Tiong Seng Holdings Limited · SGX:BFI
Tiong Seng — Q3 2014 Earnings Presentation
21 slides from Tiong Seng's earnings presentation, Nov 11, 2014
Slide 1: Tiong Seng Holdings Limited 3Q2014 Results Presentation
Tiong Seng Holdings Limited 3Q2014 Results Presentation 11 November 2014 TIONG SENG HOLDINGS LIMITED (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation constitute “forward looking statements”. All statements other than statements of historical facts are forward looking and are based on management’s optimistic view about the future developments. Forward looking statements involve certain risks and u
Slide 3: Agenda
Agenda 1. Financial Highlights 2. Segmental Review & Outlook TIONG SENG HOLDINGS LIMITED (ESTABLISHED SINCE 1959, SINGAPORE) 3
Slide 4: 1. Financial Highlights
1. Financial Highlights TIONG SENG HOLDINGS LIMITED (ESTABLISHED SINCE 1959, SINGAPORE) 4
Slide 5: Financial highlights - Overview
Financial Highlights Financial highlights - Overview Income Statement Unaudited Audited results (SGD m) 9M2014 9M2013 FY2013 FY2012 Revenue 486.7 424.3 654.9 511.4 Gross Profit 36.5 44.0 50.5 54.2 Other income 3.8 10.1 16.0 3.5 Operating & net finance (31.9) (35.2) (47.2) (39.2) expenses (before i
Slide 6: Segmental Results 9M2014
Segmental Results 9M2014 9M2014 (SGD m) Construction Property Others* Total Development Revenue 450.2 30.2 6.2 486.7 Costs (417.4) (30.0) (2.8) (450.1) Gross Profit 32.8 0.3 3.4 36.5 Other Income 2.2 0.05 1.6 3.8 Depreciation (2.9) (0.07) (1.3) (4.3) Selling Expenses (0.007) (2.7) (0.2) (2.9) Staff
Slide 7: Segmental Comparison – Revenue (SGD m)
Segmental Comparison – Revenue (SGD m) 500.0 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 - 9M2014 9M2013 Construction 450.2 390.1 Property Development 30.2 26.4 Others* 6.2 7.7 TIONG SENG HOLDINGS LIMITED 7 (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 8: Segmental Comparison - Gross Profit (SGD m)
Segmental Comparison - Gross Profit (SGD m) 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 - 9M2014 9M2013 Construction 32.8 40.1 Property Development 0.3 0.3 Others* 3.4 3.6 TIONG SENG HOLDINGS LIMITED 8 (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 9: Segmental Comparison – Operating Expenses (SGD m)
Segmental Comparison – Operating Expenses (SGD m) 25.0 20.0 15.0 10.0 5.0 - 9M2014 9M2013 Construction 16.1 20.0 Property Development 6.1 8.1 (w/o impairment) Others* 7.6 6.9 TIONG SENG HOLDINGS LIMITED 9 (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 10: Segmental Comparison – Operating Expenses (SGD m)
Segmental Comparison – Operating Expenses (SGD m) 30.0 25.0 20.0 15.0 10.0 5.0 - 9M2014 9M2013 Construction 16.1 20.0 Property Development 24.6 8.1 (with impairment) Others* 7.6 6.9 TIONG SENG HOLDINGS LIMITED 10 (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 11: Segmental Comparison – Net Profit (SGD m)
Segmental Comparison – Net Profit (SGD m) 30.0 20.0 10.0 - (10.0) (20.0) (30.0) 9M2014 9M2013 Construction 18.9 21.5 Property Development (24.2) (7.7) Others* (2.6) 5.3 TIONG SENG HOLDINGS LIMITED 11 (ESTABLISHED SINCE 1959, SINGAPORE)
Slide 12: Segmental Results 9M2013 / 9M2014
Segmental Results 9M2013 / 9M2014 (SGD m) Construction Property Others* Total Development 9M2014 9M2013 9M2014 9M2013 9M2014 9M2013 9M2014 9M2013 Revenue 450.2 390.1 30.2 26.4 6.2 7.7 486.7 424.3 Costs (417.4) (350.1) (30.0) (26.1) (2.8) (4.2) (450.1) (380.3) Gross Profit 32.8 40.1 0.3 0.3 3.4 3.6 3
Slide 13: Key balance sheet items
Financial Highlights Key balance sheet items Cash & Cash Equivalents Total assets, (SGD ‘million) NAV per share* (S$ cents) (SGD ‘million) 1,000.0 40 949.6 948.3 90.0 83.7 900.0 850.1 35 34.6 79.8 79.8 80.0 800.0 721.0 30 28.9 70.0 66.4 27.85 700.0 26.9 60.0 600.0 25 50.0 500.0 20 40.0 400.0 15 30
Slide 14: 2. Segmental Review & Outlook
2. Segmental Review & Outlook TIONG SENG HOLDINGS LIMITED (ESTABLISHED SINCE 1959, SINGAPORE) 14
Slide 15: Three pillars of growth
Segmental Review & Outlook Three pillars of growth Property Construction Pre-Cast Development TIONG SENG HOLDINGS LIMITED (ESTABLISHED SINCE 1959, SINGAPORE) 15
Slide 16: Construction - Prospects in Singapore
Segmental Review & Outlook Construction - Prospects in Singapore Public sector projects to drive growth with increased institutional and civil engineering works Construction Demand 2014 forecast for awarded contracts (Value of contracts awarded) Public Private Building work (Residential) S$35.8bil
Slide 17: Recently Won Construction Projects
Segmental Review & Outlook Recently Won Construction Projects • 27 May 2014: S$316 million JV Contract T220 for construction of the Great World Station and Tunnels for Thomson Line (65:35, TS:65) • 30 September 2014: S$107 million contract for Stamford Diversion Canal Phase 2 • 4 November 2014: S$
Slide 18: Tiong Seng’s precast business updates
Segmental Review & Outlook Tiong Seng’s precast business updates 1 2 JV with Geostr & Marubeni Construction of Myanmar plant the factory will Production has commence later commenced since this month. August 2014 Operations expected to commence in 1H2015 Malaysia plant Production has commenced sinc
Slide 19: Changes to Regulation in Property Development in PRC
Segmental Review & Outlook Changes to Regulation in Property Development in PRC Loosening of Cooling Measures in Several Chinese Cities: • Buyers of second homes are now considered first-time buyers as long as existing mortgage debt has been paid off. • Units with area larger than 90sqm or condo u
Slide 20: Growth prospects at a glance
Segmental Review & Outlook Growth prospects at a glance Gearing towards Expanding Easing property public sector Regionally regulations in PRC projects • Higher projected • Higher demand for • Rural land reforms demand for public pre-cast in in the PRC sector construction construction • Loosening c
Slide 21: Thank You
Thank You Q&A TIONG SENG HOLDINGS LIMITED 21 (ESTABLISHED SINCE 1959, SINGAPORE)