Tower crane rental rates
· Tat Hong (TH) is trading at 10.7x FY13F PE based on Bloomberg’s consensus estimates with a dividend yield of 2.3%.
· Share price catalysts include an improvement in margins, utilisation rates and strong quarterly earnings for the next two years. With the new funding in place, TH should be looking to expand its fleet of mobile and tower cranes. The company placed out 70m shares at S$1.20/share in Sep 12.
· Recovery from slump. The group went through a rough patch in FY11 with earnings falling drastically as its Australian operations were hit by floods, keen competition had eroded margins and TH had to take a S$6.9m impairment provision for its investment in China. Net profit fell 33% yoy to S$26.0m from S$38.6m in FY11, a far cry from the record earnings of S$89.8m in FY08. However, net profit has resumed an uptrend with 1HFY13 net profit escalating more 87.9% yoy to S$38.4m.
· Construction boom provides earnings visibility. Heavy equipment owners like TH will benefit from the construction boom more than main contractors, according to several channel checks. As the government rolls out infrastructure projects such as Thomson
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Sample pricing for our crane rental rates are below. Please contact us directly for crane rental prices for tower, all terrain, and truck cranes.