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【TatHong T03 交流专区】TAT HONG HOLDINGS LTD

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发表于 21-7-2009 01:43 PM | 显示全部楼层 |阅读模式
本帖最后由 icy97 于 1-6-2012 10:53 AM 编辑

Tat Hong was set up in Singapore in the '70s as a supplier of cranes and heavy equipment.
        
Over the years, we have grown and progressed to become one of the biggest companies in the region supplying cranes and heavy equipment to the industries.
        
Tat Hong is currently listed on the Singapore and Australia stock exchange and employs about 700 staff.
   
In the annual survey conducted by UK based publisher "InternationalCranes", we are ranked the world's 1st largest crawler cranes owner andthe 9th largest crane rental company in the year 2003 and 2004. InAsia, we are ranked 1st largest in 2003 and 2004.
        
Over the past three decades, we have expanded our operations toMalaysia, Hong Kong, Thailand, Indonesia, China, Japan, Vietnam andAustralia, allowing us to bring our services closer and moreeffectively to our customers.

Coupling this relentless attitude with our fleet of 500 strong cranesof Lifting capacities ranging from 7 to 800 tons, our men and machinecombination is ever ready to work in perfect unison to give you thebest lifting solution conceivable anywhere.
               
Through constant upgrading of our workforce and our machines, we striveto maintain our market leader position, and continue to bring costeffective and practical lifting solutions to our customers!












[ 本帖最后由 臥龍先生 于 21-7-2009 01:51 PM 编辑 ]
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 楼主| 发表于 21-7-2009 01:44 PM | 显示全部楼层
Tat Hong Holdings Ltd: Stabilising outlook
Valuations looking more attractive now. Shares of Tat Hong Holdings Ltd (Tat Hong) have fallen by as much as 21% since our downgrade two months ago, bringing the stock to more reasonable valuations. We are upgrading our rating to HOLD given that the stock now trades at a less demanding 7.1x FY10F PER and is backed by a decent dividend yield of 5.6% as well as proven management expertise. Just as the group emerged stronger from the previous downturn, we believe that Tat Hong will not only tide through the current turbulence, but will also strengthen its foothold in the industry by expanding its fleet via purchases of  istressed assets during the current downturn.


Stabilising outlook. To recap, Tat Hong posted a 35.4% YoY slide in its core 4Q08 net profit as the recession weighed on revenue and gross profits across almost all its business segments. In particular, equipment sales recorded a steep plunge as customers scaled back on capital investments in the absence of credit availability. Thankfully, the group's overall performance was supported by rental income, which continued to be fairly resilient despite the downturn (exhibit 1). While we are not expecting a marked improvement in its upcoming 1Q10 performance, the brightening economic outlook, gradual pick up in private sector construction activity, as well as the pipeline of projects from government pump priming initiatives suggest that the sector outlook could be stabilising. Furthermore, with rental income forming 73% of the group's gross profit, Tat Hong's earnings will be fairly resilient to volatility stemming from equipment sales.


Still too early to call for a recovery. Tat Hong is expected to release its1Q10 results on 14 Aug 2009. Key aspects to note include its rental rates, utilisation levels and equipment sales. We are projecting a 10% fall in crane rental rates in FY10 as demand has weakened from a year ago. In addition, we expect equipment sales to post a steep YoY drop given its record high performance in 1Q09. While the overall outlook for the construction industry appears to be stabilising, we reiterate that it remains premature to call for a recovery in the near term. Hence we maintain our S$0.99 fair value estimate. We will turn buyers at S$0.90 and below. (Lee Wen Ching)
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 楼主| 发表于 5-8-2009 09:59 PM | 显示全部楼层
Tat Hong Holdings Ltd. (TAT SP): The Singapore-based crane leasing company said it has agreed to invest 69.65 million yuan ($10.2 million) for a 53.8 percent stake in tower crane rental joint venture in China. The stock lost 0.9 percent to S$1.10.
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 楼主| 发表于 5-8-2009 10:06 PM | 显示全部楼层
Tat Hong Holdings – Just a day after announcing that it had attracted a new strategic stakeholder with strong China connections to invest some $65 million for about 11 per cent stake in the company, listed crane lessor Tat Hong Holdings yesterday announced that it is buying into a prominent tower crane company in China for some US$10 million. The mainboard-listed company is paying 69.65 million yuan (S$14.85 million) for a 53.8 per cent stake in Guangzhou Hailin Resource Co, a leading tower crane rental player in southern and south-western China. Its joint venture partners are Yuan Zheng, the founder and majority shareholder of Guangzhou Hailin, and Singapore-listed Yongmao Holdings - which is 20 per cent owned by Tat Hong. Established in 1997, Guangzhou Hailin manages around 113 mid-to-large size tower cranes valued approximately at 90 million yuan. It has offices covering Hainan, Guangdong, Guangxi, Hubei, Hunan, Yunan and Chongqing. The company has won numerous awards, including Top 10 Brands in Construction Equipment Rental in 2006. A specialist in the erection of power transmission pylons, Guangzhou Hailin has benefited from China's massive stimulus package, which places huge emphasis on infrastructure and power sector expenditure.
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发表于 6-8-2009 11:02 PM | 显示全部楼层
Tat Hong buys into tower crane business in China

05 August 09 The Business Times
by Ven Sreenivasan
  [url=]Tat Hong buys into tower crane business in China[/url]
JUST a day after announcing that it had attracted a new strategic stakeholder with strong China connections to invest some $65 million for about 11 per cent stake in the company, listed crane lessor Tat Hong Holdings yesterday announced that it is buying into a prominent tower crane company in China for some US$10 million.
The mainboard-listed company is paying 69.65 million yuan (S$14.85 million) for a 53.8 per cent stake in Guangzhou Hailin Resource Co, a leading tower crane rental player in southern and south-western China.
Its joint venture partners are Yuan Zheng, the founder and majority shareholder of Guangzhou Hailin, and Singapore-listed Yongmao Holdings - which is 20 per cent owned by Tat Hong.
Established in 1997, Guangzhou Hailin manages around 113 mid-to-large size tower cranes valued approximately at 90 million yuan. It has offices covering Hainan, Guangdong, Guangxi, Hubei, Hunan, Yunan and Chongqing. The company has won numerous awards, including Top 10 Brands in Construction Equipment Rental in 2006.
A specialist in the erection of power transmission pylons, Guangzhou Hailin has benefited from China's massive stimulus package, which places huge emphasis on infrastructure and power sector expenditure.
Guangzhou Hailin will be held via a new joint venture company, Si Chuan Tat Hong Yuan Zheng Machinery Construction Co.
Tat Hong will invest 35 million yuan through its wholly owned subsidiary, Tat Hong Equipment (China) Pte Ltd, and another 34.65 million yuan through its 55 per cent-owned Beijing Tat Hong Zhaomao Equipment Rental Co for a total direct and indirect stake of 53.8 per cent ownership in the new joint venture company.
Mr Yuan will inject his assets, comprising tower cranes and finance leases on tower cranes of Guangzhou Hailin for another 30 per cent stake in the new joint venture company. Yongmao will hold the balance.
Tat Hong's cash investment will be injected in two tranches, and funded by internal resources and/or bank borrowings.
Roland Ng, president and group CEO of Tat Hong, said that the investment would give Tat Hong a strategic foothold in the key growth regions of southern China, especially Sichuan and Chongqing.
'Guangzhou Hailin is a leading player in this region, where there is huge reconstruction activity following last year's earthquake,' he said.
Tat Hong will appoint three directors to the board of the new joint venture company and one member to its supervisory committee. It will also select and appoint the chief financial officer to the new company.
Mr Yuan will be appointed general manager of the new company.
All this comes just a day after Tat Hong announced that Asian private equity fund AIF Capital was investing $65 million via convertible redeemable preference shares, which represent about 11.4 per cent of Tat Hong's enlarged capital, assuming full conversion. Some 80 per cent of the net proceeds will be used to expand Tat Hong's business in Australia and China.

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发表于 6-8-2009 11:11 PM | 显示全部楼层

Brokers' Take

Brokers' Take

Tat Hong Holdings
Aug 5 close: $1.13
AMFRASER SECURITIES, Aug 5

TAKING of 53.8 per cent stake in joint venture (JV): One day after Tat Hong's announcement of AIF's $65 million investment, the company announced the formation of a JV with Yong Mao and Mr Yuan Zheng. Mr Yuan's company, Guangzhou Hailin Resource, manages around 113 mid to large size tower cranes and is a well-regarded player in the southern and south-western provinces with various awards under its belt.
Mutually-beneficial arrangement for all parties: For Tat Hong, the opening up of the prosperous southern PRC market by partnering with an experienced hand excites us. Mr Yuan will inject relevant assets comprising tower cranes (valued at about 90 million yuan) and finance leases into the JV for a 30 per cent stake. He benefits with Tat Hong's injection of nearly 70 million yuan of fresh funds in two tranches into a bigger entity and the possibility of further expansion if the venture takes off. The third partner, Yong Mao, holds a 16.2 per cent stake and is the exclusive tower crane supplier to the JV.
Adequate supervision through board of directors and supervisory committee: Following the establishment of the JV, the company will have three directors on the board and one member to the supervisory committee
The JV increases Tat Hong's tower crane fleet, which stands at 262 units as at March 31, 2009, by nearly 50 per cent. Even with this enhanced fleet, we expect them to be just a blip amid strong demand for tower cranes from infrastructure and power sector projects in China.
We raise our fair value (FV) to $1.39 from $1.07 and recommend to 'accumulate'. We have been waiting for the trigger to revise our fair value upwards. We believe the JV is that trigger. Tat Hong did not achieve major headway in China for the past one year without a strong local partner and, from our chats with management, we could feel they were still feeling their way around then. The JV potentially marks the start of the next phase in the company's venture into the huge China market. Furthermore, its investment in the JV of about $15 million is a small proportion of the $50 million the company stated it would spend on expansion from AIF's investment, suggesting perhaps more initiatives to come. In view of the above, we increase our growth assumption for the tower crane segment and overall gross margins to reflect a changing product mix that is more focused on the rental business.
ACCUMULATE
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 楼主| 发表于 9-10-2009 08:42 AM | 显示全部楼层
Tat Hong Holdings Ltd (S$0.98) - Entry of AIF Capital


Business environment remains challenging


Maintain Underperform and target price. We keep our earnings forecasts for TAT intact as well as our target price of S$0.97, based on 8x CY10 P/E, in line with the sector’s mid-cycle multiples. TAT recently welcomed a strategic investor, AIF Capital, onboard. With key investments in China and India, AIF brings a network of partners that TAT can harness in these markets. Some 80% of the funds raised from the issuance of convertible redeemable preference shares to AIF has been allocated for expansion in China and Australia. The outlook for TAT’s rental business is hopeful, but its equipment sales remain weak. We maintain Underperform on TAT as a challenging business environment continues to put pressure on its equipment sales.


Leveraging networks
At a recent press-cum-analysts’ briefing, TAT introduced AIF Capital and discussed its business outlook and potential synergies from the pan-Asian private equity fund‘s investment. AIF manages in excess of US$1.5bn, for investment across strategic sectors including energy and infrastructure. With 33% and 17% of its AUM invested in China and India, AIF is well connected in both markets. We believe its strong network will provide more business opportunities to TAT in its key China market and strengthen TAT’s presence in the emerging India market.


Proceeds to fund growth. TAT has consistently sought to expand through M&As and organic means in China and Australia. Some 80% of the S$63.5m net proceeds from the recent issue of convertible redeemable preference shares to AIF has been allocated to fund its expansion, including a third JV in China, Si Chuan Tat Hong YuanZheng Machinery Construction Co. Ltd.


Business outlook. Revenue and profits from its rental business have been resilient compared with the distribution business. Rental revenue and gross profits grew 81% and 95% CAGR respectively over FY07-09, while the comparative figures for the distribution business are -4% and -1%. Management revealed plans to expand its tower crane fleet in China from 500 to at least 1,000 to strengthen its foothold there as revenue from this segment grew an impressive 178% yoy to S$24.7m in FY09.


Valuation and recommendation
Maintain Underperform and target price. We keep our forecasts unchanged and maintain our target price at S$0.97, based on 8x CY10 P/E, in line with the sector’s midcycle multiples. We maintain Underperform on TAT as the challenging business environment continues to put pressure on its equipment sales.
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 楼主| 发表于 9-10-2009 08:44 AM | 显示全部楼层
Tat Hong Holdings Ltd: On track for medium term growth


Partnering AIF Capital for growth. Tat Hong Holdings Ltd (Tat Hong) hosted a joint analyst briefing with its new strategic shareholder AIF Capital yesterday. Key takeaways from this briefing include:



(i) Tat Hong's medium term growth strategy, driven by its Tower Crane segment, remains on track,



(ii) AIF Capital's strategic investment will not only strengthen its balance sheet, but also introduce new inorganic growth opportunities, and



(iii) the worst is over in terms of its operating environment.



To recap, AIF Capital recently invested S$65.0m in exchange for a 11.4% stake in Tat Hong, coupled with a non-executive board representation. We view its strategic investment positively as AIF Capital can leverage on its expertise and network within Asia's infrastructure industry to bring inorganic growth opportunities to Tat Hong. In addition, its investment signals a vote of confidence in Tat Hong's prospects, as AIF Capital seeks long term investments (7 years on average) in companies that are poised to benefit from Asia's growth.


Earnings to rebound in 3Q10. Tat Hong has weathered several challenging quarters as equipment sales plunged along with the global economic crisis, leading us to project earnings contraction for FY10. On a positive note, management believes that the worst is over. 3Q10 earnings are expected to rebound as banks loosen their credit lines and customers regain confidence. Tat Hong has been steadily increasing its focus on rental income, which now accounts for 68.5% of gross profit, in order to stabilise its earnings stream. This strategy will ensure the group's profitability through ups and downs of economic cycles, and will capitalise on customers' growing preference for equipment rental rather than outright capital investments.


Value emerging. Upgrade to BUY. Tat Hong's shares have fallen by 20% over the last two months and we see value emerging at current levels. Valuations are undemanding at 10.3x FY10F PER and 1.2x FY10F NTA, coupled with a relatively decent 3.9% dividend yield. On top of that, recent purchases by directors signal confidence in the company's prospects. We upgrade Tat Hong to BUY and raise our fair value estimate to S$1.15 (from S$1.13) as we rollover our valuations to a blended FY10/11F NTA (previously
FY10F) but on the same 1.3x peg. With slower earnings momentum, we continue to favour NTA valuations to better capture Tat Hong's value. Our earnings projections have been lowered slightly to reflect more conservative revenue and margin assumptions. (Lee Wen Ching)
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 楼主| 发表于 14-10-2009 01:27 PM | 显示全部楼层
Tat Hong Holdings (TAT SP; S$1.05) – BUY
FY11P/E: 8.3x, P/BV: 1.1x
• The stock is still trapped in a downtrend channel but we are seeing some encouraging signs after its candles bounced off the support trend line. A breakout above its 50-day SMA at S$1.10 could see the stock rising further to test S$1.15 and S$1.25 next.


• Its MACD is slowly gaining momentum while its RSI is also rising towards the neutral zone. The improving technical landscape suggests that the bulls are gaining traction.


• Traders with higher risk appetite may want to get in now but a stop at S$1.02 is advisable. Next support is at S$0.96 and S$0.895.


Tat Hong Holdings Limited sells, rents, repairs, reconditions, and services heavy machinery and equipment including foundation and construction equipment. The Company also supplies spare parts, provides transportation and logistics services, training courses, and management consultancy work.
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 楼主| 发表于 19-2-2010 09:27 AM | 显示全部楼层

Tat Hong       Holdings announced that its Australian       subsidiary, Tutt Bryant Group Limited, has joined forces with Fagioli SpA,       one of Europe’s largest heavy lifting       specialists, to form TBF Oceania Pty Ltd (Tutt Bryant Fagioli) an       incorporated 50:50 joint venture (JV) company. Fagioli is a privately       owned company headquartered in the Reggio Emilia region of northern       Italy and has more than 50       years of expertise in the heavy lift and transport sector. TBG and Fagioli       are ideally matched, their combined resources and experience have created       a joint venture that is able to provide a new level of lift and shift       capability in the Australian market.
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发表于 4-3-2010 02:22 PM | 显示全部楼层
卧龙先生如何看待这间公司
现在0.90是否是买进的好时间
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发表于 4-3-2010 03:25 PM | 显示全部楼层
请问下,要如何计算股票的市场价值?是计算earning per ordinary share?
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 楼主| 发表于 5-3-2010 09:13 AM | 显示全部楼层
卧龙先生如何看待这间公司
现在0.90是否是买进的好时间
黑色幽默 发表于 4-3-2010 02:22 PM


0.90 其實不算貴吧, 不過我沒做功課,  不能給什麼意見.
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 楼主| 发表于 5-3-2010 09:13 AM | 显示全部楼层
卧龙先生如何看待这间公司
现在0.90是否是买进的好时间
黑色幽默 发表于 4-3-2010 02:22 PM


0.90 其實不算貴吧, 不過我沒做功課,  不能給什麼意見.
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 楼主| 发表于 5-4-2010 09:25 AM | 显示全部楼层
Muted earnings weigh on share price. Tat Hong Holdings' (Tat Hong) shares have fallen by over 16% since our downgrade two months ago, underperforming the Straits Times Index's (STI) 1.0% decline over the same period. Its underperformance can be attributed to the group's lacklustre results over the past three quarters. Although global economies have started recovering, Tat Hong's core earnings have remained under pressure due to poor equipment sales amid cautious capital investments among its customers. In our view, Tat Hong's earnings recovery is likely to lag the economic recovery; similarly, the economic downturn last year had a lagged effect on its earnings contraction. In its 3Q10 results presentation in February, management continued to adopt a cautious tone, guiding for weak equipment sales and general equipment rental as customers remain cautious on their capital investment decisions and rental commitments.

This suggests that Tat Hong is not out of the woods yet. Recovery on the cards; timing the main issue. With its dominance in the regional crane industry and strong track record, we have no doubt that Tat Hong is well positioned to tap on the recovery of regional infrastructural activities. The key question, however, lies in when the recovery will take place. We understand that tendering activity for resource projects in Australia, which forms Tat Hong's largest revenue contributor at approximately 60% of group sales, have been subdued as players are
taking their time to launch projects. We now adopt a more conservative view on the pace of recovery in view of the residual impact of the economic recession, and expect capital expenditures among customers to register a slower recovery than previously anticipated. This implies that Tat Hong's earnings could remain suppressed until these projects make headway.

Maintain HOLD as we await evidence of earnings recovery. We are forecasting a 68.5% decline in FY10 core net profit to S$29.6m (excluding exceptional items). The group's FY10 results due in May should shed some light as to whether regional projects have been restarted. While Tat Hong is poised to benefit from a pickup in regional infrastructural investments, project delays (which are beyond the group's control) are a key concern. We have lowered our valuation peg to 1.0x (from 1.2x) following several quarters of earnings disappointment, and rollover our valuation to FY11F NTA (from blended FY10/11F). This brings our fair value estimate to S$0.86 (previously S$1.02). We maintain our HOLD rating on Tat Hong. We will turn buyers at S$0.77 and below. (Lee Wen Ching)
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发表于 12-11-2012 02:49 PM | 显示全部楼层
OCBC raises Tat Hong target price to $1.70
http://www.theedgesingapore.com/the-daily-edge/business/41072-ocbc-raises-tat-hong-target-price-to-170.html

Mon, 12 Nov 13:22  
OCBC Investment Research raised its target price on Tat Hong Holdings to $1.70 from  $1.42 and maintained its ‘buy’ rating, citing the strong growth momentum of the cranes and heavy equipment supplier.

Tat Hong shares were down 1.1% at $1.385 on Monday. The stock has jumped 57% so far this year versus the 21% gain in the FT ST Small Cap Index.

Tat Hong reported a 37% increase in second-quarter net profit at $17.3 million , mainly due to the strong performance by its crane rental and tower crane segments.

OCBC said given the tight utilisation rates of Tat Hong’s cranes, the company was expected to buy more crane assets in the second half of 2013 fiscal year for various projects in the region.

This should deepen its market presence and provide the next leg of growth for 2013-2014 fiscal years, OCBC said.
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发表于 18-5-2013 02:12 AM | 显示全部楼层
达丰控股同国际贸易组合资从事缅甸业务
http://www.sharesinv.com/zh/articles/38927/

2013年05月17日
达丰控股(Tat Hong Hldgs)和国际贸易(Intraco)同缅甸商人Aung Moe Kyaw签署了无约束性框架协议,以组新加坡合资来在缅甸从事起重机租赁和分销业务。合资的初步缴足股本为300万美元,达丰和国际贸易将分别持有合资的40%股权,Aung Moe Kyaw则将持有余下的20%股权。在协议下,达丰和国际贸易将各自从内部资金调配120万美元于合资。国际贸易将孕育和经营该合资,达丰则将提供起重营运和业务方面的专门知识。国际贸易的最大股东是TH Investments。后者也是掌控达丰的同一家族旗下投资公司。Aung Moe Kyaw是名声显赫的缅甸商人,其生意多元化,并活跃于当地多个商业组织。预期他将提供关于缅甸条例和市场作业惯例方面的帮助。

启示:在缅甸迈向经济起飞的当儿,该合资将让达丰和国际贸易从缅甸起重机租赁与分销业中受惠。但因各方所签署的是无约束性框架协议,所以各方都未有任何承诺。
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发表于 29-5-2013 02:12 AM | 显示全部楼层
Tat Hong's Q4 earnings up 66% to $18.6 mil
http://www.theedgesingapore.com/the-daily-edge/business/44082-tat-hongs-q4-earnings-up-66-to-186-mil.html

Tue, 28 May 23:26
Tat Hong Holdings said earnings for the three months to Mar 31 rose 66% to $18.6 million over the same period last year.

Revenue climbed 10% to $199.6 million due to higher crane rentals and sales in the Asia-Pacific region.

The crane operator also reported full-year earnings $70.4 million and a record revenue of $836.9 million.

Increased turnover at its Singapore, Hong Kong, Thailand business units and excavator sales in Indonesia offset the lower sales of equipment in Australia and excavators in Vietnam.

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发表于 30-5-2013 01:56 AM | 显示全部楼层
达丰控股的4Q13盈利跃升66%至1,860万元
http://www.sharesinv.com/zh/articles/39233/

2013年05月29日
起重机公司达丰控股(Tat Hong Hldgs)在截至2013年3月31日的第4季度录得盈利跃升66%至1,860万元,收入则提高10%至1亿9,960万元。公司表示,业绩提高是由于收入增加和开支下降,以及其他营运收入(包括利息收入)增加和合资公司转亏回盈。FY13的盈利和收入分别提高67%至7,040万元和16%至8亿3,690万元。公司宣布本季度派发每股2.5分的末期股息;全年股息为4分,去年同期为2.5分。

启示:展望未来,公司的起重机租赁部门料将在FY14取得良好表现,因为东南亚和香港这两个主要市场的前景向好。澳洲营运则将继续从油气业中受惠,塔式起重机租赁部门料将在各地区逐渐都市化下维持增长势头。
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发表于 30-5-2013 02:09 AM | 显示全部楼层
CIMB keeps Tat Hong at Outperform, trims target
http://www.theedgesingapore.com/the-daily-edge/business/44101-cimb-keeps-tat-hong-at-outperform-trims-target.html

Wed, 29 May 13:35  
Tat Hong CIMB maintains Tat Hong's (T03.SG) Outperform rating, citing strong Asian and Australian operations.

The company posted another year of strong revenue (FY 2013 rising 16% on-year), while 4Q and FY2013 core profits came in-line with its and consensus expectations, forming 20%/98% of its full-year forecast. It however, trims the target to S$1.83 from S$1.90 after lowering FY2014-2016 core profit estimates due to expense-related items.

The company has proposed a final dividend of 2.5 cents per share for a total of 4 cents/share in FY2013 vs 2.5 cents/share in FY2012, which is "consistent with previous payout ratios of 30%-35%," CIMB says; "(Tat Hong's) business has a lot of positive operating leverage that can be unlocked via better working-capital management," while "its high utilisation rate in the Asia-Pacific Rim guarantees decent cash flow."

The house notes the share price outperformance over the past year should persist on earnings sustainability and potential M&As. Tat Hong is up 0.3% at $1.515.


OCBC keeps Tat Hong at Buy; $1.75 fair value
http://www.theedgesingapore.com/the-daily-edge/business/44088-ocbc-keeps-tat-hong-at-buy-175-fair-value.html

Wed, 29 May 12:44
Tat Hong OCBC keeps Tat Hong Holdings (T03.SG) at Buy with unchanged $1.75 fair value estimate after the company reported revenue and net profit of $837 million (up 16%) and $70 million (up 67%) respectively for FY13.

The house notes that Tat Hong's gross profit margin improved to 37.6% for FY13 vs 36.5% in FY12 due to greater contribution from the higher margin crane rental and tower crane businesses.

"The outlook for its key markets remains positive, underpinned by a number of infrastructure projects. However, management believes it is time to slow down its fleet expansion, after a 79% surge in fleet tonnage in the past 5 years," OCBC says.

Looking ahead, the house expects the company to focus on raising its crane productivity, and reducing operating costs through the use of its new yard in Iskandar. The stock is recently +0.7% at $1.52.
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