To this end, the analysts expect Tiong Woon’s earnings and earnings per share (EPS) for the FY2024 to grow by 32% y-o-y supported by the higher level of construction activity in Singapore. The Building and Construction Authority (BCA), in January, projected Singapore’s demand for construction to reach $31 billion to $38 billion from 2028 to 2028.
UOB Kay Hian analysts John Cheong and Heidi Mo have kept their “buy” call on Tiong Woon with a higher target price of 90 cents from 85 cents previously.
The analysts’ report, dated Feb 16, comes after Tiong Woon’s results for the 1HFY2024 ended Dec 31, 2023. For the period, the company reported a 49% y-o-y growth in earnings of $10.8 million, beating Cheong and Mo’s expectations and forming 57% of their full-year estimates.
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