TTJ Holdings

[mrEngineer]

Dydx, I am not sure if I have so far seen announcements that TTJ have won some orders for the marina one project. Correct me if I am wrong.

Vested in yongnam

[changwk]

Dydx, I am not sure if I have so far seen announcements that TTJ have won some orders for the marina one project. Correct me if I am wrong.

Vested in yongnam

No announcements made or projects won by ttj yet. Based on previous iconic projects, ttj has built a reputation for itself. We can be pretty sure that ttj has a high chance of clinching some form project from the multi billion development.

[mrEngineer]

Mbs and star vista is done by yongnam. And based on analyst reports, yongnam has e largest market share of structural steel supply in Singapore. So maybe it's early to say. But hopefully TTJ will win e project.

[dydx]

In the structural steel space, there are only 2 big local players - TTJ and Yongnam - with the resources, technical skills and track record for the real big jobs, and both enjoy an advantage over the foreign players in having its own large fabrication yards in Singapore, being very familiar with the local work and safety rules, as well as having the support from local sub-contractors. This advantage is even more acute now as the supply of foreign construction workers is being tightened, and local costs are rising.

Between the 2, Yongnam is very much more exposed to the capital-intensive business of supplying modular strutting system to support excavation works (mainly for MRT contracts) and, as a result, has taken on quite a lot of debts in its B/S. Therefore, financial flexibility wise Yongnam is obviously in a weaker position when compared with TTJ, which is sitting on a big cash reserve - itself growing by the day because of its 5,300-bed cash-cow dormitory business - and ready to take on more big structural steel jobs of acceptable risks and profit margins, by working closely with the big Korean and Japanese main contractors. On the other hand, Yongnam seems now to be having its plate quite full, as the construction of the huge National Stadium project with a very complicated dome is in full swing and is also subject to a tight timeline, and its work in constructing a new basement underneath City Hall and the adjacent Old Supreme Court Building (to be converted into the National Art Gallery of Singapore by 2015) is obviously very demanding technically.

[mrEngineer]

Good points dydx. Unfortunately, we do not have capacity utilization figures shown publicly to compare workload of yongnam or TTJ and whether they can handle anymore projects.

[CityFarmer]

TTJ wins projects totalling $20 mil

TTJ Holdings announced it had secured multiple projects totalling $20 million to supply structural steelworks and civil defence shelter doors locally.

The new contracts will lift the group's order book to $182 million as of Mar 5.

http://www.theedgesingapore.com/the-dail...0-mil.html

[dydx]

1H (ended 31Jan13)/FY13 results just out.....
http://info.sgx.com/webcoranncatth.nsf/V...E00326C7F/$file/TTJ1HFY2013results.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...E00348B1F/$file/TTJ1HFY2013pressrelease.pdf?openelement [press release]
http://info.sgx.com/webcoranncatth.nsf/V...E00348B1F/$file/TTJ1HFY2013Presentation.pdf?openelement [presentation slides]

If we exclude the gain from disposal of PPE for both periods - 1H/FY13: $73k; 1H/FY12: $716k - the adjusted PBT for 1H/FY13 at $9.282m would have shown a respectable 14.8% yoy increase over the adjusted PBT for 1H/FY12 at $8.086m, very much in line with the 15% yoy increase in revenue. Indeed, TTJ has proven itself again as a steady profit generator, partly buttressed by the solid and predictable recurrent earnings from its workers' dormitory business. TTJ earned an EPS of $0.021 in 1H/FY13 which has raised NAV/share to $0.2645 as at 31Jan13. B/S as at 31Jan13 remained rock-solid with a net cash reserve of $30.512m, equivalent to $0.087/share.

Apparently there will be an analyst meeting tomorrow being organized by TTJ's IR Manager, August Consulting, so we can reasonably expect some update or new brokers' reports available in the next few days.

[brattzz]

The top 2 players : Yongnam Vs TTJ (Both S1 Grade)

FY2012: Yongnam share capital : 1,262,405,003, EPS : $0.0345 Rev : 300m Profit :43.5m Nav : 25.6cts
Using FY2012 : TTJ share capital : 350,000,000, EPS : $0.0475 Rev : 142m Profit : 20m Nav : 25 cts

TTJ is net cash!

[brattzz]

today zero volume?!! :O shorters buying back..

[dydx]

I find this recent announcement on IPT rather interesting.....
http://www.ttj.com.sg/newsroom/yr2013/AO...ctions.pdf

Based on TTJ's FY12 (ended 31Jul12) AR, the Ng Family - the founders and controlling shareholders of Tat Hong Group - through their private investment holding companies (TH Investment P/L, and Chwee Cheng & Sons P/L) held a combined 15.42% stake in TTJ as at 17Oct12. Does this mean that the Ng Family prefers TTJ to Yongnam as an investment opportunity and business partner?