Multi Ways Holdings Ltd (NYSE: MWG)

Multi Ways Holdings Limited is a supplier of heavy construction equipment for sales and rental in Singapore and the surrounding region. The company specializes in the sale and rental of used and new heavy construction equipment including earth-moving material-handling road-building equipment and generators and compressors. It also provides complementary services such as refurbishment servicing maintenance transportation crane operation and machinery cleaning to support its equipment offerings.

Multi Ways Holdings Limited generates revenue primarily through the sale of heavy construction equipment which accounted for 69.2% of total revenue in the financial year ended December 31 2024. The rental business contributed 23.1% of revenue while services including refurbishment servicing troubleshooting repair transportation crane operation and machinery cleaning accounted for 7.7% of revenue in the same period. Revenue is derived from both local Singaporean customers and overseas markets including Canada Australia UAE Taiwan Maldives Indonesia and the Philippines.

The company operates through the following segments: equipment sales business rental business and services.

• The equipment sales business involves the sale of both new and used heavy construction equipment from inventory predominantly to local or overseas customers in Singapore Canada Australia UAE Taiwan Maldives Indonesia and the Philippines. It includes sourcing equipment from suppliers reconditioning and refurbishing used equipment and offering customization to meet specific customer needs. This segment constituted approximately 69.2% of total revenue for the financial year ended December 31 2024.

• The rental business comprises the rental of the full suite of heavy construction equipment mainly to customers within Singapore. It includes providing crane operation services transportation and erection services and maintaining a fleet compliant with local regulations such as those from MOM BCA HDB and LTA. This segment contributed approximately 23.1% of total revenue for the financial year ended December 31 2024.

• The services segment includes refurbishment and servicing troubleshooting and repair transportation and erection crane operation and machinery cleaning services. These services support the sales and rental businesses and constituted approximately 7.7% of total revenue for the financial year ended December 31 2024.

Multi Ways Holdings Limited operates in a competitive heavy construction equipment market in Singapore where it faces competition from established players such as Tat Hong Holdings Ltd Sin Heng Heavy Machinery Ltd Antar Cranes Services Pte Ltd and INA Heavy Machinery & Equipment Pte Ltd. The company differentiates itself through its long-standing supplier relationships its in-house refurbishment and servicing capabilities its ability to offer customized equipment and its positioning as a one-stop shop for equipment sales rental and related services.

The company serves customers in the infrastructure and building construction mining marine and oil and gas industries across Singapore Malaysia Canada Indonesia Taiwan USA UAE Australia and the Philippines. Specific customer industries include contractors involved in piling land reclamation construction mining offshore oil and gas exploration and surface or underground mining. The customer base includes equipment suppliers and service providers in the building construction sector as well as end users in infrastructure projects such as highways train tunnels and building construction.