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FY12 (ended 30Jun12) full-year result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...30030A3D8/$file/TWCH_FullYr2012.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...300313500/$file/TWCH_PressRelease_23Aug2012.pdf?openelement [press release]
The FY12 full-year pretax loss of ($3.875m) (vs. a PBT of $1.288m in last FY11) was after accounting for (i) a $2.1m forex loss in 4Q due to the weakened INR (Indian Rupee) vs. SGD - by approx. 9% from end-Mar to 30Jun12; and (ii) a $3.4m impairment loss on trade receivables in 4Q. The higher aftertax net loss of ($4.847m) (vs. a NP of $0.951m in last FY11) was accentuated by a higher income tax expense of $1.914m (vs. only $0.442m in last FY11), as lossess incurred by some subsidiaries cannnot be used to offset against profits earned by other subsidiaries within the group.
Despite the losses, Tiong Woon continued to generate positive operating CF mainly from a large $28.4m accounting depreciation of PPE (chiefly its large fleet of cranes and other equipment), which also funded a smaller net capex of $10.3m, with the remainder applied to reduce borrowings by some $18.3m.
As at 30Jun12, Tiong Woon's equity stood at a strong $222.2m, translating to a NAV/share of $0.4785 (based on the 464.471m issued shares as at 30Jun12).
Despite the losses, Tiong Woon's BOD has decided to keep the usual $0.004/share Final dividend.
Would Mr Market mark down Tiong Woon's share price tomorrow and into next week? I hope not!
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23-08-2012, 09:38 PM
(This post was last modified: 23-08-2012, 09:39 PM by RBM.)
Thank you for sharing this analysis so quickly after Tiong Woon's disclosure earlier this evening dydx,
I believe it is also fair to say that the size of the losses is (much) smaller than had been feared and mooted in several quarters - Tiong Woon's management provided due warning of the full year loss some two weeks ago. Given this and maintenance of the final dividend level, I wonder if we'll see a rebound in Tiong Woon's share price in the coming days.
The tax "ring-fencing losses" make me wonder if Tiong Woon are corporately structured in a tax-effective manner and if they are getting good advice on this.
Not vested
(23-08-2012, 09:26 PM)dydx Wrote: FY12 (ended 30Jun12) full-year result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...30030A3D8/$file/TWCH_FullYr2012.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...300313500/$file/TWCH_PressRelease_23Aug2012.pdf?openelement [press release]
The FY12 full-year pretax loss of ($3.875m) (vs. a PBT of $1.288m in last FY11) was after accounting for (i) a $2.1m forex loss in 4Q due to the weakened INR (Indian Rupee) vs. SGD - by approx. 9% from end-Mar to 30Jun12; and (ii) a $3.4m impairment loss on trade receivables in 4Q. The higher aftertax net loss of ($4.847m) (vs. a NP of $0.951m in last FY11) was accentuated by a higher income tax expense of $1.914m (vs. only $0.442m in last FY11), as lossess incurred by some subsidiaries cannnot be used to offset against profits earned by other subsidiaries within the group.
Despite the losses, Tiong Woon continued to generate positive operating CF mainly from a large $28.4m accounting depreciation of PPE (chiefly its large fleet of cranes and other equipment), which also funded a smaller net capex of $10.3m, with the remainder applied to reduce borrowings by some $18.3m.
As at 30Jun12, Tiong Woon's equity stood at a strong $222.2m, translating to a NAV/share of $0.4785 (based on the 464.471m issued shares as at 30Jun12).
Despite the losses, Tiong Woon's BOD has decided to keep the usual $0.004/share Final dividend.
Would Mr Market mark down Tiong Woon's share price tomorrow and into next week? I hope not!
RBM, Retired Botanic MatSalleh
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FY13's 1Q (ended 30Sep12) result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...0002C38C5/$file/TWCH_1QResultsFY2013.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...0002CE0D9/$file/TWCH_PressRelease1QFY2013.pdf?openelement [press release]
While the 1Q's much higher PBT at $5.183m included a $2.205m net gain on disposal of equipment (vs. a corresponding sale proceeds of $5.744m) - an indication that the CMV of some of Tiong Woon's cranes have gone up, or that the carrying BV of those disposed cranes were much lower than their fair market value - and together with the healthy 37% yoy increase in the revenue from the core Heavy Lift and Haulage segment, there are positive signs that demand, rental rates, fleet utilisation, and crane prices are poised to improve further. While the reported PBT and NP remained smallish, I guess we should bear in mind that Tiong Woon continues to generate very respectable positive FCF.
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(08-11-2012, 09:07 PM)dydx Wrote: FY13's 1Q (ended 30Sep12) result just out.....
http://info.sgx.com/webcoranncatth.nsf/V...0002C38C5/$file/TWCH_1QResultsFY2013.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...0002CE0D9/$file/TWCH_PressRelease1QFY2013.pdf?openelement [press release]
While the 1Q's much higher PBT at $5.183m included a $2.205m net gain on disposal of equipment (vs. a corresponding sale proceeds of $5.744m) - an indication that the CMV of some of Tiong Woon's cranes have gone up, or that the carrying BV of those disposed cranes were much lower than their fair market value - and together with the healthy 37% yoy increase in the revenue from the core Heavy Lift and Haulage segment, there are positive signs that demand, rental rates, fleet utilisation, and crane prices are poised to improve further. While the reported PBT and NP remained smallish, I guess we should bear in mind that Tiong Woon continues to generate very respectable positive FCF.
Hi dydx, are you vested in Tiong woon currently? You seem to have done detailed analysis on this Co
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(03-01-2013, 08:48 PM)2V. Wrote: Hi dydx, are you vested in Tiong woon currently? You seem to have done detailed analysis on this Co
Yes, I do own a few shares in Tiong Woon, bought sometime back.
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I am totally impressed after reading today's announcement.....
http://info.sgx.com/webcoranncatth.nsf/V...B00311C40/$file/TWCL_PressRelease_7Feb2013.pdf?openelement
It looks like technically as a specialist heavy lift and haulage contractor, Tiong Woon is at least on par if not better than Tat Hong, even though the latter is larger in size.
Is it conceivable that the bigger heavy lift and haulage players in Japan, EU or USA may be interested to buy up Tiong Woon as a simple way to penetrate/engage the fast-growing markets in Asia (ex-Japan)?
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After having the time to review the 2Q (ended 31Dec12) results first released on 6Feb13.....
http://info.sgx.com/webcoranncatth.nsf/V...A0030CFCC/$file/TWCL_2QResultsFY2013.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...A003126C4/$file/TWCL_PressRelease2QFY2013.pdf?openelement [press release]
, it does appear to me that Tiong Woon is poised to record a strong profit turnaround in this FY13 (ending 30Jun13). The Q-on-Q increase in both Revenue and PBT are especially encouraging, and the management has also given a positive outlook statement for the year ahead.
I guess it is quite reasonable now to expect FY13's EPS to hit at least $0.04 and NAV/share (31Dec12: $0.4922) to increase at a brisk rate going forward. Bearing in mind Tiong Woon has a rather conservative B/S, would Mr Market be willing to re-rate this well-established business and counter above its NAV/share soon?
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I guess this evening's (20Mar13) announcement on the proposed disposal of the loss-making Fabrication and Engineering operation and related assets based in Bintan will have a positive impact on Tiong Woon's P&L development going forward.....
http://info.sgx.com/webcoranncatth.nsf/V...40034E80A/$file/TWCH_Final_20March2013.pdf?openelement
The proposed disposal, when completed by the targeted deadline of May/Jun13, will bring in $18.0m in cash proceeds and also allow Tiong Woon to book a gain to the tune of approx. $2.0m.
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Today (21Mar13), Lim & Tan Securities has issued a 1-page report on Tiong Woon and a 'BUY' call on the counter.....
http://www.remisiers.org/cms_images/rese...032013.pdf
Based on Lim & Tan's revised higher FY13 (ending 30Jun13) full-year NP forecast of $22.0m - translating into a full-year EPS of $0.047 - Tiong Woon is poised to report a higher NP of $12.9m in the 2H, translating into a 2H's EPS of $0.028 which would raise NAV/share to $0.52 by 30Jun13.
Assuming Tiong Woon's profit recovery continues and accelerates in the coming quarters, I suppose Mr Market may be prepared to be more enthusiastic and re-rate the share price towards its latest NAV/share - and may even exceed it if Tiong Woon is able to once again deliver above-average profitability in its core heavy lift and haulage business.
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Today (27Mar13), backed by a high volume traded of 8.87m shares, Tiong Woon made a surprise advance of $0.03, or 7.7%, to close at a 2-year high of $0.42, crossing the $0.40 mark the 2nd-time this year.
While I cannot explain what motivated Mr Market to act on Tiong Woon today, it could point towards something positive coming or a long-overdue re-rating of this counter towards its justified fair value.
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