Tiong Seng

Tiong Seng: Tiong Seng strengthens its presence in public housing construction, as the group announced a $204.5m HDB contract win at Woodlands, involving 11 blocks of residential buildings, two blocks of multi-storey carpark, community facilities, precinct pavilion and ess at Woodlands Crescent & Woodlands Rise. Through the development of the Woodlands project, Tiong Seng will be applying its core competency of industry leading precast construction technology and continues to adopt the advanced formwork system which could reduce the on-site labour requirement by as much as 30%. The latest contract win brings the group's latest order book to $1.28b, stretching earnings visibility till 2016. We note that Tiong Seng pretty boasts arguably one of the largest order book amongst its construction peers in Singapore and at current price, the group trades at an inexpensive 6.8x forward P/E and 0.78x P/B.