Tiong Woon Corporation: Big profits in heavy lifting
Tiong Woon’s CEO Michael Ang and CFO William Tan talk to BT’s Ben Paul about the company’s rising profitability and depressed share price
Some of the most important work in an investment boom happens out of sight. Bridges are installed overnight, components weighing a thousand tonnes are moved from port to plant, and semiconductor sites want every piece of equipment on the ground at once. Tiong Woon Corporation, ranked 15th among the world’s crane owners, sits behind much of that activity. Its FY2026 results showed revenue up 15 per cent and earnings up 24 per cent, and its shares were trading at about 0.6 times net asset value at the time of recording.
In this episode of Mark To Market, a BT Correspondents podcast, Ben Paul speaks with Michael Ang, chief executive of Tiong Woon, and William Tan, its chief financial officer. They discuss how the group has changed since the oil and gas slump, what is driving its margins and how management thinks about its valuation.
Why listen
- From crane rental to integrated lifting solutions Ang explains how Tiong Woon moved beyond renting cranes. It pioneered mid-size tower cranes for prefabricated construction, then combined cranes, heavy haulage and marine transport into a single offering.
- What lifted gross margins back above 40 per cent Tan explains why margins dipped to 37.6 per cent the year before, how cross-hire costs tripled, and why a largely fixed cost base lets extra revenue flow through more strongly.
- Why cash flow is watched more closely than profit The group tracks it weekly across 12 to 13 markets. Tan explains what a record cash position, net gearing of 9.5 per cent and a payout ratio of about 24 per cent mean for capital spending and dividends.
- How management responds to a share price below book value Paul presses both executives on the discount. Their answers centre on fundamentals, a diversified set of markets and telling the company’s story more effectively.
Whether the discount narrows is something management says it can influence only through execution and communication. This conversation lays out how it is approaching both. Listen now.
Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.
---
Written and hosted by: Ben Paul (benpaul@sph.com.sg)
With Michael Ang, CEO and William Tan, CFO, Tiong Woon Corporation
Edited by: Howie Lim & Claressa Monteiro
Produced by: Ben Paul, Howie Lim & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
---
Follow BT Correspondents:
Channel: bt.sg/btcobt
Amazon: bt.sg/btcoam
Apple Podcasts: bt.sg/btcoap
Spotify: bt.sg/btcosp
YouTube Music: bt.sg/btcoyt
Website: bt.sg/btcorresp
Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.
---
Discover more BT podcast series:
BT Money Hacks: bt.sg/btmoneyhacks
BT Podcasts: bt.sg/pcOM
BT Market Focus: bt.sg/btmktfocus
BT Lens On: bt.sg/btlenson
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
ABOUT THE PODCAST
BT Correspondents brings together some of The Business Times’ most trusted columnists in a single series. Featuring Mark to Market, WealthBT, TransportBT, and PropertyBT, weekly episodes deliver expert analysis and clear perspectives on stocks, wealth, mobility, and real estate. It is essential listening for professionals who want context, clarity, and depth.
