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Boustead
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Boustead on the move now
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tangsookiam1947
Master |
28-Mar-2026 14:29
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Boustead at S$1.88 &mdash Still More Inside the Box At S$1.88, a big part of Boustead&rsquo s value is already visible. Net cash (~S$0.60&ndash 0.65) plus its UI Boustead REIT stake (~S$0.40) adds up to about S$1.00&ndash 1.05 per share. That means we are paying just ~S$0.80&ndash 0.90 for the entire operating business. Core Business Undervalued Within that, the Geospatial division alone &mdash a steady, recurring earnings engine &mdash could arguably justify close to S$1.00 per share on conservative assumptions. Yet the market is pricing the whole core business at below that. Everything else &mdash Engineering upside, COMO Orchard, Vietnam platform &mdash is effectively thrown in at very modest value. Not Driven by Geopolitics Importantly, Boustead&rsquo s core earnings are not heavily tied to the Middle East or oil cycles. Geospatial is driven by enterprise demand, and Engineering is diversified. The business itself is more stable than the share price might suggest. The Bottom Line We are essentially paying for cash and a listed REIT stake, while getting a quality operating business and optional upside at a discount. At this level, it is not about whether value exists &mdash it is about whether it gets recognised over time. Disclaimer This post is for informational and educational purposes only. It does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Investors should conduct their own due diligence, consider their personal financial circumstances and risk tolerance, and consult a licensed financial adviser where appropriate. Past performance is not indicative of future results, and investing in equities carries risk of capital loss. |
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Joelton
Supreme |
25-Mar-2026 11:00
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Boustead Projects secures Phase 2 fit-out contract exceeding $50 mil from repeat Fortune 500 client
Boustead Projects E& C, Boustead Singapore&rsquo s engineering and construction business under its real estate solutions division, has been awarded a second phase fit-out contract by a repeat client, a Fortune 500 corporation.
The contract, worth over $50 million, will see Boustead Projects E& C conducting fit-out works of over 5,500 sq m within the finished integrated manufacturing, logistics and office facility in Singapore. The company had already delivered the building in 2024.
This latest contract has raised Boustead Singapore&rsquo s real estate solutions division&rsquo s order backlog to $343 million. The contract has also brought the Boustead Group&rsquo s engineering order backlog to $506 million. The figure is made up of the group&rsquo s unrecognised project revenue as at its 1HFY2026 ended Sept 30, 2025, results plus the total value of new orders secured since then.
The first phase of the integrated manufacturing, logistics and office for Boustead&rsquo s client has achieved the Green Mark Platinum rating with two badges, Health & Wellbeing and Intelligence, under the Building & Construction Authority&rsquo s revised Green Mark Certification Scheme 2021.
&ldquo We are honoured to have the continued trust of our client and would like to thank them for engaging us again for an additional project phase. Having delivered several projects for this client, we remain committed to supporting their continued growth in Singapore,&rdquo says Thomas Chu, managing director of Boustead Projects E& C.
The contract is expected to materially impact Boustead Group&rsquo s profitability and earnings per share (EPS) for the financial year ending March 31, 2027.
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tangsookiam1947
Master |
24-Mar-2026 23:23
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Sub-80 Cents for the Whole Business? At ~S$1.75, back out ~S$0.65 net cash and ~S$0.40 from UI Boustead REIT &mdash we are left with ~S$0.70&ndash 0.80 for the entire core business. That includes:
In plain terms, the market is pricing the &ldquo engine of the company&rdquo at less than 80 cents. That&rsquo s like valuing the cash and investments properly&hellip and almost ignoring the business itself. Either the market is overly pessimistic &mdash or it doesn&rsquo t believe the value will ever be unlocked. At this level, expectations are already very low.
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tangsookiam1947
Master |
23-Mar-2026 23:21
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war is going to be over soon.... massive rebound from tomorrow onwards....!! DYDD!!
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tangsookiam1947
Master |
21-Mar-2026 20:29
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Boustead Singapore: Value Unlocking Gaining Momentum In the medium term, Boustead should still go back above $2.50... Boustead looks seriously mispriced on a sum-of-parts basis. With net cash of ~$0.65/share and its stake in UIB REITs worth ~$0.40/share, the market is effectively valuing the rest of the business at only ~$0.80.
That already looks too low&mdash because the Geospatial segment alone arguably justifies more than that. With PBT of $55&ndash 60m and a conservative 12x multiple, that points to ~$1.20&ndash $1.30 per share.
On top of that, we&rsquo re getting the undivested pipeline assets almost for free: the freehold COMO hotel (estimated ~$700m), the Vietnam industrial platform, plus contributions from Engineering, Healthcare, and E& C (via Boustead Projects).
Feels like the market is pricing only the shell and giving little credit to what&rsquo s inside.
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JurongW
Elite |
21-Mar-2026 13:47
Yells: "Earnings give weight, Chart give wings" |
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RSI is approaching oversold region, but MACD is bearish. 50, 100 and 200MA is still sloping up, let' s see if it can find support at 200 MA ($1.73)
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tangsookiam1947
Master |
21-Mar-2026 12:36
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wait at $1.20? crisis in middle east becoming worse?
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JurongW
Elite |
20-Mar-2026 00:03
Yells: "Earnings give weight, Chart give wings" |
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This chart offers a better view.
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JurongW
Elite |
19-Mar-2026 23:59
Yells: "Earnings give weight, Chart give wings" |
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No sign of reversal yet. Share price has corrected close to 38.2% from trough to peak. Let' s see if it can find support at the 200MA (~ $1.73) 
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tangsookiam1947
Master |
19-Mar-2026 23:01
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Boustead looks seriously mispriced on a sum-of-parts basis. With net cash of ~$0.65/share and its stake in UIB REITs worth ~$0.40/share, the market is effectively valuing the rest of the business at only ~$0.80. That already looks too low&mdash because the Geospatial segment alone arguably justifies more than that. With PBT of $55&ndash 60m and a conservative 12x multiple, that points to ~$1.20&ndash $1.30 per share. On top of that, we&rsquo re getting the undivested pipeline assets almost for free: the freehold COMO hotel (estimated ~$700m), the Vietnam industrial platform, plus contributions from Engineering, Healthcare, and E& C (via Boustead Projects). Feels like the market is pricing only the shell and giving little credit to what&rsquo s inside. | ||||
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coco66
Member |
13-Mar-2026 10:15
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Just a reminder for anyone rushing in after the first couple of days of trading. UI Boustead REIT does have a price stabilising manager (DBS) for up to 30 days after IPO and about 54.6m units were over-allotted under the greenshoe arrangement. That means the price in the first few weeks can be supported by stabilisation purchases if selling pressure appears. In other words, the current price may not yet reflect the true supply&ndash demand balance in the market. Once the stabilisation period ends (usually around 30 days after listing), that artificial support disappears. Historically, quite a number of REIT IPOs only found their real trading level a few months after listing, once the early allocations and flipping settle. Just something to keep in mind before chasing the price in the first few days. |
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tangsookiam1947
Master |
09-Mar-2026 19:16
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interim dvd = 1.5 cents final dvd = 4 cents + 5 to 6 cents (special dvd) total = 10 to 11 cents !!! Anything less than $2 is a super steal !!! Net cash $0.70 !!!
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HVRRVH
Elite |
08-Mar-2026 17:59
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Special dividend calculation: Disposal of properties into UIB: $258.7m Reinvestment into UIB for 16.9% or 15% stake: $202.8m UIB transaction cost : $8m Boustead' s share for cost of IPO : $5.6m Net excess amount: $42.3m. Obviously Boustead won' t payout 100% excess as special dividend, they have already mentioned that part of the proceed will be use for working capital. However Boustead is already cash rich so let' s say they pay out $30m, then 30,000,000/504,723,796 = about $0.06 special dividend per share that sharehoders can expect.
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HVRRVH
Elite |
08-Mar-2026 17:27
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https://fifthperson.com/boustead-singapore-time-asset/?utm_source=newsletter& utm_medium=email& utm_campaign=weekly-newsletters& utm_content=boustead-singapore-time-asset& he=desmondsph%40gmail.com& el=email& inf_contact_key=1b5855d11972e63be98f7e1a1fa4a50a680f8914173f9191b1c0223e68310bb1 Why holding Boustead is in term of years, multiple years, and not weeks or months. |
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tangsookiam1947
Master |
08-Mar-2026 09:40
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The ongoing tensions in the Middle East could indirectly benefit the engineering segment of Boustead Singapore, particularly its subsidiary Boustead International Heaters, which supplies industrial process heaters used in oil refineries and gas processing plants. When geopolitical conflicts push oil and gas prices higher, energy companies such as Saudi Aramco and QatarEnergy often increase investment in refining, LNG, and petrochemical projects to secure energy supply. These projects require specialised heating equipment, which can translate into more engineering orders for Boustead. However, the impact is typically indirect and delayed, as what ultimately drives demand is global energy capital expenditure, not the conflict itself. | ||||
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tangsookiam1947
Master |
07-Mar-2026 22:02
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like what u said, if Boustead can pay around 10 cents dividend per annum (interim + final), it would be very good. At 4% yield, share price should be easily $2.50...
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tangsookiam1947
Master |
07-Mar-2026 14:25
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Boustead at S$2.02 looks increasingly interesting when viewed through a simple sum-of-the-parts lens, especially with UI Boustead REIT expected to list soon. At the current price, the market is valuing the entire company at about S$2.02 per share, but a conservative bottom-up breakdown suggests something closer to ~S$3.50 per share. Two points stand out. First, cash plus the REIT stake already form a large portion of the share price. After the REIT transaction, Boustead is expected to remain strongly net-cash, and it will retain a 16.9% stake in the REIT. Once the REIT lists, this stake becomes a visible, tradable asset rather than a value hidden within the balance sheet. Second, the geospatial business remains a high-quality earnings engine. It consistently generates around S$50&ndash 60m PBT annually and behaves more like a recurring software platform than a cyclical engineering contractor. In simple terms, investors today are paying about S$2.02 for the whole company, even though a large portion of that value already sits in cash, a soon-to-be listed REIT stake, and a profitable geospatial platform. The upcoming REIT listing could therefore act as a value-unlocking catalyst, as it converts a previously embedded asset into a market-priced, liquid stake. Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice. Investors should conduct their own due diligence and consider their personal financial circumstances before making investment decisions. |
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tangsookiam1947
Master |
07-Mar-2026 14:24
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the pre-UI reits recurring EPS was around 15 cents... With the listing of the REITS, it may go up higher to 17 to 18 cents. PE of only 10 to 12 , and finally add back $0.65 net cash => easily more than $2... share now only $2.02..
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HVRRVH
Elite |
07-Mar-2026 12:29
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With the prospectus out, we have some figures to work on now. Boustead will either subscribe 16.9% or 15% of the total units depending whether there is extra allottment. If there is, Boustead will acquired only 15% of the total units which will stand at 204,881,000 units. If UIB initial yield forecast is met, Boustead will stand to book about 6.8 cents per unit which will bring in $13.973m. This would translate to about 2.7 cents per Boustead shares based on 504,723,796 outstanding shares. If they keep it up with their BAU and maintain or imporve the EPS and DPS, then it should add at least another 7 cents to the annual dividend which will bring its annual dividend closer to 10 cents. A floor share price of at least $2 for dividend yield of 5% is not a far fetch scenario. | ||||
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Alignment
Elite |
06-Mar-2026 22:46
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Selling parent to buy the REIT would have been the right play for the Centurion REIT IPO. | ||||
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