【TiongSeng K2P 交流专区】长成控股 TIONG SENG HOLDINGS LIMITED

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Tiong Seng Holdings Ltd – IPO Factsheet (Lee Kok Joo)

Issue Statistics:

Offer price	$0.28
Shares offer	Offer: 189,000,000 new Public tranche: 15,000,000 Placement tranche: 174,000,000 Post offer share capital: 753,995,750
FY2008 EPS	1.23 cents
9MFY2009 EPS	3.87 cents
9MFY2009 PE	7.23
NAV per share	$0.177
Market cap	$211.1 million
Close of application	14 April 2010, 12.00pm
Listing date	16 April 2010, 9.00am

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Source: Phillip Securities Research Pte Ltd

Business Overview Tiong Seng Holdings Ltd is principally engaged in building construction and civil engineering in Singapore, as well as property development in the PRC. The property development business focuses on developing residential and commercial projects in various second- and third-tier cities in the PRC. Use of ProceedsThe share offer will raise net proceeds of $48.0 million after deducting issue expenses of $4.9 million. Net proceeds are expected to be used as follows:§
Approximately $20.0 million will be used for construction of pre-casting facilities§
Approximately $17.0 million will be used for property development business in the PRC§
Approximately $9.0 million will be used to repay outstanding loans§
Approximately $2.0 million will be used as working capital Competitive strengths§
Awarded A1 grading for general building and civil engineering by BCA§
Posses own fleet of equipment and machinery reduces reliant on external third parties§
Capable of handling wide spectrum of projects i.e residential, commercial, industrial etc§
Order book of $953.0 million Risk Factors§
Cash flow risk. Substantial initial cash outlay is typical for construction business. For property development in the PRC, units are usually not sold in the early stages of projects. As such, the company may generate negative cash flows.§
Construction industry risks. The company is exposed to risks such as industry cyclicality, raw material price risk, and labour risk.§
Foreign operations risk. The company conducts business in the PRC and Papua New Guinea (PNG). Local government policies may affect the company’s business operations. For eg. The PRC government policy on the property market may affect the company’s property development in the PRC.

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icy97

长成取得职总平价 建造仓库合同
http://www.zaobao.com/cs/cs120703_008.shtml

（2012-07-03）
长成控股（Tiong Seng Holdings）的子公司长成工程（Tiong Seng Contractors）取得职总平价合作社（NTUC Fairprice Co-Operative）一份总值约2亿2900万元的合同，在大士贲耐路（Benoi Road）和裕群圈（Joo Koon Circle）建造一间16层楼高的单一用户仓库。

有关建筑项目料不对集团现财年的每股盈利和净有形资产

icy97

长成工程 获管理学院扩建合同
http://www.zaobao.com.sg/cs/cs120822_010.shtml

（2012-08-22）
长成控股（Tiong Seng Holdings）全资子公司长成工程获得新加坡管理学院一份总值约1亿3700万元的合同。

该合同涉及为管理学院在金文泰路的校区进行扩建工程，集团董事会预计项目不会对集团本财年的每股净有形资产值和盈利带来任何实质影响。

icy97

Tiong Seng wins contract to build 97 terrace houses in Serangoon Garden
http://www.theedgesingapore.com/the-daily-edge/business/40481-tiong-seng-wins-contract-to-build-97-terrace-houses-in-serangoon-garden.html

Wed, 10 Oct 18:39  
Mainboard-listed Tiong Seng Holdings announced that its subsidiary, Tiong Seng Contractors, has been awarded the contract to build 97 terrace houses with five bedrooms, family/entertainment areas, attics and basements in Serangoon Garden.

The project will be jointly developed by City Developments and Hong Realty.

Occupying a site area of over 300,000 square feet, Haus@Serangoon Garden allows buyers to customise certain areas of the house such as the front porch and side garden. In addition, it offers a host of environmentally-sustainable features that could help save up to 40% on the utilities bills.

Haus@Serangoon Garden will also the first landed residential development in Singapore to incorporate a 1 kilowatt-peak photovoltaic system using solar panels to generate electricity for the family refrigerator, and recover waste heat generated from air-conditioners for the provision of hot water to all bathrooms within the house. Every home is also equipped with a rain harvesting system to reduce use of potable water.

The project is expected to start in December.

icy97

Tiong Seng JV wins $413m contract to build Mediacorp's HQ at One North
http://www.theedgesingapore.com/the-daily-edge/business/40986-tiong-seng-jv-wins-413m-contract-to-build-mediacorps-hq-at-one-north.html

Mon, 5 Nov 15:40  
Tiong Seng Holdings said the joint venture between its wholly-own subsidiary Tiong Seng Contractors and Kajima Overseas Asia has been awarded a $413 million contract by Mediacorp to build a 12 storey media complex at Mediapolis @ One North. Tiong Seng Contractors has a 20% stake in the joint venure, while Kajima holds 80%. The contract is expected to start this month.

icy97

Tiong Seng posts 26% fall in Q3 net profit to $5.04m
http://www.theedgesingapore.com/the-daily-edge/business/41077-tiong-seng-posts-26-fall-in-q3-net-profit-to-504m.html

Mon, 12 Nov 22:06
Construction company Tiong Seng Holdings posted a 26% fall in third-quarter (Q32012) net profit to $5.04 million from $6.82 million a year ago (Q32011).

However, revenue rose 57% to $119.42 million from S$75.89 million.

For the first nine months of 2012, net profit rose 9% $19.79 million from a year ago, while revenue increased by 64% to $347.64 million, on the back of higher revenue from construction contracts and sales of Cobiax products.

icy97

长成：善用科技以取得竞争优势
http://www.sharesinv.com/zh/articles/38632/

文： 李金婷 , 陈挚文 （译：杨佳文） 2013年05月03日 企业摘要

建筑企业在这几年面对了不少考验。由于政府实施了多项政策来控制楼价，同时限制企业引进的外劳人数，建筑业者的毛利率随之减少。面对种种挑战，它们采取了哪些应对方法呢？《股市资讯》采访了本地建筑企业长成以了解其近况。

基于本区域的房地产市场出现了过热的现象，各国政府都小心翼翼地采取了各种措施来控制楼价。建筑业是一个需要大量人力的行业，政府实施的种种措施当然也对本地建筑企业长成(Tiong Seng Holdings)造成了影响。

《股市资讯》与长成的总裁白连源进行了独家专访，他谈到了政府实施的政策对其业务的影响、公司最近的发展以及未来前景。

减低冲击

当政府实施了一些会使企业的营运成本增加的政策时，它们必然会暂时受到影响。比方说，在政府收紧劳工政策后，企业在之前取得的项目的毛利率肯定会受影响，因为合约金额是固定不变的，在新加坡，企业也不能因政府调整政策而向政府求偿。

白先生表示，除了顺应经济周期的变化和等待景气好转之外，一家建筑企业要做的就是尽量减低成本，成为同业中受冲击最小的公司。他说：“虽然我们也受到影响，但我们要确保我们所受到的冲击最小。我们率先采用了新的技术和建筑方法，如使用预制组件，从而减少对人力的依赖。”

这项策略的关键在于减低受影响的程度。如果长成的竞争对手继续采用传统的建筑方法来取得增长(如依赖廉价外劳)，而不愿拨出资金来改善技术，那它们将面对较大的政策风险，在经济不景气的时期，它们的成本也会比长成来得高。

生产力是关键

建筑企业的规模和强项都有所不同，但它们都必须按预算如期完成项目才能取得盈利。基于新加坡的建筑业将持续面对三大挑战，即劳工短缺、生产力增长不高及成本上涨，白先生预计公司的毛利在接下来的两年仍将受到压缩。

为了持续获利，公司不断在发展其“长成预制中心(Tiong Seng Prefab Hub)”。它是新加坡目前唯一的自动化预制组件厂，令长成减低了对人力的依赖。这个预制中心的产量预料将翻倍，而仓储成本将减少。另外，公司通过收购瑞士企业Cobiax而掌握了制造混凝土板块的先进技术。这种专利技术能将制造板块所需的混凝土减少30%，并在建筑业内日渐获受落。

白先生表示，公司计划在新山建造第二座预制组件厂，以应付日益增加的市场需求。他说：“在全面生产的情况下，我们的目标是令该厂房的产能达到8万至10万立方米。”公司位于大士的厂房目前的年产能为10万立方米。他表示：“尽管如此，若政府规划出更多土地给预制组件行业，我们将继续在新加坡扩充业务。”

中国业务的FY13表现将进步

中国政府实施的多项楼市降温措施也打击了公司在中国的房地产发展业务。白先生表示，公司的销量在短期内难免会受到降温措施的影响，但这样的情况将不会一直持续下去。

公司在天津的项目艾维诺森林(The Equinox)就受到了影响，销售进度颇为缓慢。公司预计其销量将不会在今年回升，因为中国的新领导人刚上任，中国政府应该不会那么快改弦易辙，放松对房地产业的控制。相反的，与天津相比，公司在沧州这个三、四线城市的各个项目的销量较为不错，原因是需求较高及地点优越。

在过去两年，公司完成了其在沧州的1期项目，所有单位都已售出。公司预计其产业发展部门的表现将在今年进步，因为它将确认多两期项目的部分盈利。

收入和盈利增长

在截至2012年12月31日的财政年中，公司取得的收入从前年的4亿1,450万元增加23%至5亿1,140万元。这使其过去三年的收入年复合增长率(CAGR)达到42.4%，但其每股盈利(EPS)却连年下跌，其FY10每股盈利为3.8分(2,880万元)，FY12每股盈利则减少至3.4分(2,570万元)。

当被问及公司盈利下跌的原因时，白先生说：“中国房地产发展项目所带来的收入是在项目完成及将钥匙交给买主后才确认。我们大部分的项目仍在建造当中，因此这些销售额还未化为收入。我们也计入了项目进行期间的营运成本。此外，合资没有带来盈利也是导致今年的盈利略微下跌的原因。”

虽然公司与其他建筑业者一样，会受到成本持续上涨的影响，但白先生却抱持乐观看法。他说：“采用新的建筑技术，如预制组件和先进的模板，可抵消部分的成本涨幅。”公司的建筑业务在FY12为它带来了超过90%的收入，这个部门在FY11和FY12都取得了总额超过6亿元的订单，而FY13至今取得的订单共达2亿元。截至2013年3月28日，公司持有的订单总额高达15亿元，大部分的合约预计将在接下来的12至30个月内完成。

整体而言，白先生对本地建筑业在未来五至十年的前景仍感到乐观，因为还有很多基础建设和住宅项目将会展开。他说：“凭着我们过往的杰出表现和丰富的经验，我们将能在需求回升时受惠。”

icy97

长成斥资在依斯干达特区设厂
http://www.sharesinv.com/zh/articles/39592/

2013年06月13日
长成(Tiong Seng Hldgs)将通过子公司Robin Village Development斥资1,560万元在马来西亚柔佛州的依斯干达特区(Iskandar)建设预铸厂。公司已获得当地政府批准设厂，厂房占地5.57公顷，年产能最高可达约6万6,000立方米。此举将让公司在2015年之前得以把其预铸元件的产能增加60%至16万立方米。新厂房将对公司在新加坡大士的预制中心起着补足作用。加上新厂房的较大面积将让公司能生产更多种类的预铸元件，以满足新马对预制产品与日俱增的需求。

启示：公司在大马设厂有助满足新加坡住宅发展的需求。根据新加坡人口白皮书，新加坡将在2030年之前建筑多达70万所新住屋，其中大部份料将是政府组屋。


Tiong Seng gets approval to start early on construction of $15.6mil precast plant in Iskandar
http://www.theedgesingapore.com/the-daily-edge/business/44299-tiong-seng-gets-approval-to-start-early-on-construction-of-156mil-precast-plant-in-iskandar.html

Thu, 13 Jun 20:21
Tiong Seng Tiong Seng Holdings said Malaysian authorities has given its unit, Robin Village Development, the approval to start early on the construction of a precast plant in Iskandar region of Johor Bahru early.

The 5.57-hectare plant, with a maximum annual production capacity of precast components of 66,000 cubic metres, will raise Tiong Seng's production capacity by 60%to 160,000 cubic metres by 2015, it added.

The construction group and property developer will invest about $15.6 million in the plant, using internal resources and bank borrowings, it said.
Production will commence in two phases, with Phase 1 starting in the third quarter this year, and full production capacity for both phases likely to be reached by the first quarter of 2015.

icy97

Name of Announcer *	TIONG SENG HOLDINGS LIMITED
Company Registration No.	200807295Z
Announcement submitted on behalf of	TIONG SENG HOLDINGS LIMITED
Announcement is submitted with respect to *	TIONG SENG HOLDINGS LIMITED
Announcement is submitted by *	PEK LIAN GUAN
Designation *	CHIEF EXECUTIVE OFFICER
Date & Time of Broadcast	13-Aug-2013 19:17:14
Announcement No.	00205

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Please refer to the attachments.

Attachments

TiongSeng2Q2013PressRelease20130807.pdf 2Q2013Announcement.pdf

Announcement Title *

Presentation Slides - 2Q2013 Results and Corporate Updates

Description

Please refer to the attachment.

Attachments

TiongSeng_2Q13_results_and_corporate_update.pdf

icy97

长成从建屋发展局赢得价值2亿零450万元合约
2013年12月04日
http://www.sharesinv.com/zh/articles/43011/

长成(Tiong Seng Holdings)通过子公司长成工程(Tiong Seng Contractors)从建屋发展局赢得价值2亿零450万元的合约。

公司将在兀兰弯和兀兰坡建筑11座14/16层楼高的组屋、两座多层停车场及各种商业/社区设施。项目料将于FY16完工，并将按进度交付。

这个项目将采用公司引领业界的预铸建筑技术，因而能把建筑工地的劳工需求减低多达30%。

启示：这份合约将把公司的订单额推高至13亿元，并印证了公司在建筑方面的能力。它将继续努力加强其在公共房屋建筑领域的地位。

icy97

文： 2014年02月10日 每日头条
http://www.sharesinv.com/zh/articles/44685/

长成(Tiong Seng)赢得价值2亿1,000万元合约，涉及一个拥有698个单位的公寓发展项目。公司的总订单额增至13亿元，交付期排至FY17。