TIONG WOON CORP HOLDING LTD (BQM) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of TIONG WOON CORP HOLDING LTD S$2.16, price S$0.88, upside +146.9%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range 0.3957 SGD – 1.12 SGD · fair‑value band 1.62 SGD – 2.71 SGD · the 0.8750 SGD price screens below the 2.16 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Tiong Woon Corporation Holding Ltd, an investment holding company, provides integrated services for the oil and gas, petrochemical, infrastructure, and construction sectors. The company operates through Heavy Lift and Haulage, Marine Transportation, and Trading segments.
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Tiong Woon Corporation Holding Ltd, an investment holding company, provides integrated services for the oil and gas, petrochemical, infrastructure, and construction sectors. The company operates through Heavy Lift and Haulage, Marine Transportation, and Trading segments. It offers heavy lift and haulage, marine transportation, and inland transportation services; equipment installation services, such as trays and structures; project engineering services for heavy lifting and haulage requirements. In addition, the company leases heavy haulage equipment that consists of prime movers with low beds, self-propelled modular trailers, tow trucks, and trailers for the transportation of heavy process equipment, such as modules and structures. Further, it provides tug and barge services for various sea transportation projects; mechanical and infrastructure engineering, supply chain management, freight forwarding, and logistics related services; servicing, erection, jacking and dismantling of tower crane; and heavy lifting services in the oil, gas, petrochemicals and other related construction industries, as well as undertakes structural works. Additionally, it is involved in marine and transportation logistics related business; hiring out of cranes and transport; trading of cranes; selling, servicing and leasing of equipment in the petroleum, construction, shipbuilding and related industries. The company operates in Singapore, Brunei, the Middle East, India, Malaysia, Thailand, Indonesia, China, Vietnam, Bangladesh, Myanmar, the Philippines, Sri Lanka, and internationally. Tiong Woon Corporation Holding Ltd was founded in 1978 and is based in Singapore.
Stock analysis
TIONG WOON CORP HOLDING LTD (BQM) currently trades at 0.8750 SGD, while our model-based Fair Value estimate is 2.16 SGD, implying the stock looks roughly 59.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2.24 SGD per share, and 22 of the 26 models we run sit above the 0.8750 SGD price.
Bear case: the Earnings-Based group reads lowest at 0.7100 SGD, and 4 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.62 SGD (bear) to 2.71 SGD (bull), the price of 0.8750 SGD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
TIONG WOON CORP HOLDING LTD reported revenue of 188M SGD in FY2026 versus 123M SGD in FY2022, a compound +11.2%/yr. Reported net income was 23.9M SGD in FY2026, compounding +20.4%/yr from FY2022.
Key figures
Market cap 203M SGD (≈ $158M) · P/E ratio 8.8 · P/S ratio 1.11 · EPS (TTM) 0.1000 SGD · Dividend yield 2.9% · Net margin 12.7% · Return on equity 7.2% · Return on assets (EBIT) 4.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 147%, BQM screens cheaper than that median.
Fair Value models
Bear 1.62 SGDFair Value 2.16 SGDBull 2.71 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 3 months old). Earnings retained since then (0.0193 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.7%
Start year 2021 (pandemic). Over 10 years: +3.0% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+22.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.4%
Dividend (yield on the price)2.9%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.17% → 18%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −11.0% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Rental & Leasing Services · 89 stocks
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Is TIONG WOON CORP HOLDING LTD (BQM) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 2.16 SGD versus a price of 0.8750 SGD, about +147% upside (undervalued).
What is the fair value of BQM?
Our model-based fair value for TIONG WOON CORP HOLDING LTD is 2.16 SGD (as of Oct 2, 2026), built from audited fundamentals. The current price: 0.8750 SGD.
What is the quality score of BQM?
TIONG WOON CORP HOLDING LTD has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TIONG WOON CORP HOLDING LTD (BQM)?
Our model-based price target is the fair value of 2.16 SGD (as of Oct 2, 2026) from 26 valuation models. Cautious scenario 1.62 SGD, optimistic scenario 2.71 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the TIONG WOON CORP HOLDING LTD stock forecast for 2026?
Our models put fair value at 2.16 SGD, about +147% upside versus a price of 0.8750 SGD (undervalued). Cautious scenario 1.62 SGD, optimistic scenario 2.71 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of TIONG WOON CORP HOLDING LTD (BQM)?
TIONG WOON CORP HOLDING LTD reported trailing-twelve-month revenue of about 188M SGD (latest available figure, as of Oct 2, 2026).
Does TIONG WOON CORP HOLDING LTD pay a dividend?
TIONG WOON CORP HOLDING LTD currently shows a dividend yield of about 2.86% relative to its recent price (as of Oct 2, 2026).
What growth is priced into TIONG WOON CORP HOLDING LTD (BQM)?
For today's price to be fair in a discounted-cash-flow model, TIONG WOON CORP HOLDING LTD would have to grow free cash flow by -9.2 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.7 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of BQM use?
Our models discount TIONG WOON CORP HOLDING LTD at 11.0 %: a base by market capitalisation (micro), damped by beta 0.20, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TIONG WOON CORP HOLDING LTD that is -9.2 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has TIONG WOON CORP HOLDING LTD (BQM) delivered so far?
Over the past 5 years revenue at TIONG WOON CORP HOLDING LTD grew +10.7 % a year. The price currently implies -9.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TIONG WOON CORP HOLDING LTD (BQM) growing?
The median revenue growth in the sector is +6.5 % a year. That is the yardstick for the growth priced into TIONG WOON CORP HOLDING LTD (-9.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TIONG WOON CORP HOLDING LTD (BQM)?
The free-cash-flow yield on the price is 21.54 %: that much free cash flow TIONG WOON CORP HOLDING LTD produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TIONG WOON CORP HOLDING LTD (BQM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TIONG WOON CORP HOLDING LTD it is 2.16 SGD per share (as of Oct 2, 2026), against a price of 0.8750 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is TIONG WOON CORP HOLDING LTD stock overvalued or undervalued in 2026?
As of Oct 2, 2026, BQM trades below its calculated fair value: price 0.8750 SGD, fair value 2.16 SGD, a gap of about +147% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BQM?
No. The price is what the market pays today (0.8750 SGD); the fair value is what the company's own numbers justify (2.16 SGD). For TIONG WOON CORP HOLDING LTD the two are 1.29 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is TIONG WOON CORP HOLDING LTD worth?
The market values TIONG WOON CORP HOLDING LTD at about 203M SGD (market capitalisation, as of Oct 2, 2026). Per share that is 0.8750 SGD; our models calculate a fair value of 2.16 SGD per share.
What do the bullish and bearish scenarios say about BQM?
Our models span a range for TIONG WOON CORP HOLDING LTD: cautious scenario 1.62 SGD, base 2.16 SGD, optimistic 2.71 SGD per share (as of Oct 2, 2026, price 0.8750 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BQM?
TIONG WOON CORP HOLDING LTD trades at a price-to-earnings ratio of 8.8 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.16 SGD is built from several models across several years. Other multiples: PEG 0.3, P/B 0.6, P/S 1.1, EV/EBITDA 2.9.
What is the PEG ratio of BQM?
The PEG ratio of TIONG WOON CORP HOLDING LTD is 0.33 (P/E divided by earnings growth, as of Oct 2, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of TIONG WOON CORP HOLDING LTD (BQM)?
Balance-sheet figures for TIONG WOON CORP HOLDING LTD (as of Oct 2, 2026): return on equity 7.2%, debt of 0.24 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is BQM from its 52-week high?
TIONG WOON CORP HOLDING LTD trades at 0.8750 SGD, about 22% below its 52-week high of 1.12 SGD and 16% above the low of 0.7534 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 2.16 SGD is for.
Which stocks are comparable to TIONG WOON CORP HOLDING LTD?
From the same area (Industrials) we also value United Rentals, Inc, Sunbelt Rentals Holdings, AerCap Holdings, U-Haul Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TIONG WOON CORP HOLDING LTD stock attractive at the current price?
The data as of Oct 2, 2026: price 0.8750 SGD, calculated fair value 2.16 SGD (+147%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BQM calculated?
We run TIONG WOON CORP HOLDING LTD through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2.16 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. TIONG WOON CORP HOLDING LTD currently trades 59 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TIONG WOON CORP HOLDING LTD (BQM)?
The closing price on Oct 2, 2026 was 0.8750 SGD. Our model-based fair value is 2.16 SGD, about +147% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TIONG WOON CORP HOLDING LTD right now?
The price is below even our cautious bear case (1.62 SGD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of TIONG WOON CORP HOLDING LTD
How large is the market capitalisation of TIONG WOON CORP HOLDING LTD (BQM)?
The market capitalisation of TIONG WOON CORP HOLDING LTD is 203M SGD (≈ $158M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TIONG WOON CORP HOLDING LTD (BQM)?
The price-to-sales ratio of TIONG WOON CORP HOLDING LTD is 1.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TIONG WOON CORP HOLDING LTD (BQM)?
Earnings per share at TIONG WOON CORP HOLDING LTD are 0.1000 SGD (price ÷ EPS = P/E 8.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TIONG WOON CORP HOLDING LTD (BQM)?
The dividend yield of TIONG WOON CORP HOLDING LTD is 2.9% (payout 25.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of TIONG WOON CORP HOLDING LTD (BQM)?
The net margin of TIONG WOON CORP HOLDING LTD is 12.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TIONG WOON CORP HOLDING LTD (BQM)?
The return on equity (ROE) of TIONG WOON CORP HOLDING LTD is 7.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TIONG WOON CORP HOLDING LTD (BQM)?
On an EBIT basis the return on assets of TIONG WOON CORP HOLDING LTD is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TIONG WOON CORP HOLDING LTD (BQM)?
The operating margin of TIONG WOON CORP HOLDING LTD is 15.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TIONG WOON CORP HOLDING LTD (BQM)?
Revenue at TIONG WOON CORP HOLDING LTD is growing +15.6% versus a year earlier (3y avg +11.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TIONG WOON CORP HOLDING LTD (BQM)?
Earnings per share at TIONG WOON CORP HOLDING LTD are growing +43.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TIONG WOON CORP HOLDING LTD (BQM) carry?
The net debt of TIONG WOON CORP HOLDING LTD is 21.4M SGD (fiscal year 2026, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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