Tiong Woon is also seen as a late beneficiary of the construction boom, data centre (DC) and oil and gas (O&G) builds. The majority of heavy lift and hauling services pertain to above-ground or superstructure work, which occurs after foundation/substructure work is largely completed, notes Ong.
CGS International analyst Natalie Ong has initiated “add” on Tiong Woon Corp, calling the construction counter an “undervalued laggard play”.
“Tiong Woon Corp is trading at 2027 P/E of 6.7 times, a 45% discount to [its] regional peers despite its global ranking and strong record,” Ong writes in her Jan 16 report. Tiong Woon was ranked 15th among the IC100 2024/2025, an annual ranking published by International Cranes and Specialized Transport magazine. The company, which is the top Singapore-based company on the list, according to the company’s Aug 5, 2025, statement, competes for heavier-tonnage work of up to 2,200 tonnes.
