The bottom line fell short of Cheong and Mo’s expectations by 14% due to the lower-than-expected revenue growth from project delays. Tiong Woon’s FY2024 revenue stood at 90% of Cheong and Mo’s forecasts.
UOB Kay Hian analysts John Cheong and Heidi Mo are keeping their “buy” call on Tiong Woon Corporation (SGX:BQM
) , but with a lower target price of 87 cents from 90 cents after the company’s FY2024 ended June results missed expectations.
On Aug 27, Tiong Woon reported a total profit of $18.3 million for the FY2024, 17% higher y-o-y, while revenue inched up by 5% y-o-y to $143.1 million.
