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<\/p>\n TIONG WOON<\/span><\/span><\/strong><\/p>\n
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<\/p>\n Share price:\u00a0
$0.84<\/strong><\/span><\/p>\n
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<\/p>\n Target:\u00a0
$1.33<\/strong><\/span><\/p>\n
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<\/p>\n \u25a0 We forecast TWC’s Singapore revenue to grow 12%\/7% yoy in FY27F\/28F,\u00a0outpacing industry progress payment growth of 7%\/1% yoy.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n\u25a0 Reiterate Add. TWC is trading at an attractive 6x FY28F P\/E and benefits from regional construction- and infrastructure-focused nation-building plans.\u00a0<\/p>\n
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<\/p>\n| An indirect beneficiary of secular trends<\/span><\/span><\/span><\/span><\/strong><\/span><\/span><\/span><\/strong><\/td>\n
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<\/p>\n The recent Middle East tensions have shone the spotlight on energy security again.<\/span><\/span><\/p>\nCompounded by the rising electricity demands fuelled by secular AI industries (data\u00a0centres and semiconductors) and push towards electric vehicles, Singapore launched\u00a0another Request for Proposal (RFP) for new generation capacity in Apr 26, with one plant\u00a0targeted to be operationally ready by 2031F, and another two plants to be ready by 2032F,\u00a0equivalent to c.S$3bn in additional construction demand for 2027F-28F based on our estimates. <\/p>\n This not only increases TWC’s potential project pool, but also re-emphasises\u00a0that TWC, due to its ability to participate in all construction subsectors, could be an indirect\u00a0beneficiary of secular trends. <\/p>\n TWC ranks 15 on the 2025 IC100 rankings and its\u00a0competitive advantage lies in the high tonnage and complex lift segment. <\/p>\n Petrochemical\u00a0and oil and gas (O&G) projects command the highest revenues due to high tonnage lifting, while data centre and semiconductor projects require significant equipment; albeit overall\u00a0tonnage of equipment rented is usually lower compared to petrochemical\/O&G projects.<\/p>\n<\/div>\n Singapore is TWC’s largest market, accounting for 73-78% of its total revenue over the last\u00a0eight years. <\/span><\/span><\/p>\n![\"NatalieOng](\"https:\/\/www.nextinsight.net\/images\/stories\/Community\/Analysts\/NatalieOng_7.25.jpg\") Natalie Ong, analyst<\/span><\/span>We believe that Singapore is at the beginning of a multi-year construction\u00a0upcycle. <\/p>\nGiven TWC’s strategy to sell more value-added integrated lift services instead of\u00a0equipment rental, we estimate TWC’s Singapore heavy lift and haulage revenue will grow\u00a012%\/7% yoy in FY27F\/28F, outpacing industry progress payment growth of 7%\/1% yoy.<\/p>\n Integrated work carries greater operational complexity and includes value-added services\u00a0such as engineering, project management, haulage and installation services, allowing TWC to charge more compared to equipment rentals.\u00a0
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Read Full Article At Source <\/a>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a0\u2022 Tiong Woon Corp is riding on strong investments in semiconductors, data centres, pharma and Singapore infrastructure.
\u2022 CGS…<\/p>\n","protected":false},"author":1,"featured_media":98566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-98565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/98565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=98565"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/98565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/98566"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=98565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=98565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=98565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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