Target price of $0.33
Growth in all segments. Tiong Seng reported full-year FY11 net profit of $27.2m, in line with what we had expected. Revenue soared by 64% YoY to $414.5m, from $252.3m a year ago, due to improvements across all business segments. The construction division saw a 55% jump in revenue to $350.7m for the full year, thanks to a higher amount of work done on existing contracts and the commencement of new contracts secured last year. Revenue from sales of development properties also more than doubled to $53.8m as a total of 456 home units were sold in FY11, up from 55 home units the previous year.