Two local houses are projecting a 70 per cent upside for the stock. Read more at straitstimes.com.
Mr Michael Ang, CEO of Tiong Woon Corporation. The company is one of the few publicly listed companies maintaining a positive outlook
“Its outlook has turned positive on the back of a strong project pipeline,” wrote analyst John Cheong, adding that the company’s financial year 2023 earnings grew 38 per cent year on year and dividend doubled to 1 cent. The report comes barely a week after another investment house, Lim & Tan Securities, also upgraded Tiong Woon, and printed an 88 cents price target on the stock.
The company recently unveiled a 38 per cent rise in net profit to $15.7 million for the year ended June 2023, compared with $11.4 million a year earlier. Revenue grew to $136 million, from $123 million. “With construction projects in Singapore forming the bread and butter for TWC, regional and overseas petrochemical projects will be the nitrous to propel TWC’s profitability towards the previous high of $22 million last seen in FY2014,” Lim & Tan noted.
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