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Boustead
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Boustead on the move now
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HVRRVH
Elite |
11-Aug-2025 15:25
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Lowest xd price so far indeed was $1.55. Hope to see dividend scrip priced at below $1.45. Tomorrow should know. Let' s see.
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kt3152
Supreme |
06-Aug-2025 16:21
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Bought some 162 yesterday to collect dividend and potential growth.... | ||
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chengwh1
Elite |
04-Aug-2025 13:06
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One thing that stands out in my mind abt Boustead is : this company does not provide 1st qtr & 3rd qtr updates,.... no sound at all,.... | ||
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tangsookiam1947
Master |
03-Aug-2025 20:32
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AquaZenInvestor - Boustead&rsquo s Geospatial Division: A Hidden Software Powerhouse | ||
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tangsookiam1947
Master |
03-Aug-2025 09:20
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AquaZenInvestor - More Than Meets the Eye: Boustead Singapore&rsquo s Hidden Asset Value | ||
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Alignment
Elite |
27-Jul-2025 01:35
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Thank you for this analysis, much appreciated. A helpful framework for me to approach this. Purely factually, your sum of parts analysis misses two things &ndash 1) HQ costs and 2) tax, both of which can be seen on p13 of the FY results that show the sector breakdown. The sum of parts value of the HQ costs is, say, a 13x multiple (the weighted average of the 15x and 8x multiples you used) of the HQ cost of S$13.88m so S$180m, while the average effective tax rate in the P& L is 20% so the tax sum of tax cost on your S$1.7bn asset value (ie no tax on cash) is S$340m. So together, taking these off your S$2,022m gross valuation gives S$1.5bn (i.e. S$3 a share). Then turning from facts to judgements, the area I have most question about is the real estate valuation. Boustead&rsquo s disclosure on this is not easy to wade through and I have not had enough time to dig through to reach a firm view. Simplistically, looking at the book value seems a reasonable proposition &ndash I acknowledge that I may be missing some upside but it seems to me that there is also some downside potential, and personally I want to be conservative about the construction side of the business given the poor market environment. From the accounts p14 the gross book value in the accounts for the real estate business is S$664m and there are S$254m of liabilities attached to these assets so the net book value is S$410m. Using this rather than your S$800m in the sum of parts valuation gets to a S$1.11bn gross valuation i.e. S$2.22 a share. Still 30% above the current share price so give comfort that the recent run up in share price seems reasonable if management intends to share some of the value creation they are generating though the business restructuring with investors in some way via say a special dividend. But how much further upside TBD. Would be keen to hear how you arrived at your S$800m real estate business valuation?
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tangsookiam1947
Master |
24-Jul-2025 18:38
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has anyone here attended the AGM? What is the latest development on the REITS for Boustead' s properties and also the COMO Property? Much appreciated for an update pls. |
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tangsookiam1947
Master |
23-Jul-2025 19:34
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Boustead Singapore &ndash Unlocking Real Value Boustead Singapore&rsquo s diverse portfolio continues to reflect deep intrinsic value that the market has yet to fully recognize:
🔢 Gross RNAV: $2,022 million 📈 Outstanding Shares: 500 million 💎 RNAV Per Share: $4.04 |
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Alignment
Elite |
22-Jul-2025 09:46
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How do you get $4? I don' t think that number is credible if you look at where earnings is on a consolidated basis.
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tangsookiam1947
Master |
20-Jul-2025 09:00
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Boustead at S$1.60 &mdash A Deep Value Play? For just S$1.60, you are effectively getting:
Does this valuation make sense? You decide. Disclaimer: This is not financial advice. Please do your own due diligence before making any investment decisions. #ValueInvesting #Boustead #SGStocks |
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tangsookiam1947
Master |
19-Jul-2025 16:24
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Look at Centurion &mdash it moved from $0.40 to $1.80, with its RNAV or sum-of-the-parts estimated at $2.10. Boustead is now trading at around $1.60, while its RNAV or sum-of-the-parts valuation is closer to $4. There&rsquo s clearly still significant upside potential....DYDD |
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Joelton
Supreme |
19-Jul-2025 11:35
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OCBC' s Lim raises fair value for Boustead Singapore again to $2
Having " sent a positive signal to the market," Boustead Singapore' s share price has reached $1.63, the fair value given by OCBC Investment Research' s Ada Lim.
The share price has gained by a fifth in less than a month, and up by three-fifths year to date. Yet, given how the company' s growth trends remain intact and valuation remain below historical averages, she has again raised her fair value to $2, while keeping her " buy" call.
" While we keep our forecasts intact, we relook key assumptions underlying our sum-of-the-parts (SOTP) valuation and make some adjustments," says Lim in her July 18 note.
First, she increased her FY2026 target price-to-earnings (P/E) multiple for Boustead' s geospatial division from 8x previously to 10x.
This is in line with the multiple that was applied when OCBC first initiated coverage on the company in Sep 2023, and reflects the division&rsquo s status as a crown jewel in Boustead&rsquo s portfolio as well as exposure to secular growth trends.
Next, she has halved the discount to net asset value (NAV) on Boustead&rsquo s real estate division from 50% to 25%.
Lim justifies this higher valuation given Boustead' s recent moves to unlock value for shareholders. Specifically, the transfer of Boustead&rsquo s fund and property management businesses to Unified Industrial (UIB), and to potentially put some of its logistics and industrial real estate assets into a REIT.
" In our view, there is potential for further share price upside," says Lim.
She points out that Boustead is currently trading at 8.4x P/E, which is still below its five- and ten-year historical averages of around 10.3x and 11x, respectively.
Catalysts, according to Lim, will come from any positive value-unlocking developments coming out of the ongoing strategic review, as well as ongoing efforts to revitalise the Singapore equity market.
The company will be paying a final plus special dividend of 6 cents in total for FY2025 and this will go ex-dividend on Aug 8.
" Any pullback in share price around this date could present an opportunity for investors to gain exposure to the company," says Lim.
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tangsookiam1947
Master |
19-Jul-2025 10:57
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OCBC' s Lim raises fair value for Boustead Singapore again to $2 OCBC Raises Boustead Singapore&rsquo s Fair Value to $2 OCBC&rsquo s Ada Lim has lifted her fair value for Boustead Singapore from $1.63 to $2.00, maintaining a &ldquo buy&rdquo call. The stock has risen 60% YTD, yet still trades at only 8.4x P/E, below its 5- and 10-year averages. Key reasons:
With a 6-cent dividend going ex on Aug 8, Lim sees further upside from ongoing strategic review and value unlocking. |
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HVRRVH
Elite |
15-Jul-2025 09:18
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Nice. Even after xd the share price should stay above $1.55 at least. Hopefully FF Wong is generous and give bigger discount to scrip dividend price. 10% would be fantastic! | ||
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jpower2015
Member |
08-Jul-2025 20:51
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obviosuly some big funds buying in | ||
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HVRRVH
Elite |
08-Jul-2025 10:50
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Hit $1.55 and mementum seems going strong. Most likely will move down to shake off some holders, just like when it hit $1.46 then back to $1.41/$1.42 levels. Though didn' t add more but happy with the size of my holding and will continue to watch this space. I think can take down $1.7 - $1.8 levels but after that hard to say. | ||
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tangsookiam1947
Master |
07-Jul-2025 22:44
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just need to wait patiently for Boustead' s share price to move towards its RNAV or sum of parts...of more than $3.50... Same playbook as Centurion ... Share price has moved from $0.4 to more than $1.70 and closer towards RNAV of $2.10... Dydd..
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tangsookiam1947
Master |
04-Jul-2025 20:14
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Page 47 of Annual Report 2025 Market Valuation = $1.4 bil (last year, the figure was $1.1 bil) At the end of FY2025, outside of BIF and KBIL, our wholly-owned and jointly-owned portfolios contained nine completed properties. The key performance metrics take into account completed properties under other real estate platforms in which BIF and KBIL do not have any interest.
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chengwh1
Elite |
03-Jul-2025 15:28
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More updates are needed on the strategic review being carried out at Boustead here. Perhaps the coming AGM at month-end (estimated) will shed more light on Boustead' s plans for the future. Share price will then move from here,...... | ||
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tangsookiam1947
Master |
28-Jun-2025 10:49
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Is the market underpricing Boustead Singapore? At a share price of $1.44, Boustead is trading at a market cap of ~$720M& mdash yet it holds $320M in net cash alone. That implies its profitable operating businesses (Geo-Spatial, Boustead Projects, Energy Engineering, Healthcare) are being valued at just ~$400M combined. Based on conservative sum-of-parts valuation, the group RNAV could exceed $3.70 per share. With recurring earnings, potential REIT recycling, freehold Como property (bought at $515m but now worth close to $700mil), and a strong balance sheet, this could be a classic deep value case.
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