Tiong Woon Corp

2Q result out…..
http://infopub.sgx.com/FileOpen/TWCH_2QF...eID=334750 [2Q result announcement]
http://infopub.sgx.com/FileOpen/TWCH_Pre...eID=334752 [press release]
Whiles reported profits are down YoY, 2Q's revenue and profit numbers show an improvement over 1Q's. 1H's FCF generated from operations at approx. 29% of revenue remains rock-solid.

Tiong Woon continues to invest to selectively expand and upgrade its crane fleet, including in 5 units of the popular Grove's GMK6300L all-terrain crane purchased in Aug2014 before the recent sharp rise in the USD (vs. SGD)….
https://www.manitowoccranes.com/en/news-...re%20fleet
https://www.manitowoccranes.com/en/crane...n/GMK6300L

Recent (Jun2014) report by UOB Kay Hian…..
https://8bf1087e-a-62cb3a1a-s-sites.goog...edirects=0

When compared with Tat Hong's latest 3Q result….
http://infopub.sgx.com/FileOpen/Tat%20Ho...eID=334955
Tiong Woon has much lower borrowings and gearing, and appears to have better operating margins (excluding profits from sale of PPE's) in the last 2 Q's.

Tat Hong's FY15 (ended 31Mar15) full-year result makes interesting reading and provides a good update on the current state of the construction cranes and equipment rental business...
http://infopub.sgx.com/Apps?A=COW_CorpAn...ch2015.pdf
Tat Hong's FY15 result was greatly impacted by provisions related to its suffering Aussie division, and the group had to resort to selling assets to generate gains in order to negate the impact and the fallen operating profitability, as well as to correct its seemingly over-geared balance sheet. Tat Hong's last done share price today (22Jun15) at $0.535 (cum a $0.01/share final dividend for FY15) is equivalent to 51.9% of its latest (31Mar15) NAV/share at $1.03.

Tiong Woon's latest 3Q (ended 31Mar15) result also makes interesting reading on this smaller competitor which has a greater business focus on heavy lift & haulage and the regional oil & gas industry...
http://infopub.sgx.com/FileOpen/TWCH_3QF...eID=348586
Tiong Woon's less geared balance sheet does give additional comfort, and the coming full-year (ending 30Jun15) result should give a clearer picture on how well the company has weathered the current down turn. Tiong Woon's last done share price today (22Jun15) at $0.194 is equivalent to only 33.4% of its latest (31Mar15) NAV/share at $0.5805.

Just by chance saw this old analyst report (by Loke Chunying/UOB Kay Hian, first published 10Jun14) carried in the NextInsight website, with a 'BUY' call and a TP of $0.455....
http://www.nextinsight.net/index.php/sto...llant-57-c

Tiong Woon actually has a Facebook page.....
https://www.facebook.com/TiongWoonCrane/timeline

and the following old press release by Terex (a leading supplier of, among other equipment, heavy-lift crawler cranes, globally) on one of Tiong Woon's major heavy-lift jobs with SK E&C, an international engineering, procurement and construction contractor working at Jurong Aromatics Corporation’s complex in Jurong Island Singapore.....
http://www.terex.com/cranes/ru/aboutus/n...83107.html

Today (20Jul15), bigger rival Tat Hong shot up a very impressive $0.04, or 7.3%, to close at $0.585, whereas Tiong Woon managed only up $0.004, or $2.1%, to close at $0.192.

As both counters are now traded below their respective NAV/share, would Mr Market put the 2 on a race in the next few days?

Tiong Woon is due to release its FY15 (ended 30Jun15) full-year result by end-Aug..

(20-07-2015, 07:41 PM)dydx Wrote: Today (20Jul15), bigger rival Tat Hong shot up a very impressive $0.04, or 7.3%, to close at $0.585, whereas Tiong Woon managed only up $0.004, or $2.1%, to close at $0.192.

As both counters are now traded below their respective NAV/share, would Mr Market put the 2 on a race in the next few days?

Tiong Woon is due to release its FY15 (ended 30Jun15) full-year result by end-Aug..

There might be a company-specific catalyst for the spike in Tat Hong's share price - such as a take-private offer.

(20-07-2015, 11:27 PM)Aldar Wrote: There might be a company-specific catalyst for the spike in Tat Hong's share price - such as a take-private offer.

Well, based on its current low share price and market valuation, this could well happen to Tiong Woon too. In fact, comparing the 2, it would be much cheaper for any interested 3rd-party suitors to buy the entire Tiong Woon business and privatise the company.

(21-07-2015, 05:41 AM)dydx Wrote:

(20-07-2015, 11:27 PM)Aldar Wrote: There might be a company-specific catalyst for the spike in Tat Hong's share price - such as a take-private offer.

Well, based on its current low share price and market valuation, this could well happen to Tiong Woon too. In fact, comparing the 2, it would be much cheaper for any interested 3rd-party suitors to buy the entire Tiong Woon business and privatise the company.

Well, Roland Ng's son Christopher Ng is an associate with Rippledot Capital (previously from CIMB Corp Finance).

I believed they will be in a prime position to advise on a take private proposal, with the Ng family taking Tat Hong private with a consortium of private equity firms.

Previous PEs that worked with Rippledot include Standchart PE (Amtek/ Interplex) and Northstar (Neratel).

Tiong Woon's Facebook page.....
https://www.facebook.com/TiongWoonCrane/timeline

Lots of interesting photos on the group's crane assets and business activities.

(19-08-2015, 10:55 PM)dydx Wrote: Tiong Woon's Facebook page.....
https://www.facebook.com/TiongWoonCrane/timeline

Lots of interesting photos on the group's crane assets and business activities.

Facebook!

It is a very good tool for Investor Relation. The IR has a younger team recently

(not vested)