Yesterday, I visited $Tiong Woon(BQM.SI). And I must say, quite an eye-opener!
When we talk about construction or infrastructure projects, we tend to focus on the big developers and contractors. But have you ever wondered how those massive structures and heavy equipment actually get lifted into place?
Well, someone has to do the heavy lifting. Literally. Haha.
And that's where Tiong Woon comes in.
We were warmly welcomed by CEO Michael Ang, CFO William Tan and COO Tan Guan Liang.
Michael shared the company's journey, strategy and direction, while William gave us some colour behind the financial numbers.
One thing Michael said stuck with me. This is not a sexy business.
I actually quite like that description.
And that's what makes Tiong Woon interesting to me. It's not just about cranes. Its services support everything from construction and infrastructure to data centres, semiconductors, and marine and offshore projects. Quite a lot going on for an "unsexy" business, right? 😄
With Singapore's construction outlook looking bright, supported by major government infrastructure projects, there should be opportunities for Tiong Woon too. The key, of course, is how much of that demand it can capture.
And looking at the financials, it seems the hard work is paying off!
FY2026 revenue grew 14.8% to S$187.7M, while net profit rose 24.4% to S$23.9M. That's 5 consecutive years of revenue and profit growth!
Interestingly, profit has been growing faster than revenue, with gross margin improving to 40.7%. Despite being a capital-intensive business, Tiong Woon also generated S$67.5M in operating cash flow.
Shareholders are getting a little more too, with the proposed dividend rising 42.9% to 2.5 cents per share.
But the fun part came after the presentation.
Leslie brought us around the premises, including the rooftop, where we saw different types of cranes, some really massive ones! We also walked through the operations to see what goes on behind the scenes.
I mean, how often do you get to stand so close to these giant machines?
And honestly, this is the part I enjoy most about corporate visits. You can read all the annual reports you want, but sometimes, standing right there and seeing how things actually work tells you a lot more about the business.
What I also appreciate is Tiong Woon's journey. From humble beginnings, it has spent decades building its capabilities and reputation. Nothing flashy, just years of hard work.
A big thank you to the Tiong Woon team for the warm hospitality, and to SGListco (Gwendalyn Sim) for making this visit possible!
While everyone is busy chasing the next big thing, perhaps we shouldn't overlook the companies quietly doing the heavy lifting behind it. Literally. 😊
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