Tiong Woon Corporation Holding Ltd (BQM) AI Stock Analysis

• Market Cap: S$246.17M
• Dividend Yield: 2.24%
• Average Volume (3M): 170.50K
• Price to Earnings (P/E): 3.3
• Beta (1Y): 0.62
• Revenue Growth: 14.25%
• EPS Growth: 5.61%
• Country: SG
• Employees: 1,223
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): 0.06
• Shares Outstanding: 232,235,240
• 10 Day Avg. Volume: 214,840
• 30 Day Avg. Volume: 170,500
• PEG Ratio: 1.35
• Price to Book (P/B): 0.45
• Price to Sales (P/S): 0.89
• P/FCF Ratio: 23.08
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.30
• Price Target Upside: 66.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.09
• Revenue Forecast (FY): S$183.10M

• Rating: 74 Outperform
• Price Target: S$1.00 ▲(28.21% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by solid financial performance (growth and margins) tempered by a significant free-cash-flow decline, alongside strong technical uptrend signals. Valuation is supportive with a moderate P/E and modest dividend yield.

Positive Factors

Revenue Growth

Consistent double-digit top-line growth demonstrates sustained demand for specialized heavy lifting and logistics services. Over 2–6 months this trend supports scale benefits, expanding project experience and backlog conversion potential, strengthening long-term revenue visibility.

Margins & Profitability

Healthy gross and net margins reflect specialized service pricing and equipment-related income mix. Robust margins provide structural buffers against cyclical downturns and higher input costs, supporting persistent operating profitability and the ability to sustain reinvestment or shareholder distributions.

Moderate Leverage / Capital Structure

A conservative debt profile gives the company financial flexibility to fund equipment capex and large projects without excessive refinancing risk. Moderate leverage plus a healthy equity base supports steady operations and the ability to pursue selective growth opportunities.

Negative Factors

Sharp Free Cash Flow Decline

A near-70% fall in free cash flow materially reduces capacity to replace/expand specialized lifting assets or fund organic growth without external financing. Over several months this weakens reinvestment potential, increases reliance on capital markets and limits strategic optionality.

Weak Cash Conversion

Cash generation covers only ~59% of reported earnings, signaling weaker earnings quality or working-capital strain from project timing. Persistently sub‑1 conversion constrains free cash flow recovery and heightens sensitivity to project delays or receivable collections over the medium term.

Margin Pressure Emerging

Erosion in gross margin suggests rising input or labor costs or competitive pricing pressure in project bids. If sustained, margin compression will reduce operating leverage benefits, lower cash available for reinvestment, and make returns more vulnerable during industry slowdowns.

Tiong Woon Corporation Holding Ltd Business Overview & Revenue Model

Company Description

Tiong Woon Corporation Holding Ltd, an investment holding company, provides integrated services for the oil and gas, petrochemical, infrastructure, and construction sectors. The company operates through three segments: Heavy Lift and Haulage, Marine Transportation, and Trading. It offers heavy lift and haulage, marine transportation, and inland transportation services; equipment installation services, such as trays and structures; project engineering services for heavy lifting and haulage requirements; maintenance and repair services; and wall tie installation, foundation anchor, and jacking up services. The company also leases heavy haulage equipment that consists of prime movers, low beds, self-propelled modular trailers, tow trucks, and trailers for the transportation of heavy process equipment, such as modules and structures; supplies various models of tower cranes for sale and rent; and refurbishes, delivers, maintains, jack downs, dismantles, and erects tower cranes. In addition, it provides tug and barge services for various sea transportation projects; and distributes and trades in new and used crawler, mobile, and tower cranes. Further, the company sells and hires cranes and transport; and sells, services, and leases equipment. Additionally, it provides mechanical and infrastructure engineering, structural work, freight forwarding, and logistics related services. As of June 30, 2022, the company had a fleet of 531 cranes and tower cranes and 280 haulage assets; and 7 tugboats and 8 barges. It operates in Singapore, Brunei, the Middle East, India, Malaysia, Thailand, Indonesia, China, Bangladesh, Myanmar, the Philippines, Sri Lanka, and Vietnam. The company was founded in 1978 and is headquartered in Singapore.

How the Company Makes Money

Tiong Woon Corporation generates revenue primarily through its core services, which include heavy lifting, transportation, and logistics solutions. The company earns money by charging clients for the rental of its cranes and heavy vehicles, as well as for project management services. Key revenue streams include contracts with construction firms, oil and gas companies, and industrial projects, where Tiong Woon provides essential equipment and expertise. Significant partnerships with major corporations in these industries also contribute to its earnings, as they often require reliable logistics and heavy lifting services for large-scale operations. Additionally, Tiong Woon may benefit from long-term contracts and repeat business from satisfied clients, which helps stabilize revenue over time.

Tiong Woon Corporation Holding Ltd Financial Statement Overview

Summary

Good revenue growth and healthy profitability, supported by a balanced capital structure (moderate leverage). The main risk is the sharp decline in free cash flow, which can limit reinvestment capacity and financial flexibility.

Income Statement

Tiong Woon Corporation Holding Ltd has shown consistent revenue growth over the years, with an 11.5% increase in the latest period. The company maintains healthy margins, with a gross profit margin of 37.57% and a net profit margin of 11.75%. However, there is a slight decline in gross profit margin compared to the previous year, indicating potential cost pressures.

Balance Sheet

The company has a moderate debt-to-equity ratio of 0.35, indicating a balanced approach to leveraging. Return on equity is stable at 5.96%, reflecting consistent profitability. The equity ratio is healthy, suggesting a solid capital structure, though the debt level has increased slightly over the years.

Cash Flow

Operating cash flow is strong, but free cash flow has decreased significantly by 69.16% in the latest period. The operating cash flow to net income ratio is 0.59, indicating efficient cash generation relative to earnings. However, the decline in free cash flow poses a risk to future investments and liquidity.

Breakdown	TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	174.46M	163.52M	143.13M	135.81M	122.59M	112.95M
Gross Profit	69.59M	61.44M	58.98M	54.15M	49.34M	42.44M
EBITDA	90.78M	63.27M	60.30M	56.30M	51.05M	48.85M
Net Income	20.81M	19.22M	18.21M	15.70M	11.39M	9.87M
Balance Sheet
Total Assets	556.57M	532.32M	519.06M	491.51M	476.26M	459.33M
Cash, Cash Equivalents and Short-Term Investments	81.30M	64.83M	81.30M	75.69M	56.19M	45.81M
Total Debt	129.64M	111.78M	92.81M	99.25M	116.27M	117.03M
Total Liabilities	224.72M	210.01M	209.70M	198.22M	195.36M	188.39M
Stockholders Equity	331.83M	322.29M	309.35M	293.36M	280.92M	270.92M
Cash Flow
Free Cash Flow	27.79M	6.28M	13.73M	39.93M	23.75M	21.09M
Operating Cash Flow	60.86M	51.45M	39.52M	43.52M	36.96M	29.06M
Investing Cash Flow	-28.00M	-34.43M	-9.98M	5.33M	-9.78M	-5.09M
Financing Cash Flow	-24.13M	-33.38M	-24.53M	-29.22M	-17.00M	-17.64M

Tiong Woon Corporation Holding Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BQM, the sentiment is Positive. The current price of 0.78 is below the 20-day moving average (MA) of 1.01, below the 50-day MA of 0.91, and above the 200-day MA of 0.77, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 69.25 is Neutral, neither overbought nor oversold. The STOCH value of 62.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BQM.

Tiong Woon Corporation Holding Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BQM	74 Outperform	S$246.17M	3.27	6.08%	2.24%	14.25%	5.61%
MR7	73 Outperform	S$184.17M	9.32	13.44%	1.84%	13.35%	20.00%
BKA	70 Outperform	S$81.59M	13.85	5.15%	1.46%	-9.88%	-35.30%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Tiong Woon Corporation Holding Ltd Corporate Events

Tiong Woon Lifts First-Half Earnings on Strong Heavy Lift and Marine Demand

Tiong Woon Corporation Holding Ltd reported a 14% rise in revenue to $89.7 million for the six months ended 31 December 2025, driven mainly by stronger contributions from its Heavy Lift and Haulage and Marine Transportation segments. Gross profit climbed 27% to $38.5 million with margin improving to 42.9%, while net profit attributable to equity holders increased 13% to $13.6 million, supporting earnings per share growth and a solid net asset value per share of $1.43.

The Group underscored its strong cash position of $80.9 million and highlighted ongoing efforts to renew and expand its fleet to boost operational efficiency and customer satisfaction. Management acknowledged headwinds from geopolitical uncertainty, competition, rising costs and manpower constraints in Singapore and the region, but signalled that Tiong Woon will continue to streamline operations and pursue new opportunities to sustain its local and regional growth trajectory.

The most recent analyst rating on (SG:BQM) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on Tiong Woon Corporation Holding Ltd stock, see the SG:BQM Stock Forecast page.

Tiong Woon Corporation Announces Changes in Company Secretaries

Tiong Woon Corporation Holding Ltd has announced a change in its company secretaries, with Ms Lim Lan Sim Joanna resigning and Ms Ong Beng Hong and Ms Tan Swee Gek being appointed as joint company secretaries, effective from December 1, 2025. This change in company secretaries may influence the administrative operations of the company, ensuring continuity and potentially bringing new perspectives to the company’s governance.

The most recent analyst rating on (SG:BQM) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on Tiong Woon Corporation Holding Ltd stock, see the SG:BQM Stock Forecast page.

Tiong Woon Corporation Conducts Annual General Meeting with Poll Voting

Tiong Woon Corporation Holding Ltd held its Annual General Meeting on October 28, 2025, at its headquarters in Singapore. The meeting, chaired by Mr. Ang Kah Hong, included a quorum and was conducted by Mr. Ang Guan Hwa. During the meeting, it was decided that all resolutions would be voted on by poll, with Messrs Septus Singapore Pte Ltd and Virtus Assure Pte. Ltd. appointed as polling agent and scrutineer, respectively. The voting process was facilitated through a webcast platform, ensuring shareholder participation.

The most recent analyst rating on (SG:BQM) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on Tiong Woon Corporation Holding Ltd stock, see the SG:BQM Stock Forecast page.