Stock Name: Tiong Seng
Company Name: TIONG SENG HOLDINGS LIMITED
DBS Vickers Securities in an Oct 18 research report says: "Tiong Seng announced that the group has been awarded the $147 million Housing Development Board (HDB) contract for the construction of 804 units for "Waterway Terraces II" in Punggol West.
"This follows the group's first contract win of $192 million for the construction of 1,072 units. While not expected to have a significant impact on the group's earnings in the current financial year, this contract will boost Tiong Seng's order book to $1.2 billion, which is well ahead of peers in the construction industry, providing the group with good earnings visibility over the next 2 years.
"Target price of 31 cents (based on 35% discount to its SOTP). MAINTAIN BUY."
Company Name: TIONG SENG HOLDINGS LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.31 |
DBS Vickers Securities in an Oct 18 research report says: "Tiong Seng announced that the group has been awarded the $147 million Housing Development Board (HDB) contract for the construction of 804 units for "Waterway Terraces II" in Punggol West.
"This follows the group's first contract win of $192 million for the construction of 1,072 units. While not expected to have a significant impact on the group's earnings in the current financial year, this contract will boost Tiong Seng's order book to $1.2 billion, which is well ahead of peers in the construction industry, providing the group with good earnings visibility over the next 2 years.
"Target price of 31 cents (based on 35% discount to its SOTP). MAINTAIN BUY."
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