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Latest Forum Topics / Boustead    Last:2.03    -0.07  Post Reply
Sheng Siong
upupaway
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01-Oct-2025 14:54     
 
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 Alert Admin 		Have subscribed to dividend to be paid in shares. Anyone know when will get the shares? Don?t seem to get it yet
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tangsookiam1947
Master
29-Sep-2025 23:38     
 
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Boustead Stands Apart

It is easy to throw Boustead into the same basket as Centurion or LHN, but doing so misses the fundamental difference.

Centurion and LHN operate with net debt. Their growth is financed by borrowings, which means they are exposed to interest rate cycles and refinancing risk. In contrast, Boustead carries a super net cash position of about $0.75 per share. This is a significant buffer that gives the group flexibility to reward shareholders, fund new opportunities, or withstand downturns without stress.

On top of that, Boustead is not just about its assets. The Geo Spatial division is the true crown jewel, consistently generating more than $50 million in operating profit each year. With global Smart Nation and digital infrastructure initiatives accelerating, this segment is positioned for even greater growth.

Put simply:


  • Centurion and LHN are debt-dependent.


  • Boustead is debt-free, cash-rich, and anchored by a world-class growth engine.


That is why Boustead deserves to be valued differently.
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tangsookiam1947
Master
29-Sep-2025 22:43     
 
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 Alert Admin 		LHN and Centurion are all net DEBT..... Boustead is Super NET CASH!!!
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Alignment
Elite
29-Sep-2025 11:16     
 
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 Alert Admin 		As I said, each company is different. I agree Centurion and Boustead may be in dfferent situations from a valuation standpoint. I myself put Boustead as being worth S$2.22 a share (see below) if you control the company, which is a 33% premium to the current share price. Is that a reasonable discount for owning a share rather than control. Personally I think so - hence I think the current Boustead share price is about right, for now. How the Bosutead REIT IPO performs may change my mind for better or worse, TBD.

Alignment      ( Date: 27-Jul-2025 01:35) Posted:

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?

tangsookiam1947      ( Date: 23-Jul-2025 19:34) Posted:



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:


  • 🏢 Boustead Projects &ndash With a market valuation of more than $1bil  (boustead' s share), Boustead 99 percent stake translates to approximately $800 million (minus carrying cost on book), anchored by industrial real estate and design-and-build capabilities. 


  • 🌍 Geo-Spatial Division &ndash A consistent performer with government contracts, valued at 15x EBIT on 50 million, gives Boustead 88.2 percent share a worth of $662 million


  • ⛽ Energy Engineering &ndash At 8x EBIT on 28 million, Boustead 98.9 percent share is valued at $222 million, driven by oil and gas recovery services


  • 🏥 Healthcare &ndash An emerging growth segment valued at 1x sales, contributing $12 million


  • 💰 Net Cash Position &ndash Boustead holds $326 million in net cash, underlining its financial strength


🔢 Gross RNAV: $2,022 million
📈 Outstanding Shares: 500 million
💎 RNAV Per Share: $4.04


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tangsookiam1947
Master
28-Sep-2025 22:12     
 
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 Alert Admin 		is centurion net cash? Boustead net cash is $0.75 at least...

Alignment      ( Date: 28-Sep-2025 17:23) Posted:

It depends on what the IPO and post performance price says about the headstock' s valuation. Centurion REIT' s IPO performance although strong nevertheless confirmed that Centurion' s share price had run too strongly up to IPO which is why the headstock declined even as the REIT' s share price rose strongly.

We need to each decide for ourselves whether we think the same valuation dynamic is in play here. 

Whitelotus33      ( Date: 19-Sep-2025 18:10) Posted:

Buy before the EGM. Sell when the resolution is approved.

Buy just before the IPO if people are selling. 

Same pattern as Centurion. 
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Alignment
Elite
28-Sep-2025 17:23     
 
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 Alert Admin 		It depends on what the IPO and post performance price says about the headstock' s valuation. Centurion REIT' s IPO performance although strong nevertheless confirmed that Centurion' s share price had run too strongly up to IPO which is why the headstock declined even as the REIT' s share price rose strongly.

We need to each decide for ourselves whether we think the same valuation dynamic is in play here. 

Whitelotus33      ( Date: 19-Sep-2025 18:10) Posted:

Buy before the EGM. Sell when the resolution is approved.

Buy just before the IPO if people are selling. 

Same pattern as Centurion. 

stlimst      ( Date: 19-Sep-2025 09:05) Posted:

But price drops....just like Centurion.
What kind of msrket is this
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tangsookiam1947
Master
28-Sep-2025 13:43     
 
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 Alert Admin 		EPS of $0.15 to $0.2 and a PE of 10 to 12, and net cash of around $0.75!

$1.50 + $0.75 = conservatively at least more than $2 easily...

Long term wise, Boustead should be easily more than $2.50 to $3.00 worth stock..

HVRRVH      ( Date: 26-Sep-2025 17:00) Posted:

13,103,216 new Shares (&ldquo New Shares&rdquo ) have been allotted and issued at an issue price of S$1.45 per share. The outstanding shares before the new shares was 496,620,580 and at 0.06 cents per share dividend that will total to $29,797,234.8. At $1.45 per scrip share with 13,103,216 scrip shares issued, the total amount is $18,999,632.2. Therefore, almost 64% of the dividend money was plough right back by long term shareholders into the capital of the company. FF Wong should see and know that shareholders have confidence in his company and hopefully he and his successor in time to come continue to generate and unlock value for the shareholders. Any price weakness represent opportunities to collect. Personally waiting at $1.5 if it comes to that. 

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tangsookiam1947
Master
27-Sep-2025 11:33     
 
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 Alert Admin 		long term wise $3 to $4 stock ...need to have patience!

HVRRVH      ( Date: 26-Sep-2025 19:24) Posted:

https://links.sgx.com/1.0.0/corporate-announcements/QIUZPBAE61EJSSH7/f2de2563f69784f52b108ae758b42f5636943eb9dfd3d6c4aabe355b040c7759

Chairman FF Wong used his 100% dividend money to subscribe for scrip shares at $1.45 per share. Demonstrating supreme confidence in his company  yes
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HVRRVH
Elite
26-Sep-2025 19:24     
 
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 Alert Admin 		https://links.sgx.com/1.0.0/corporate-announcements/QIUZPBAE61EJSSH7/f2de2563f69784f52b108ae758b42f5636943eb9dfd3d6c4aabe355b040c7759

Chairman FF Wong used his 100% dividend money to subscribe for scrip shares at $1.45 per share. Demonstrating supreme confidence in his company  yes
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HVRRVH
Elite
26-Sep-2025 17:00     
 
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 Alert Admin 		13,103,216 new Shares (&ldquo New Shares&rdquo ) have been allotted and issued at an issue price of S$1.45 per share. The outstanding shares before the new shares was 496,620,580 and at 0.06 cents per share dividend that will total to $29,797,234.8. At $1.45 per scrip share with 13,103,216 scrip shares issued, the total amount is $18,999,632.2. Therefore, almost 64% of the dividend money was plough right back by long term shareholders into the capital of the company. FF Wong should see and know that shareholders have confidence in his company and hopefully he and his successor in time to come continue to generate and unlock value for the shareholders. Any price weakness represent opportunities to collect. Personally waiting at $1.5 if it comes to that. 
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Whitelotus33
Member
19-Sep-2025 18:10     
 
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 Alert Admin 		Buy before the EGM. Sell when the resolution is approved.

Buy just before the IPO if people are selling. 

Same pattern as Centurion. 

stlimst      ( Date: 19-Sep-2025 09:05) Posted:

But price drops....just like Centurion.
What kind of msrket is this?

tangsookiam1947      ( Date: 18-Sep-2025 23:26) Posted:



Boustead Unlocks Value with Double Win for Shareholders

Boustead Singapore Limited is delivering a powerful two-pronged benefit to shareholders through the proposed listing of UI Boustead REIT on the SGX.

First, via Boustead Projects, the Group will divest its stakes in four Singapore properties for about S$62.1 million. After fees, this nets approximately S$57.8 million, translating into a divestment gain of S$52.6 million above book value. The immediate impact is clear: Net Tangible Assets (NTA) per share rise from 117.7 cents to 128.4 cents, while earnings per share (EPS) jump from 19.6 cents to 29.2 cents.

Second, Boustead will retain up to a 16.9% stake in UI Boustead REIT, which debuts with a S$1.9 billion portfolio spanning 23 high-quality industrial and logistics assets across Singapore and Japan. This stake, worth an estimated S$321 million, provides long-term exposure to recurring income. At a 5% yield assumption, Boustead could receive around S$16 million in annual distributions or 3.2 cents (recurring per annum).

For shareholders, the outcome is a &ldquo double bonanza&rdquo &mdash a one-off profit today and a recurring income stream tomorrow. It unlocks hidden property value, strengthens Boustead&rsquo s balance sheet, and secures a strategic role in a Pan-Asian REIT platform.

=======
DYDD pls..


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Joelton
Supreme
19-Sep-2025 11:04     
 
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 Alert Admin
Boustead announces name of REIT, total property value of IPO portfolio about $1.9 bil
 
The board of directors of Boustead SIngapore has announced that the name of its proposed REIT is UI Boustead REIT, which will principally invest directly or indirectly in logistics, industrial, high-specifications industrial and business space assets.
 
UI REIT&rsquo s investment strategy includes investments in Asia Pacific with an initial focus on Singapore and Japan.
 
UI Boustead REIT&rsquo s initial portfolio is expected to comprise 23 properties &ndash with 21 leasehold properties located in Singapore and two freehold properties located in Japan. The IPO properties have a total gross floor area (GFA) of approximately 5.9 million square feet (sq ft) and a net lettable area of approximately 5.3 million sq ft.
 
The total agreed property value of the IPO Portfolio is estimated to be approximately $1.9 billion, subject to finalisation of the valuations.
 
69.6% of the IPO portfolio is represented by the 21 Singapore properties, and the two Japan properties comprise approximately 30.4% of the IPO portfolio.
 
UI Boustead REIT will also acquire the remaining interest in the four divestment properties through entering into the following sale and purchase agreements: a put and call option agreement relating to the asset transfer of 29 Media Circle from BP-Alice LLP a share purchase agreement relating to the sale and purchase of 100.0% of the issued share capital in BP-BBD2 a put and call option agreement relating to the asset transfer of 84 Boon Keng Road between BP-CA3 LLP (as vendor) and BP-Real Estate Investments and a put and call option agreement relating to the asset transfer of 11 Seletar Aerospace Link between BP-SF Turbo LLP (as vendor) and BPREI.
 
There are other potential acquisitions by UI Boustead REIT in connection with its IPO, including the acquisition of interests in the Singapore properties at 98 Tuas Bay Drive and 6 Tampines Industrial Avenue 5.
 
The REIT is also looking at the potential acquisition of 100% interests in two general industrial Singapore properties the potential acquisition of 100% interests in a portfolio of 12 Singapore properties potential acquisition of interest in a business space Singapore property and potential acquisition of interests in Japan properties.
 
Boustead is expected to receive about $6.2 million for its interest connected with the proposed divestments, and the company intends to use the net proceeds of $57.8 million for potential acquisition, working capital and other capital allocation decision and reinvestment.
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stlimst
Master
19-Sep-2025 09:05     
 
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 Alert Admin 		But price drops....just like Centurion.
What kind of msrket is this?

tangsookiam1947      ( Date: 18-Sep-2025 23:26) Posted:



Boustead Unlocks Value with Double Win for Shareholders

Boustead Singapore Limited is delivering a powerful two-pronged benefit to shareholders through the proposed listing of UI Boustead REIT on the SGX.

First, via Boustead Projects, the Group will divest its stakes in four Singapore properties for about S$62.1 million. After fees, this nets approximately S$57.8 million, translating into a divestment gain of S$52.6 million above book value. The immediate impact is clear: Net Tangible Assets (NTA) per share rise from 117.7 cents to 128.4 cents, while earnings per share (EPS) jump from 19.6 cents to 29.2 cents.

Second, Boustead will retain up to a 16.9% stake in UI Boustead REIT, which debuts with a S$1.9 billion portfolio spanning 23 high-quality industrial and logistics assets across Singapore and Japan. This stake, worth an estimated S$321 million, provides long-term exposure to recurring income. At a 5% yield assumption, Boustead could receive around S$16 million in annual distributions or 3.2 cents (recurring per annum).

For shareholders, the outcome is a &ldquo double bonanza&rdquo &mdash a one-off profit today and a recurring income stream tomorrow. It unlocks hidden property value, strengthens Boustead&rsquo s balance sheet, and secures a strategic role in a Pan-Asian REIT platform.

=======
DYDD pls..

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tangsookiam1947
Master
18-Sep-2025 23:26     
 
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 Alert Admin

Boustead Unlocks Value with Double Win for Shareholders

Boustead Singapore Limited is delivering a powerful two-pronged benefit to shareholders through the proposed listing of UI Boustead REIT on the SGX.

First, via Boustead Projects, the Group will divest its stakes in four Singapore properties for about S$62.1 million. After fees, this nets approximately S$57.8 million, translating into a divestment gain of S$52.6 million above book value. The immediate impact is clear: Net Tangible Assets (NTA) per share rise from 117.7 cents to 128.4 cents, while earnings per share (EPS) jump from 19.6 cents to 29.2 cents.

Second, Boustead will retain up to a 16.9% stake in UI Boustead REIT, which debuts with a S$1.9 billion portfolio spanning 23 high-quality industrial and logistics assets across Singapore and Japan. This stake, worth an estimated S$321 million, provides long-term exposure to recurring income. At a 5% yield assumption, Boustead could receive around S$16 million in annual distributions or 3.2 cents (recurring per annum).

For shareholders, the outcome is a &ldquo double bonanza&rdquo &mdash a one-off profit today and a recurring income stream tomorrow. It unlocks hidden property value, strengthens Boustead&rsquo s balance sheet, and secures a strategic role in a Pan-Asian REIT platform.

=======
DYDD pls..
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Kilatkilat
Veteran
18-Sep-2025 22:16     
 
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 Alert Admin 		Very big big portfolio. Very very good prospect!

tangsookiam1947      ( Date: 18-Sep-2025 22:01) Posted:

Boustead announces name of REIT, total property value of IPO portfolio about $1.9 bil



Kilatkilat      ( Date: 18-Sep-2025 21:24) Posted:

Tomorrow can see it hit 1.9
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tangsookiam1947
Master
18-Sep-2025 22:01     
 
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 Alert Admin

Boustead announces name of REIT, total property value of IPO portfolio about $1.9 bil



Kilatkilat      ( Date: 18-Sep-2025 21:24) Posted:

Tomorrow can see it hit 1.90

SmallSmall      ( Date: 18-Sep-2025 20:50) Posted:

https://links.sgx.com/1.0.0/corporate-announcements/PZBDBU8JWO3CIKJN/540a1dae90fdfeb9d5d8f08d980e865891c97e9d2522474205e0d2698413e86c
 

PROPOSED DIVESTMENT OF STAKES IN CERTAIN

SINGAPORE LOGISTICS AND INDUSTRIAL ASSETS

AND OTHER POTENTIAL TRANSACTIONS IN CONNECTION

WITH THE PROPOSED LISTING OF UI BOUSTEAD REIT

ON THE SGX-ST
 


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Kilatkilat
Veteran
18-Sep-2025 21:24     
 
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 Alert Admin 		Tomorrow can see it hit 1.90

SmallSmall      ( Date: 18-Sep-2025 20:50) Posted:

https://links.sgx.com/1.0.0/corporate-announcements/PZBDBU8JWO3CIKJN/540a1dae90fdfeb9d5d8f08d980e865891c97e9d2522474205e0d2698413e86c
 

PROPOSED DIVESTMENT OF STAKES IN CERTAIN

SINGAPORE LOGISTICS AND INDUSTRIAL ASSETS

AND OTHER POTENTIAL TRANSACTIONS IN CONNECTION

WITH THE PROPOSED LISTING OF UI BOUSTEAD REIT

ON THE SGX-ST
 

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SmallSmall
Supreme
18-Sep-2025 20:50     
 
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 Alert Admin 		https://links.sgx.com/1.0.0/corporate-announcements/PZBDBU8JWO3CIKJN/540a1dae90fdfeb9d5d8f08d980e865891c97e9d2522474205e0d2698413e86c
 

PROPOSED DIVESTMENT OF STAKES IN CERTAIN

SINGAPORE LOGISTICS AND INDUSTRIAL ASSETS

AND OTHER POTENTIAL TRANSACTIONS IN CONNECTION

WITH THE PROPOSED LISTING OF UI BOUSTEAD REIT

ON THE SGX-ST
 
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SmallSmall
Supreme
18-Sep-2025 20:19     
 
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 Alert Admin 		Yes more likely related to the sales of assets or the REIT IPO.
Como is situated at the Prime Orchard location just opposite Paragon which they bought for $515 mil.
The last reported asking price was $680 mil.
Would be good if they can unlock the value and distribute some gains to the shareholders.
Boustead will catch up with Hong Leong Asia in price movements when the stars are aligned.
 

tangsookiam1947      ( Date: 18-Sep-2025 18:43) Posted:

thought it was the potential sale of Como property? dydd...

lifeisgood      ( Date: 18-Sep-2025 13:27) Posted:

XMH also halted around the same time as Boustead this mornin
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tangsookiam1947
Master
18-Sep-2025 18:43     
 
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 Alert Admin 		thought it was the potential sale of Como property? dydd...

lifeisgood      ( Date: 18-Sep-2025 13:27) Posted:

XMH also halted around the same time as Boustead this morning

Kilatkilat      ( Date: 18-Sep-2025 13:12) Posted:

If news is reliable, trading halt is acquisition of another sgx listed company.
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