Despite the handsome gains thus far, analysts remain bullish on this counter. CGS International’s Natalie Ong initiated an “add” call on the stock on Jan 16 with a target price of $1.23, valuing it at an FY2027 EV/Ebitda multiple of four times. UOB Kay Hian’s Heidi Mo and Tang Kai Jie also have an “add” call on the stock with a target price of $1.11, implying an FY2027 ending June P/E of 8.1 times. Lim & Tan Securities’ Singapore research team, which has a “buy” call, believes Tiong Woon is suffering from a valuation gap that is likely to narrow as earnings improve.
Mainboard-listed heavy lift specialist Tiong Woon Corporation has long been overlooked by the market. For the better part of the last five years, its shares have been languishing between 40 and 60 cents.
All that changed since mid-2025 when the stock surged to a high of $1.04 as at Feb 25, more than doubling from its lows. This comes as investors begin to better appreciate its improved earnings and additional growth potential, driven by Singapore’s construction upcycle.
