Stock Name: Tiong Seng
Company Name: TIONG SENG HOLDINGS LIMITED
DBS Vickers Securities in a Nov 29 research report says: "Tiong Seng announced that they have been awarded a $189.5 million contract for the proposed construction of a Bedok Condominium development from United Venture Development (Bedok).
"Stock trades at a 60% discount to our estimated SOTP of 43 cents. Backed by strong earnings visibility from a solid construction orderbook over the next 2-3 years, the group's investment in its pre-cast prefabrication factory will enable it to enhance cost efficiencies and stay ahead of its peers in the years ahead.
"Concerns on the group's China property development arm should be allayed as most are located in 3rd Tier cities and a majority of project phases will only be launched towards 2H12-2013 onwards. Target price of 24 cents based on 45% discount to SOTP valuation. MAINTAIN BUY."
Company Name: TIONG SENG HOLDINGS LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.24 |
DBS Vickers Securities in a Nov 29 research report says: "Tiong Seng announced that they have been awarded a $189.5 million contract for the proposed construction of a Bedok Condominium development from United Venture Development (Bedok).
"Stock trades at a 60% discount to our estimated SOTP of 43 cents. Backed by strong earnings visibility from a solid construction orderbook over the next 2-3 years, the group's investment in its pre-cast prefabrication factory will enable it to enhance cost efficiencies and stay ahead of its peers in the years ahead.
"Concerns on the group's China property development arm should be allayed as most are located in 3rd Tier cities and a majority of project phases will only be launched towards 2H12-2013 onwards. Target price of 24 cents based on 45% discount to SOTP valuation. MAINTAIN BUY."
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