TTJ Holdings

[tycoon]

Hi, does anyone knows what will happen after the dorm business' tenure comes to an end?

[smallcaps]

TTJ doing projects in Vietnam?

http://www.vietnamworks.com/structural-d...-548872-jd

Structural Detailer
TTJ Design & Engineering Pte Ltd - Rep Office In Hanoi
A219 The Manor, My Dinh, Tu Liem, Hanoi

Job Description
- Review and interpret design drawings and specifications as required in a project.
- Implementation of standard code of practice and project specifications for steel material, welding, surface treatment and etc
- Clarify structure setting out and connection details from engineering coordinator and prepare RFI/TQ/RFA
- Generate model and reports using steel structure detailing software: TEKLA Structures.
- Generate General Arrangement drawing and shop fabrication drawing.

[smallcaps]

Mr Teo purchases 400 lots at 34 cents from open market yesterday:

http://infopub.sgx.com/FileOpen/_eFORM1V...eID=347064

[dydx]

Mr Teo purchases 400 lots at 34 cents from open market yesterday:

http://infopub.sgx.com/FileOpen/_eFORM1V...eID=347064

Mr Teo obviously knows TTJ's business and its value and that of its shares. With so much accumulated cash in the company - as much as $65.2m (equivalent to $0.187/share) as at 31Jan15.....
http://infopub.sgx.com/FileOpen/TTJ%202Q...eID=338342
- it is conceivable that TTJ may just pay out a 'jumbo' dividend in the foreseeable future.

[smallcaps]

Mr Teo purchases 400 lots at 34 cents from open market yesterday:

http://infopub.sgx.com/FileOpen/_eFORM1V...eID=347064

Mr Teo obviously knows TTJ's business and its value and that of its shares. With so much accumulated cash in the company - as much as $65.2m (equivalent to $0.187/share) as at 31Jan15.....
http://infopub.sgx.com/FileOpen/TTJ%202Q...eID=338342
- it is conceivable that TTJ may just pay out a 'jumbo' dividend in the foreseeable future.

I think of much significance is that AFAIK, this should be his 1st open market purchase since the company's IPO in 2010. And interestingly, he used his own money instead of thru share buybacks like in the last 2 years.

[CY09]

TTJ has wonderful cash flow generation ability and is debt free. ROE is above 10% and cash flow yield is in the region of 15-20% using the past 4 quarter results. Hence for the market to price TTJ at book value is a tad undervalued to me. Perhaps that's why Mr. Teo placed an order of 400 lots on Tuesday when he noticed a sudden sell down at 0.32 (My queue order of 0.32 was filled by a party of DBS vickers on that day)

Also worth noting Mr. Teo holds 67.1% interest in TTJ. So instead of a massive dividend, he may initiate a takeover @25% premium and that will cost only about s$50M

<vested at 0.32>

[header]

Will TH Investment (Tat Hong's controlling shareholder) be selling their investment in TTJ?
Tat Hong has been selling some non-core assets recently.

[dydx]

Will TH Investment (Tat Hong's controlling shareholder) be selling their investment in TTJ?
Tat Hong has been selling some non-core assets recently.

I guess the listed Tat Hong had to pare non-core assets to lower its relatively high debts and gearing. As for the Ng Family's (Tat Hong's controlling shareholder) investment in TTJ via their private investment holding company TH Investment, I guess the family would sell part or all of their 15.43% stake in TTJ (presently worth some $18.3m in market value, based on 53.97m shares and last done share price of $0.34) if they need to raise some cash, or if they think TTJ is no longer a good or safe enough investment.

The fact that the Ng Family has made such a big bet on TTJ is an clear, positive indication of the quality of TTJ as a company and stock counter, in the eyes of the Ng Family.

[bear]

Today there was an announcement that T T J Group secures new contracts worth a total of $35 millions.

http://infopub.sgx.com/FileOpen/TTJ%20$35m%20new%20contracts.ashx?App=Announcement&FileID=353731

Projects are for Jurong Island and Thomson line.The secure of these two projects increase the total order book to $113 million.

Quote from the press release:
Commenting on the new contract wins, T T J’s Chairman and Managing Director, Mr Teo Hock Chwee
(张福水) said, “We are delighted to have secured these significant new projects from our existing clientele.
These repeat orders from them are a testament to the quality of work T T J has produced and the
confidence our clients have in us to deliver on their projects. We are also heartened to continue to see
ample opportunities in the market and this new round of contract wins will give the Group greater impetus
and confidence to secure more wins.”

[smallcaps]

If the price continues to stagnate, soon we'll be able to buy a cash generating cash company at cash price