Broker Name: CGS International Securities
Date of Report: January 16, 2026
Excerpt from CGS International Securities report.
Report Summary
- Tiong Woon Corporation (TWC), ranked #15 globally for crane operators, is trading at a significant discount to its regional peers, with a forecast FY27F P/E of 6.7x compared to the peer average of 12.1x.
- TWC is expected to benefit from major construction and infrastructure projects across Southeast Asia and the Middle East, particularly in data centres, petrochemicals, semiconductors, and oil & gas sectors.
- The company’s vertically integrated model, large fleet, and engineering expertise position it as a one-stop heavy lift solutions provider with strong regional capabilities.
- Revenue and profit are projected to peak around FY28F, driven by upcoming mega projects in Singapore, India, Thailand, Malaysia, Indonesia, and the Middle East.
- Cash flow, margins, and dividends are anticipated to improve over the next 2-3 years, supported by robust project pipelines and prudent capital management.
- Key risks include construction delays, manpower shortages, credit risks, and foreign exchange fluctuations, though TWC’s diversified customer base and proactive regional expansion mitigate some of these risks.
- CGS International initiates coverage with an Add rating and a target price of S\$1.23, implying 42% upside, with potential re-rating catalysts including higher market share, improved fleet utilisation, and increased dividend payouts.
- TWC’s ESG initiatives and adherence to safety standards further strengthen its reputation and project-winning ability, with ongoing modernisation of its fleet for compliance.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com/
