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chengwh1 Elite	29-May-2026 12:20        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I believed the EQDP introduction by the MAS plays a big role in this re-evaluation of Boustead. The net cash value of 65c is very clear from the books. But the other components carry high variables, for example, that 35c from its stake in UIBREIT may go lower too,... judging from mkt perception of UIBREIT now. spore1      ( Date: 28-May-2026 21:35) Posted: The market is irrational! This counter all along is trading below 1.00. Only recently, being pushed and pumped up to a high of 2.50+. Do check it out tangsookiam1947      ( Date: 28-May-2026 21:16) Posted: At around $1.80 share price for Boustead Singapore, the market appears to be valuing the company in a rather puzzling way. Net cash alone is already around 65 cents per share. Add the stake in UIB REIT at roughly 35 cents per share, and we are already close to $1.00 per share in fairly visible and tangible value. That means the market is effectively valuing the entire remaining Boustead business at only about 80 cents per share. Yet what sits outside the cash and REIT stake is far from insignificant: &bull Geospatial business Recurring PBT of around S$45&ndash 60 million annually, with strong cash generation and sticky government/enterprise customers. On reasonable valuation multiples alone, this segment could easily be worth around $1.30&ndash $1.50 per share by itself. &bull Engineering & EPC businesses Despite earnings volatility, the engineering divisions still possess substantial project execution capability, technical know-how and sizeable order books. Even on conservative assumptions: &ndash Engineering segment: around $0.30&ndash $0.50 per share &ndash EPC / Boustead Projects-related platform and capabilities: another roughly $0.20 per share &bull Undivested / hidden strategic assets This includes: &ndash Vietnam platform (historically indicated around S$220m valuation range) &ndash Como Metropolitan Singapore hotel asset potentially worth well above S$700m today &ndash Tuas industrial/logistics assets reportedly worth over S$200m &ndash Other development/platform optionalities Even after applying discounts and conservatism, these hidden assets alone could arguably contribute another $0.30&ndash $0.50 per share or more. &bull Healthcare segment Assuming zero value for conservatism. In other words, $1.80 almost seems to imply that Boustead&rsquo s operating businesses and strategic assets are worth very little beyond its cash pile and REIT stake. Using a simple analogy, it is almost like buying a safe with $1.00 already sitting inside &mdash and getting the geospatial business, engineering franchises, EPC capabilities, hotel assets, Vietnam platform, and future optionality for only another 80 cents.
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Charity88 Senior	29-May-2026 07:42        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://links.sgx.com/FileOpen/Boustead%20Media%20Release-FY2026%20Financial%20Results%20Announcement-25.05.2026.ashx?App=Announcement& FileID=890196 Overall revenue was 18% higher year-on-year at S$624.4 million, mainly due to significantly higher revenue from the Real Estate Solutions Division and higher revenue from the Energy Engineering Division. The Group' s engineering order backlog is currently approximately S$840 million (unrecognised project revenue remaining at the end of FY2026 plus the total value of new orders secured since then), of which S$94 million is under the Energy Engineering Division and S$746 million is under the Real Estate Solutions Division.
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Charity88 Senior	29-May-2026 07:32        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://boustead.sg/sites/boustead.sg/files/2026-05/2026-05-26_Dividend-History.pdf A good record of Annual Dividend Payouts from FY2003 to FY2026.
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spore1 Supreme	28-May-2026 21:35        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The market is irrational! This counter all along is trading below 1.00. Only recently, being pushed and pumped up to a high of 2.50+. Do check it out tangsookiam1947      ( Date: 28-May-2026 21:16) Posted: At around $1.80 share price for Boustead Singapore, the market appears to be valuing the company in a rather puzzling way. Net cash alone is already around 65 cents per share. Add the stake in UIB REIT at roughly 35 cents per share, and we are already close to $1.00 per share in fairly visible and tangible value. That means the market is effectively valuing the entire remaining Boustead business at only about 80 cents per share. Yet what sits outside the cash and REIT stake is far from insignificant: &bull Geospatial business Recurring PBT of around S$45&ndash 60 million annually, with strong cash generation and sticky government/enterprise customers. On reasonable valuation multiples alone, this segment could easily be worth around $1.30&ndash $1.50 per share by itself. &bull Engineering & EPC businesses Despite earnings volatility, the engineering divisions still possess substantial project execution capability, technical know-how and sizeable order books. Even on conservative assumptions: &ndash Engineering segment: around $0.30&ndash $0.50 per share &ndash EPC / Boustead Projects-related platform and capabilities: another roughly $0.20 per share &bull Undivested / hidden strategic assets This includes: &ndash Vietnam platform (historically indicated around S$220m valuation range) &ndash Como Metropolitan Singapore hotel asset potentially worth well above S$700m today &ndash Tuas industrial/logistics assets reportedly worth over S$200m &ndash Other development/platform optionalities Even after applying discounts and conservatism, these hidden assets alone could arguably contribute another $0.30&ndash $0.50 per share or more. &bull Healthcare segment Assuming zero value for conservatism. In other words, $1.80 almost seems to imply that Boustead&rsquo s operating businesses and strategic assets are worth very little beyond its cash pile and REIT stake. Using a simple analogy, it is almost like buying a safe with $1.00 already sitting inside &mdash and getting the geospatial business, engineering franchises, EPC capabilities, hotel assets, Vietnam platform, and future optionality for only another 80 cents. spore1      ( Date: 28-May-2026 19:45) Posted: It may go down to test 1.80.
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tangsookiam1947 Master	28-May-2026 21:16        tangsookiam1947 About Contact  Quote this Post!
x 0   x 0  Alert Admin	At around $1.80 share price for Boustead Singapore, the market appears to be valuing the company in a rather puzzling way. Net cash alone is already around 65 cents per share. Add the stake in UIB REIT at roughly 35 cents per share, and we are already close to $1.00 per share in fairly visible and tangible value. That means the market is effectively valuing the entire remaining Boustead business at only about 80 cents per share. Yet what sits outside the cash and REIT stake is far from insignificant: &bull Geospatial business Recurring PBT of around S$45&ndash 60 million annually, with strong cash generation and sticky government/enterprise customers. On reasonable valuation multiples alone, this segment could easily be worth around $1.30&ndash $1.50 per share by itself. &bull Engineering & EPC businesses Despite earnings volatility, the engineering divisions still possess substantial project execution capability, technical know-how and sizeable order books. Even on conservative assumptions: &ndash Engineering segment: around $0.30&ndash $0.50 per share &ndash EPC / Boustead Projects-related platform and capabilities: another roughly $0.20 per share &bull Undivested / hidden strategic assets This includes: &ndash Vietnam platform (historically indicated around S$220m valuation range) &ndash Como Metropolitan Singapore hotel asset potentially worth well above S$700m today &ndash Tuas industrial/logistics assets reportedly worth over S$200m &ndash Other development/platform optionalities Even after applying discounts and conservatism, these hidden assets alone could arguably contribute another $0.30&ndash $0.50 per share or more. &bull Healthcare segment Assuming zero value for conservatism. In other words, $1.80 almost seems to imply that Boustead&rsquo s operating businesses and strategic assets are worth very little beyond its cash pile and REIT stake. Using a simple analogy, it is almost like buying a safe with $1.00 already sitting inside &mdash and getting the geospatial business, engineering franchises, EPC capabilities, hotel assets, Vietnam platform, and future optionality for only another 80 cents. spore1      ( Date: 28-May-2026 19:45) Posted: It may go down to test 1.80. tangsookiam1947      ( Date: 28-May-2026 18:35) Posted: how low can Boustead go before it finds any support?  FF Wong and Company have not been doing share buyback for a long time...
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spore1 Supreme	28-May-2026 19:45        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	It may go down to test 1.80. tangsookiam1947      ( Date: 28-May-2026 18:35) Posted: how low can Boustead go before it finds any support?  FF Wong and Company have not been doing share buyback for a long time... Charity88      ( Date: 28-May-2026 11:03) Posted: An insightful analysis
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tangsookiam1947 Master	28-May-2026 18:35        tangsookiam1947 About Contact  Quote this Post!
x 0   x 0  Alert Admin	how low can Boustead go before it finds any support?  FF Wong and Company have not been doing share buyback for a long time... Charity88      ( Date: 28-May-2026 11:03) Posted: An insightful analysis! HVRRVH      ( Date: 26-May-2026 12:05) Posted: EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.
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Charity88 Senior	28-May-2026 11:06        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Your comparison has highlighted some important numbers. Thank you. tangsookiam1947      ( Date: 27-May-2026 10:34) Posted: The market valuation gap between Sheng Siong and Boustead is becoming increasingly interesting Sheng Siong is undoubtedly a very high quality defensive business and investors are willing to pay a premium for its stable supermarket earnings and resilient cash flows Even with FY2025 EPS of around 10 cents and annual dividends of about 7 cents per share Sheng Siong&rsquo s share price continues to trade above S$3 implying a valuation of roughly 30x earnings In contrast Boustead today trades around the low S$2 range despite reporting FY2026 EPS of 46.6 cents and NAV of 156.6 cents per share Boustead also sits on approximately S$348 million of cash and generated around S$18.1 million of interest income in FY2026 alone equivalent to roughly 3.6 cents per share In other words the Group&rsquo s cash reserves themselves are already quietly generating a meaningful recurring earnings stream somewhat analogous to a mini banking float embedded within the balance sheet On top of that Boustead&rsquo s 16.9 percent stake in UI Boustead REIT could potentially contribute another roughly 3 cents per share equivalent of recurring annual distributions based on the forecast FY2027 DPU of 6.8 cents Taken together these two relatively recurring income streams alone already contribute roughly 6.5 to 7.0 cents per share equivalent before even considering contributions from the Geospatial Division the Energy Engineering Division Real Estate Solutions development profits management and platform fees or future asset recycling gains, and net cash of $0.65. Meanwhile Boustead recently secured its largest contract in history a more than S$400 million public sector project while the engineering backlog has now expanded beyond S$1 billion Management also highlighted that the Geospatial Division has got much growth potential with Geospatial technology becoming increasingly mainstream despite temporary accounting estimate related timing effects impacting 2H FY2026 reported numbers Of course Sheng Siong deserves a premium multiple due to its highly defensive consumer staple profile But the valuation disconnect increasingly raises an interesting question is the market still viewing Boustead too simplistically as a cyclical engineering company when in reality it may already be evolving into a hybrid recurring income asset backed and growth platform
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Charity88 Senior	28-May-2026 11:03        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	An insightful analysis! HVRRVH      ( Date: 26-May-2026 12:05) Posted: EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.
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chengwh1 Elite	27-May-2026 14:36        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	After looking at all the ' comparative matters' , looks to me like all the good things have been moved out to UIBREIT. But of course, with the stake that Boustead still holds inside UIBREIT, Boustead will continue to enjoy the benefits and returns of UIBREIT here.
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tangsookiam1947 Master	27-May-2026 10:34        tangsookiam1947 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The market valuation gap between Sheng Siong and Boustead is becoming increasingly interesting Sheng Siong is undoubtedly a very high quality defensive business and investors are willing to pay a premium for its stable supermarket earnings and resilient cash flows Even with FY2025 EPS of around 10 cents and annual dividends of about 7 cents per share Sheng Siong&rsquo s share price continues to trade above S$3 implying a valuation of roughly 30x earnings In contrast Boustead today trades around the low S$2 range despite reporting FY2026 EPS of 46.6 cents and NAV of 156.6 cents per share Boustead also sits on approximately S$348 million of cash and generated around S$18.1 million of interest income in FY2026 alone equivalent to roughly 3.6 cents per share In other words the Group&rsquo s cash reserves themselves are already quietly generating a meaningful recurring earnings stream somewhat analogous to a mini banking float embedded within the balance sheet On top of that Boustead&rsquo s 16.9 percent stake in UI Boustead REIT could potentially contribute another roughly 3 cents per share equivalent of recurring annual distributions based on the forecast FY2027 DPU of 6.8 cents Taken together these two relatively recurring income streams alone already contribute roughly 6.5 to 7.0 cents per share equivalent before even considering contributions from the Geospatial Division the Energy Engineering Division Real Estate Solutions development profits management and platform fees or future asset recycling gains, and net cash of $0.65. Meanwhile Boustead recently secured its largest contract in history a more than S$400 million public sector project while the engineering backlog has now expanded beyond S$1 billion Management also highlighted that the Geospatial Division has got much growth potential with Geospatial technology becoming increasingly mainstream despite temporary accounting estimate related timing effects impacting 2H FY2026 reported numbers Of course Sheng Siong deserves a premium multiple due to its highly defensive consumer staple profile But the valuation disconnect increasingly raises an interesting question is the market still viewing Boustead too simplistically as a cyclical engineering company when in reality it may already be evolving into a hybrid recurring income asset backed and growth platform
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lifeisgood Supreme	26-May-2026 14:01        lifeisgood About Contact  Quote this Post!
x 0   x 0  Alert Admin	Boustead ran up, very much similar to Centurion. After a period of correction, Centurion has now become attractive again, and I have been buying Centurion. One thing about Centurion is that its major shareholders Han & Loh kept buying back shares in the open market, using their own money. I would like to see FFWong and some key shareholders buying back Boustead shares in the open market, at current valuation.
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HVRRVH Elite	26-May-2026 13:01        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	Try not to provide unsolicited advise as regardless of outcome you are not responsible for it. Also, investors' timeline vary, some intend to hold short term and some may have very long timeline in mind.  spore1      ( Date: 26-May-2026 12:35) Posted: Game over. Look for another counter HVRRVH      ( Date: 26-May-2026 12:05) Posted: EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.
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spore1 Supreme	26-May-2026 12:35        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Game over. Look for another counter HVRRVH      ( Date: 26-May-2026 12:05) Posted: EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.
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HVRRVH Elite	26-May-2026 12:05        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	EPS $0.466, Dividend $0.1 ($0.015 already paid) and market sold it down $0.32! lol. I think market is focusing on adjusted yoy comparison of -35%. Market using binoculous and magnifying glassess and concluded that if without the UIB manevoure, the underlying eps would be 12.8 cents which is 35% lower than 19.6 cents yoy. Thank you market lah, I should be able to subscribe for cheaper scrip if the price is pressed down. Market ignore the increase in NAV which stand at $1.56 now. This show that any furhter monetarising of existing assets, which book values are largely below market values, would further increase the NAV. Also, the drop in the underlying profits could simply due to the timing of recognising the profits due to projects timeline. All in all, it is a good set of results with full year dividend of 10 cents, which meet my target although shareholders can argue that the management is too conversative as the exceptional gain is $0.338 ($0.466-$0.128) but out of the $0.338, only $0.045 is paid out as special dividend.
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Joelton Supreme	26-May-2026 11:11        Joelton About Contact  Quote this Post!
x 0   x 0  Alert Admin	Boustead more than doubles H2 profit to S$197.7 million Full-year earnings are up 145% the board proposes a final ordinary dividend of S$0.04 a share [SINGAPORE] Engineering and technology group Boustead Singapore&rsquo s net profit for its second half ended Mar 31 grew 235 per cent to S$197.7 million from the year-ago period. This came on the back of revenue rising 43 per cent to S$330.4 million, said the group on Monday (May 25). On a per-share basis, earnings for the half-year came in at S$0.392, up from S$0.12 in the year-ago period. For the full year, the group&rsquo s net profit was up 145 per cent at S$232.6 million, from S$95 million in FY2025. Boustead attributed the increase primarily to the sale of assets to UI Boustead Reit : UIBU +3.21%, as well as to a material improvement in its share of the losses of associates and joint ventures, upon the reversal of a S$7 million liability related to a fee imposed by a landowner. For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, it said that net profit for FY2026 would have been 35 per cent lower year on year. Wong Fong Fui, chairman and group chief executive officer of Boustead, said that the group &ldquo realised the full market value of its portfolio&rdquo through the sale of 21 Singapore properties from UI Boustead Reit&rsquo s March listing. Full-year revenue was up 18 per cent at S$624.4 million, from S$527.1 million. The increase was mainly due to &ldquo significantly higher revenue&rdquo from the group&rsquo s real estate solutions division and higher revenue from the energy engineering division. The group said its engineering order backlog stands at about S$840 million, comprising S$94 million from its energy engineering division and S$746 million from its real estate solutions division. The backlog refers to unrecognised project revenue as at the end of FY2026, together with the value of new orders secured since then. The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders&rsquo approval. Both dividends may be taken in cash and/or scrip. Including the interim dividend of S$0.015 a share that has already been paid, total dividends for FY2026 amount to S$0.10 a share, up from S$0.075 for FY2025. Full-year revenue from Boustead&rsquo s real estate solutions segment was 70 per cent higher year on year at S$228.2 million, on the back of &ldquo revenue recognition on a healthy order backlog carried forward into FY2026&rdquo . This was attributed to the recovery of Singapore&rsquo s industrial sector, with a notable pick up in projects and business development activities. The energy engineering division&rsquo s revenue was 8 per cent higher year on year at S$171.8 million, with higher contributions from project sales and faster progress on various projects. However, a lower order backlog carried forward at the end of FY2025 meant that revenue for this division was &ldquo dampened&rdquo , Boustead said. &ldquo With ongoing geopolitical tensions, the division&rsquo s clients have slowed down business development activities, resulting in fewer overall orders for this division in FY2026,&rdquo it added. Shares of Boustead ended trading at S$2.57, down S$0.15 or 6.2 per cent, before the news.
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lifeisgood Supreme	26-May-2026 10:57        lifeisgood About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think it was already celebrated pre-results announcement.  turtletrader      ( Date: 26-May-2026 10:37) Posted: Market celebrate the good news by selling it down :(
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turtletrader Senior	26-May-2026 10:37        turtletrader About Contact  Quote this Post!
x 0   x 0  Alert Admin	Market celebrate the good news by selling it down :(
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Charity88 Senior	26-May-2026 09:07        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders' approval. Both dividends may be taken in cash and/or scrip.
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Charity88 Senior	26-May-2026 09:05        Charity88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.businesstimes.com.sg/companies-markets/boustead-more-doubles-h2-profit-s197-7-million   Boustead more than doubles H2 profit to S$197.7 million
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