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TTJ Holdings

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HOPEFUL

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Incorporated in Aug-1992, the company was listed in SGX on Jan-2010. Core business of TTJ is in the design, supply, fabrication and erection of structural steelworks for buildings and infrastructure. The firm has a S1-grade license by Building and Construction Authority of Singapore. Her two factories are located in Singapore and Malaysia with a total capacity of 42,000 tonnes. 

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In 2018, the group expanded into waste management in Singapore and Thailand. The business involves converting waste wood into wood pellets as feedstock to power bio-mass plants. 

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Financial

Revenue and profit peak in FYJul16 and trended lower thereafter. This was mainly because of the expiry of highly profitable dormitory business in Jan-2017. 

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Segments

Post expiry of license of dormitory business, TTJ scale up her activities in Structural Steel, leading to sizeable improvement in order-book from 3QApr17. 

On 29Apr20, the company announced improvement in order-book to $191M with $52M new projects. 

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Waste Management is expected to begin scaling up in 2020 as bio-mass plants in Japan and Korea goes operational. As of FYJul19, revenue was only $0.7M with a start-up loss of $2.3M. 

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Balance Sheet

TTJ NTA had been increasing since FYJul07 from $0.05 to $0.40 in the last financial year. P/NTA is 0.28 based on last price of $0.114.

As of 1QOct19, the company had a cash of $37M and total debt of $9M. 

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Opinion

The strong Structural Steel order-book should sustain construction activities until FY22. 

Despite the impact of Covid-19, Waste Management business should gradually scale up in the course of 2020. Government is likely to boost infrastructure programmes to support their economies and domestic consumption. 

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Notes

May20 announcement: Winding up of Technics Steel could push TTJ to net loss for FYJul20.

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Sep20. Significant assumptions changes:

Thailand wood pellet operation suspended and Singapore wood pellet plant construction deferred - until global economy recovers.

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