Boustead Singapore

[LionFlyer]

While no immediate impact this financial year, it provides clarity for the next 2 years as sold backlog.

https://boustead.sg/sites/boustead.sg/fi...gapore.pdf

[jaco]

I ran into a SOTP calculation based on Boustead's latest FY figures. Posted by an anonymous user in the MooMoo forum. Reader beware. Yet, it gives a decent overview....
 
https://www.moomoo.com/community/feed/bo...1480477702

Geospatial valued on the high side. Even corrected for that, the overall picture still shows a large discount to estimated intrinsic value.

[weijian]

I ran into a SOTP calculation based on Boustead's latest FY figures. Posted by an anonymous user in the MooMoo forum. Reader beware. Yet, it gives a decent overview....
 
https://www.moomoo.com/community/feed/bo...1480477702

Geospatial valued on the high side. Even corrected for that, the overall picture still shows a large discount to estimated intrinsic value.

Wow, after stripping net cash/investments of 67cents/share, it also decides to strip off the "pending dividend of 8.5cents" to derive an effective purchase price. I hope they didn't double count....

Well, let's do a quick check since it isn't too hard. Based on FY26 end March 2026:

Cash/equivalents=348mil
Financial assets=19.6+26.4=46mil
Total debt=54.4mil
Total share count (net of treasury shares)=505mil
Net cash/investments = (348 + 46 - 54.4)/505 = 67cents/share.

OOPS so it seems like they did double count. Well maybe not LAH as they will get the cash to pay the 8.5cents dividend from their working capital/dividends from associate/JV....

[Curiousparty]

Boustead is not just a developer—it is also a long-term owner. Every asset sold into UIB REIT creates an immediate development profit, while the retained 16.9% stake compounds in value as the REIT grows, generating both capital appreciation and recurring distributions for decades.

The recently announced S$104 million aerospace facility provides a useful illustration of how the ecosystem works. Based on reasonable assumptions, a single project of this size can potentially create around 10 cents per Boustead share through a combination of development profits, monetisation gains, retained ownership through UI Boustead REIT and long-term recurring income. That may not sound like much at first glance, but it is worth remembering that this value comes from just one S$104 million project.

The more interesting question is therefore not whether this aerospace facility succeeds. The more interesting question is what happens if Boustead repeatedly executes the same model across a pipeline worth S$7.9 billion. To put things into perspective, the pipeline is approximately 76 times larger than the S$104 million aerospace project. Even if only a portion of the pipeline eventually materialises, the cumulative value creation could dwarf the contribution of any single project.

https://www.moomoo.com/community/feed/11...ode=0DF8EP

https://www.moomoo.com/community/feed/116725464563718

[LionFlyer]

I have a question for @Curiousparty.

Are you also
AquaZeniInvestor @ investing notes https://www.investingnote.com/users/Aqua...estor#/all
tangsoonkiam1947 @ Sharejunction
InvestorGod @ momo  https://www.moomoo.com/community/profile...-103430585

The writing style across the three accounts are similar; nothing wrong, but just a lot of circular posting to reference each other.

[weijian]

Boustead is not just a developer—it is also a long-term owner. Every asset sold into UIB REIT creates an immediate development profit, while the retained 16.9% stake compounds in value as the REIT grows, generating both capital appreciation and recurring distributions for decades.

The recently announced S$104 million aerospace facility provides a useful illustration of how the ecosystem works. Based on reasonable assumptions, a single project of this size can potentially create around 10 cents per Boustead share through a combination of development profits, monetisation gains, retained ownership through UI Boustead REIT and long-term recurring income. That may not sound like much at first glance, but it is worth remembering that this value comes from just one S$104 million project.

The more interesting question is therefore not whether this aerospace facility succeeds. The more interesting question is what happens if Boustead repeatedly executes the same model across a pipeline worth S$7.9 billion. To put things into perspective, the pipeline is approximately 76 times larger than the S$104 million aerospace project. Even if only a portion of the pipeline eventually materialises, the cumulative value creation could dwarf the contribution of any single project.

https://www.moomoo.com/community/feed/11...ode=0DF8EP

https://www.moomoo.com/community/feed/116725464563718

Just 2 quick notes on this:

(1) 13.8cents of value (or 7% of BSL market value) created with 1 single asset? There are 2 obvious issues with this - (a) At least half of this calculated value is derived from collecting rental over XX years. So, it is quite meaningless if one hasn't accounted for the time value of money. (b) 3.4cents is recognized for selling the asset to UIB REIT and 2cents is derived from owning UIB REIT --> It looks like money just dropped from the sky for UIB REIT to own it!   Rather than 3.4cents + 2cents, using 3.4cents minus 2 cents is more appropriate.

(2) A pipeline worth S$7.9 billion for BSL to execute? The notes indicate that this number is taken from UIB REIT prospectus and from the geographical breakdown, >80% of the assets are in Japan. So this obviously refers to UIB (19.7% owned by BSL) rather than Boustead Projects (99.4% owned by BSL). So a more accurate representation of this pipeline should be 0.197*7.9bil ~ 1.6bil.

[Curiousparty]

I have a question for @Curiousparty.

Are you also
AquaZeniInvestor @ investing notes https://www.investingnote.com/users/Aqua...estor#/all
tangsoonkiam1947 @ Sharejunction
InvestorGod @ momo  https://www.moomoo.com/community/profile...-103430585

The writing style across the three accounts are similar; nothing wrong, but just a lot of circular posting to reference each other.

i also have one question... U guys exited Boustead too early?

[Curiousparty]

https://www.moomoo.com/community/feed/11...ode=0EpV0x

If OCBC's forecasts of 26.3 cents EPS for FY27 and 37.9 cents for FY28 materialise, we think Boustead's share price could comfortably break through S$3.00. At S$3.00, the stock would still be trading at only 7.9× FY28 earnings, which remains attractive for a company with multiple quality businesses spanning Geospatial, Engineering, Real Estate and Healthcare. OCBC also projects Boustead's cash balance to rise to S$535 million by FY28, equivalent tomore than S$1.00 of cash per share, giving the company tremendous flexibility to increase dividends, undertake share buybacks or pursue value-accretive acquisitions.

Interestingly, OCBC's fair value of S$2.67 is not an outlier. Another respected research house, Lim & Tan Securities, has also initiated coverage with a target price of S$2.70, suggesting that independent analysts are arriving at broadly similar valuations based on today's information. It is also worth remembering that sell-side analysts are generally conservative by nature. Their models typically incorporate only earnings that are reasonably visible, while future contract wins, successful acquisitions, additional REIT asset injections or stronger-than-expected growth are usually recognised only after they become more certain. If Boustead continues to execute well, there is scope for actual earnings to exceed current forecasts.

Perhaps the most exciting aspect is that Boustead is evolving into a long-term capital compounder rather than just an engineering company. As profits increase, the already substantial cash pile continues to grow, providing management with even greater firepower to create shareholder value. If FY28 earnings prove to be sustainable rather than a one-off peak, the market may eventually be willing to assign a higher valuation multiple. In that scenario, S$3.00 could simply be the next milestone, rather than the destination, particularly for a company with a fortress balance sheet, multiple growth engines and a management team that has consistently demonstrated disciplined capital allocation.

[LionFlyer]

I have a question for @Curiousparty.

Are you also
AquaZeniInvestor @ investing notes https://www.investingnote.com/users/Aqua...estor#/all
tangsoonkiam1947 @ Sharejunction
InvestorGod @ momo  https://www.moomoo.com/community/profile...-103430585

The writing style across the three accounts are similar; nothing wrong, but just a lot of circular posting to reference each other.

i also have one question... U guys exited Boustead too early?

Not really. I still have a 220 lots of Boustead acquired long ago.

Even if it is, can't see the point, given our limited audience or ability to influence prices.

[Bibi]

I have a question for @Curiousparty.

Are you also
AquaZeniInvestor @ investing notes https://www.investingnote.com/users/Aqua...estor#/all
tangsoonkiam1947 @ Sharejunction
InvestorGod @ momo  https://www.moomoo.com/community/profile...-103430585

The writing style across the three accounts are similar; nothing wrong, but just a lot of circular posting to reference each other.

i also have one question... U guys exited Boustead too early?

U haven sold any? Im impressed. Considering its near historical high based on PB and PE. Even berksire sold off more than 50% of their Apple stake. Im left with 105 lots.