, including the Sentosa integrated resort and the MBFC Phase 1. Tiong Seng had recognised a total of $56 milion from its orderbook with gross margin rising to 13%, from 10% in 1Q10.
"There is still a strong orderbook of $1.1 billion to be recognised over the next 12-30 months, one of the highest among its listed peers. Target price of 33 cents, based on SOTP valuation. MAINTAIN BUY."
Company Name: TIONG SENG HOLDINGS LIMITED
Research House: Kim Eng
Kim Eng Research in a May 11 research report says: "Tiong Seng announced a net profit of $2.1 million for 1Q11, albeit still short of our expectation. Revenue grew by 14% to $56 million, from $49 million a year ago, thanks to an increase in work done for ongoing projects such as The Wharf Residence and The Volari, as well as maiden recognition from the NUS staff housing project.
"Net profit fell by 30% y-o-y with the completion of major JV projects last year, including the Sentosa integrated resort and the MBFC Phase 1. Tiong Seng had recognised a total of $56 milion from its orderbook with gross margin rising to 13%, from 10% in 1Q10.
"There is still a strong orderbook of $1.1 billion to be recognised over the next 12-30 months, one of the highest among its listed peers. Target price of 33 cents, based on SOTP valuation. MAINTAIN BUY."
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