The group has been listed on the Singapore Exchange (SGX) since 1999 and has over 40 years of a track record. Headquartered in Singapore, the company has a strong regional presence with establishments in 12 other countries, in addition to being ranked 23rd in the IC50 2021 survey. “We expect a strong construction upturn and resumption of more oil & gas capex to be the key growth drivers,” Cheong says.
UOB Kay Hian Group Research analyst John Cheong has initiated a “buy” rating on Tiong Woon Corp with a target price of 88 cents.
Tiong Woon is the second-largest crane operator in Singapore with a strong regional presence, such that the analyst believes the group is well-positioned to benefit from the construction and oil & gas upcycles. “We expect earnings per share (EPS) to double in FY2022 and grow 37% y-o-y in FY2023, driven by higher utilisation rates and double-digit growth in crane rental rates,” writes Cheong.
