Tiong Woon Corporation Holding Ltd (BQM) AI Stock Analysis

• Market Cap: S$228.75M
• Dividend Yield: 2.24%
• Average Volume (3M): 170.50K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.63
• Revenue Growth: 14.25%
• EPS Growth: 5.61%
• Country: SG
• Employees: 1,223
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): 0.03
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: S$1.00 ▲(28.21% Upside)

The overall stock score for Tiong Woon Corporation Holding Ltd is driven by strong financial performance and a favorable valuation. The company's consistent revenue growth and stable profitability are significant strengths, though the decline in free cash flow is a concern. Technical analysis indicates a positive trend, but potential overbought conditions warrant caution.

Positive Factors

Consistent Revenue Growth

Sustained revenue growth (~14.25%) indicates persistent demand for heavy lifting and project logistics across construction, O&G and marine sectors. This trend supports long-term contract wins, scale benefits and predictable topline for reinvestment and fleet expansion.

Healthy Profit Margins

Relatively strong gross (37.6%) and net (11.8%) margins reflect pricing power in specialized heavy-transport services and efficient operations. Durable margins provide cushion against cyclical revenue swings and fund maintenance, fleet renewal and selective growth investments.

Balanced Capital Structure

A low-to-moderate leverage profile (D/E ~0.35) and healthy equity ratio give the company financial flexibility to bid on large projects, finance fleet capex and absorb cyclical downturns without excessive interest burden, supporting sustainable operations.

Negative Factors

Sharp Free Cash Flow Decline

A ~69% drop in free cash flow materially reduces internal funding for capex, debt paydown and dividends. If sustained, this impairs the company's ability to refresh expensive equipment and limits strategic investments, increasing reliance on external financing.

Slight Margin Compression

A year-over-year dip in gross margin signals rising cost pressures (fuel, labor, maintenance) or pricing pressure on project contracts. Continued compression would erode profitability and reduce cash available for fleet maintenance and competitive bidding capability.

Modest Return on Equity

ROE near 6% implies limited capital efficiency relative to capital-intensive peers. Over time this modest return can constrain shareholder value creation unless higher-margin contracts or productivity improvements lift asset returns and justify ongoing capex.

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

Tiong Woon Corporation Holding Ltd demonstrates strong revenue growth and stable profitability, supported by a balanced capital structure. However, the significant drop in free cash flow is a concern that needs addressing to ensure long-term financial health.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	163.52M	163.52M	143.13M	135.81M	122.59M	112.95M
Gross Profit	61.44M	61.44M	58.98M	54.15M	49.34M	42.44M
EBITDA	63.27M	63.27M	60.30M	56.30M	51.05M	48.85M
Net Income	19.22M	19.22M	18.21M	15.70M	11.39M	9.87M
Balance Sheet
Total Assets	532.32M	532.32M	519.06M	491.51M	476.26M	459.33M
Cash, Cash Equivalents and Short-Term Investments	64.83M	64.83M	81.30M	75.69M	56.19M	45.81M
Total Debt	111.78M	111.78M	92.81M	99.25M	116.27M	117.03M
Total Liabilities	210.01M	210.01M	209.70M	198.22M	195.36M	188.39M
Stockholders Equity	322.29M	322.29M	309.35M	293.36M	280.92M	270.92M
Cash Flow
Free Cash Flow	6.28M	6.28M	13.73M	39.93M	23.75M	21.09M
Operating Cash Flow	51.45M	51.45M	39.52M	43.52M	36.96M	29.06M
Investing Cash Flow	-34.43M	-34.43M	-9.98M	5.33M	-9.78M	-5.09M
Financing Cash Flow	-33.38M	-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: Negative
• RSI: Negative
• STOCH: Negative

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 0.89, below the 50-day MA of 0.82, and above the 200-day MA of 0.73, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 78.31 is Negative, neither overbought nor oversold. The STOCH value of 82.74 is Negative, 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
MR7	78 Outperform	S$188.05M	11.23	13.44%	1.84%	13.35%	20.00%
BQM	75 Outperform	S$228.75M	11.88	6.08%	2.24%	14.25%	5.61%
BKA	70 Outperform	S$78.21M	14.42	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 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.