While MS Holdings may seem to be turning the corner, investors need to be wary of its declining net asset value, high debt levels and cyclical business.

Introduction

In Singapore, I always tell my wife that construction activity seems to be never-ending. Wherever we go, we see huge cranes dotting the landscape, tall hoardings and workers in coveralls buzzing around like busy bees. There always seems to be something being constructed, from spanking new condominiums to new MRT stations around the island. This constant hive of activity and the sight of tall crawler and tower cranes made me wonder: just how many companies are in the crane industry in order to supply these huge machines to the property and construction companies? It turns out that there is a booming industry for crane rentals, and there are many players in the industry vying for a slice of this lucrative pie....