Just by comparing their respective price-to-book ratios, both Tiong Woon and Sin Heng trade at 0.72 times and 0.74 times, respectively, while Hiap Tong trades at a mere 0.35 times.
Apart from the construction players benefitting from this whole infrastructure upcycle, the supporting cast, such as the building material suppliers, and also the niche segment of crane operators, which are an integral part of the ecosystem, are reaping the benefits from this as well.
In the Singapore market, listed crane operators include Tiong Woon (SGX:BQM
) , Sin Heng (SGX:BKA) and Hiap Tong (SGX:5PO) . Tat Hong, a leading player, was previously listed on the Singapore Exchange but was delisted in 2018. Compared by market capitalisation, Tiong Woon is the largest at $230 million, followed by Sin Heng at just over $77 million, and finally Hiap Tong at just over $40 million.
