Tiong Seng Holdings

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#30
Although Tiong Seng has a very high order book, it does not seem to be growing. And it has not been able to translate that into high(er) earnings for itself, or for its shareholders.

1) Average FCF of -$3.6m/year, over 11 years. Over the long-term, it has been losing money. Whether FCF will continue to be positive in the coming years remain to be seen.

FCF
FY16: $138.8m
FY15: $16.6m
FY14: -$10m
FY13: $5.6m
FY12: -$28.3m
FY11: -$130.4m
FY10: -$6.7m
FY09: $64.2m
(IPO) FY08: -$33.9m
FY07: -$22.7m
FY06: -$37.6m

2) Average dividends of $4.7m/year over 8 years. Or $37.9m in total. At least there's something for shareholders. That's not too bad.

Dividends
FY16: $2.2m
FY15: $1.8m
FY14: $5.5m
FY13: $7.6m
FY12: $7.2m
FY11: $7.6m
FY10: $6m
FY09: $0

3) But if the company isn't generating free cash, from where does it pay out dividends? Tiong Seng also raised net proceeds of $48m during its IPO. This more than covers the total dividends of $37.9m paid out since.

4) Until recently, total debt has been increasing since IPO. Based on its latest quarterly, total debt is still about $125m.

Total debt
FY16: $176.3m
FY15: $298.8m
FY14: $297.6m
FY13: $252.0m
FY12: $238.0m
FY11: $200.5m
FY10: $57.0m
FY09: $41.4m

It is likely that debt was used to finance their projects, which in totality have not been FCF positive. If anyone has benefited from Tiong Seng, I will say it is their bankers, subcontractors, and directors.

How much will you pay to buy for Tiong Seng?
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Messages In This Thread
Tiong Seng Holdings - by dydx - 05-01-2011, 04:21 PM
RE: Tiong Seng Holdings - by dydx - 28-02-2011, 04:13 PM
RE: Tiong Seng Holdings - by dydx - 04-04-2011, 08:51 PM
RE: Tiong Seng Holdings - by dydx - 20-04-2011, 09:50 PM
RE: Tiong Seng Holdings - by dydx - 24-05-2011, 08:24 PM
RE: Tiong Seng Holdings - by dydx - 17-10-2011, 10:46 PM
RE: Tiong Seng Holdings - by dydx - 19-12-2011, 09:41 PM
RE: Tiong Seng Holdings - by Kelvin - 30-11-2012, 09:55 AM
RE: Tiong Seng Holdings - by propertyinvestor - 30-11-2012, 10:56 AM
RE: Tiong Seng Holdings - by Greenrookie - 30-11-2012, 11:22 AM
RE: Tiong Seng Holdings - by dydx - 07-03-2013, 04:29 PM
RE: Tiong Seng Holdings - by dydx - 07-03-2013, 08:17 PM
RE: Tiong Seng Holdings - by dydx - 25-03-2013, 09:02 PM
RE: Tiong Seng Holdings - by dydx - 22-04-2013, 08:12 PM
RE: Tiong Seng Holdings - by dydx - 24-04-2013, 08:06 PM
RE: Tiong Seng Holdings - by psslo - 29-04-2014, 09:07 AM
RE: Tiong Seng Holdings - by Shrivathsa - 28-04-2014, 04:13 PM
RE: Tiong Seng Holdings - by CityFarmer - 30-09-2014, 03:25 PM
RE: Tiong Seng Holdings - by dydx - 14-08-2015, 08:07 PM
RE: Tiong Seng Holdings - by dydx - 27-08-2015, 10:35 AM
RE: Tiong Seng Holdings - by dydx - 17-09-2015, 10:14 PM
RE: Tiong Seng Holdings - by dydx - 30-10-2015, 11:12 PM
RE: Tiong Seng Holdings - by dydx - 23-11-2015, 07:33 PM
RE: Tiong Seng Holdings - by cyclone - 29-12-2015, 08:53 PM
RE: Tiong Seng Holdings - by dydx - 09-05-2016, 06:39 PM
RE: Tiong Seng Holdings - by dydx - 15-05-2016, 08:22 PM
RE: Tiong Seng Holdings - by BlueKelah - 15-05-2016, 09:57 PM
RE: Tiong Seng Holdings - by cyclone - 24-02-2017, 07:13 PM
RE: Tiong Seng Holdings - by TUBInvesting - 15-09-2017, 11:43 AM
RE: Tiong Seng Holdings - by karlmarx - 13-10-2017, 04:35 PM
RE: Tiong Seng Holdings - by TUBInvesting - 13-10-2017, 04:57 PM
RE: Tiong Seng Holdings - by karlmarx - 13-10-2017, 10:10 PM
RE: Tiong Seng Holdings - by karlmarx - 16-10-2017, 09:34 PM
RE: Tiong Seng Holdings - by TUBInvesting - 21-10-2017, 11:18 AM
RE: Tiong Seng Holdings - by dydx - 24-04-2018, 10:21 PM
RE: Tiong Seng Holdings - by cyclone - 03-05-2018, 07:02 PM
RE: Tiong Seng Holdings - by cyclone - 10-05-2018, 07:14 PM
RE: Tiong Seng Holdings - by cyclone - 21-05-2018, 06:57 PM
RE: Tiong Seng Holdings - by cyclone - 19-06-2018, 06:15 PM
RE: Tiong Seng Holdings - by cyclone - 13-08-2018, 06:36 PM
RE: Tiong Seng Holdings - by cyclone - 18-04-2019, 06:33 PM
RE: Tiong Seng Holdings - by cyclone - 27-08-2019, 07:30 PM
RE: Tiong Seng Holdings - by cyclone - 06-09-2019, 06:44 PM
RE: Tiong Seng Holdings - by cyclone - 11-02-2020, 07:28 PM
RE: Tiong Seng Holdings - by weijian - 27-07-2020, 09:52 AM
RE: Tiong Seng Holdings - by ¯|_(ツ)_/¯ - 15-08-2020, 01:55 PM
RE: Tiong Seng Holdings - by ¯|_(ツ)_/¯ - 13-08-2021, 07:18 AM

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