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Latest Forum Topics / Boustead    Last:2.02    -0.08  Post Reply
Boustead on the move now
Alignment
Elite
06-Mar-2026 17:50     
 
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 Alert Admin 		If the oversubscription is 20x does that not mean on average someone subscribing for 10000 units will only get 500 units or so? 30x would be only about 330 units?

HVRRVH      ( Date: 06-Mar-2026 15:42) Posted:

Like it or not, likely to trade above $1 on debut as the market will sure to compress the yield to 5-6%. Public trance 33.9m units likely to be oversubcribed by 20 - 30x. End results likely 2000 units for every 10000 units apply. I applied to try my luck. 

HVRRVH      ( Date: 27-Feb-2026 17:22) Posted:

Indeed IPO priced at $0.88 just like CAREIT but targeting to raise much more than CAREIT, at $1.02B. Projecting initial jaw dropping yield of 7.8% for the year ending March 2027! Retail investors can subscribe from 5/3 to 10/3. 
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HVRRVH
Elite
06-Mar-2026 15:42     
 
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 Alert Admin 		Like it or not, likely to trade above $1 on debut as the market will sure to compress the yield to 5-6%. Public trance 33.9m units likely to be oversubcribed by 20 - 30x. End results likely 2000 units for every 10000 units apply. I applied to try my luck. 

HVRRVH      ( Date: 27-Feb-2026 17:22) Posted:

Indeed IPO priced at $0.88 just like CAREIT but targeting to raise much more than CAREIT, at $1.02B. Projecting initial jaw dropping yield of 7.8% for the year ending March 2027! Retail investors can subscribe from 5/3 to 10/3. 

HVRRVH      ( Date: 13-Feb-2026 11:23) Posted:

Looking good. The UIB reit should be of substantial size comparable to CAREIT. For context, CAREIT raised $771m and its listing assets are valued at $1.84B. We already know UIB intends to raise $900m and its listing assets valuation is $1.9B. CAREIT' s IPO at $0.88 and has been trading consistently above $1 since IPO, as for UIB reit, so far we do not have information on its intended listing price but using CAREIT as gauge, everything such as listing price, unit size, projected yield etc should be similar. 


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Alignment
Elite
03-Mar-2026 10:04     
 
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 Alert Admin 		Actually the 7.8% DPU yield in FY27 already factors in an increase in occupancy from the current 90% level, because by the end of FY27 the occupancy is projected to be 98.3% (page 209 of the prospectus). Growth beyond FY27 will have to come from other drivers.

tangsookiam1947      ( Date: 02-Mar-2026 19:46) Posted:

7.8% at occupancy of 90%.... if occupany inches up, yield can go up higher!

Alignment      ( Date: 01-Mar-2026 18:41) Posted:

Comparing to CAREIT the good news is that the dividend yield is a bit higher.

The bad news is that 1) UIB REIT properties have shorter land lease terms, 2) the issuance dynamics - the non-spoken for shares that need buyers is much bigger here, and 3) CAREIT had some novelty value as the first worker accomodation REIT.

Also trying to build an order book at the time when US/Iran war has just started may be challenging. Will be interesting to see how the IPO plays out.
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tangsookiam1947
Master
02-Mar-2026 19:46     
 
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 Alert Admin 		7.8% at occupancy of 90%.... if occupany inches up, yield can go up higher!

Alignment      ( Date: 01-Mar-2026 18:41) Posted:

Comparing to CAREIT the good news is that the dividend yield is a bit higher.

The bad news is that 1) UIB REIT properties have shorter land lease terms, 2) the issuance dynamics - the non-spoken for shares that need buyers is much bigger here, and 3) CAREIT had some novelty value as the first worker accomodation REIT.

Also trying to build an order book at the time when US/Iran war has just started may be challenging. Will be interesting to see how the IPO plays out.
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Alignment
Elite
01-Mar-2026 18:41     
 
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 Alert Admin 		Comparing to CAREIT the good news is that the dividend yield is a bit higher.

The bad news is that 1) UIB REIT properties have shorter land lease terms, 2) the issuance dynamics - the non-spoken for shares that need buyers is much bigger here, and 3) CAREIT had some novelty value as the first worker accomodation REIT.

Also trying to build an order book at the time when US/Iran war has just started may be challenging. Will be interesting to see how the IPO plays out.
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HVRRVH
Elite
27-Feb-2026 17:22     
 
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 Alert Admin 		Indeed IPO priced at $0.88 just like CAREIT but targeting to raise much more than CAREIT, at $1.02B. Projecting initial jaw dropping yield of 7.8% for the year ending March 2027! Retail investors can subscribe from 5/3 to 10/3. 

HVRRVH      ( Date: 13-Feb-2026 11:23) Posted:

Looking good. The UIB reit should be of substantial size comparable to CAREIT. For context, CAREIT raised $771m and its listing assets are valued at $1.84B. We already know UIB intends to raise $900m and its listing assets valuation is $1.9B. CAREIT' s IPO at $0.88 and has been trading consistently above $1 since IPO, as for UIB reit, so far we do not have information on its intended listing price but using CAREIT as gauge, everything such as listing price, unit size, projected yield etc should be similar. 

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Joelton
Supreme
24-Feb-2026 12:20     
 
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 Alert Admin 		Boustead likely to pay special dividend following IPO of UI Boustead REIT
Boustead is likely to pay a special dividend following the IPO of UI Boustead REIT, which will comprise 23 properties, mostly in Singapore. The REIT&rsquo s IPO portfolio is valued at $1.9 billion, with Boustead subscribing for units due to the attractive initial DPU yield and potential upside.
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lifeisgood
Supreme
21-Feb-2026 09:07     
 
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 Alert Admin 		Wow price targets so high!
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k2kingkong
Senior
21-Feb-2026 08:28     
 
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 Alert Admin
Here' s the updated analyst coverage and technical analysis for Boustead Singapore (SGX: F9D):

Analyst Coverage & Price Targets

Broker Analyst Rating Price Target Date
OCBC Investment Research Ada Lim Buy S$2.45 Feb 2026 
 
OCBC Investment Research Ada Lim Buy S$2.00 Sep 2025 
 
OCBC Investment Research Ada Lim Buy S$1.63 Jun 2025 
 
TipRanks Consensus Multiple Moderate Buy S$2.45 Current 
 
Key Valuation Insights from OCBC Research:
  • Sum-of-the-Parts (SOTP) valuation suggests fair value of S$2.15&ndash S$2.45
  • Geospatial division alone worth ~S$500M (10x P/E) &ndash more than half the enterprise value
  • Real estate assets (S$600&ndash 800M) + Energy (S$250M) + Healthcare essentially " free" at current prices
  • Net cash of S$326M (S$0.65/share) provides downside protection

Technical Analysis (Current: S$2.25)

Support & Resistance Levels 

Level Price Significance
R3 S$2.30 Fibonacci resistance
R2 S$2.28 Recent high / volume resistance
R1 S$2.26 Accumulated volume resistance
Current S$2.25  
S1 S$2.19&ndash S$2.23 First support zone
S2 S$2.18 Accumulated volume support
S3 S$2.06 Major support (8.4% below)

Technical Indicators 

  • Trend: Strong bullish (upper part of rising trend)
  • RSI (14-day): 80.50 &ndash Overbought territory
  • Moving Averages: Golden Star Signal triggered March 2025 (bullish long-term)
  • MACD: Buy signal
  • Volatility: High (3.18% daily average)
  • Recommendation: Upgraded to Buy Candidate (Feb 20, 2026)

3-Month Forecast 

  • Expected range: S$2.59&ndash S$3.01 (+15% to +34% upside)
  • Probability: 90% confidence of staying within range
  • Trend continuation: Strong rising trend intact

Entry Price Strategy

Given the technical setup and analyst views, here are potential entry scenarios:
 
Scenario Price Zone Rationale
Aggressive Entry S$2.19&ndash S$2.23 Near-term support test 2&ndash 3% pullback from current
Base Case Entry S$2.06&ndash S$2.18 Deeper correction to S3/volume support 8% discount
Conservative Entry S$1.90&ndash S$2.00 Major trendline support aligns with OCBC' s earlier targets
Stop Loss S$2.16 Below S1 support (-3.96% risk) 
 

Key Catalysts to Watch

  1. UI Boustead REIT Listing &ndash Applications submitted to SGX/MAS S$1B potential IPO could unlock significant value
  2. Order Book Updates &ndash Current backlog S$396M new wins could drive re-rating
  3. FY2026 Results &ndash Expected May 2026 watch for margin trends in Energy division

Risk Considerations

⚠ ️ Overbought Conditions: RSI at 80+ suggests due for pullback ⚠ ️ High Volatility: 3%+ daily swings require position sizing discipline ⚠ ️ Execution Risk: REIT listing timing and pricing uncertain
Disclaimer: This is informational only. The stock has risen 92% over the past year, and chasing momentum carries risk. Consider dollar-cost averaging or waiting for a pullback to the S$2.06&ndash S$2.18 zone for better risk/reward.
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k2kingkong
Senior
21-Feb-2026 08:20     
 
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 Alert Admin
Here' s a comprehensive overview of UI Boustead REIT and its financials:

UI Boustead REIT Overview

UI Boustead REIT is the proposed industrial and logistics REIT spin-off from Boustead Singapore, sponsored by UIB Holdings Ltd (an associated company of Boustead). It received SGX eligibility-to-list approval on February 10, 2026 .

Portfolio & Asset Details

Metric Value
Total Properties 23 properties
Agreed Property Value S$1.904 billion  (as of Sep 30, 2025) 
 
Gross Floor Area ~5.9 million sq ft
Net Lettable Area ~5.3 million sq ft 
 

Geographic Breakdown 

 
  • Singapore: 21 leasehold properties (~69.6% of portfolio value, ~S$1.33B)
  • Japan: 2 freehold properties (~30.4% of portfolio value, ~S$579M)

Key Singapore Properties Include  :

  • Edward Boustead Centre
  • GSK Asia House
  • Razer South-east Asia headquarters
  • 29 Media Circle
  • 84 Boon Keng Road
  • 11 Seletar Aerospace Link

Financial Structure & IPO Details

Item Amount
Target IPO Proceeds At least  S$900 million 
 
Boustead' s Stake Post-IPO 16.9%  (S$202.8M subscription) 
 
IPO Expenses (Sponsor Commitment) S$20 million (borne by sponsor + Boustead) 
 
Expected Listing Timeline As early as  March 2026 
 

Boustead' s Divestment Impact

Metric Value
Properties Divested by Boustead 15 industrial assets 
 
Total Proceeds to Boustead S$258.7 million
Estimated Gain on Divestment S$154.6 million  (one-off) 
 
Reinvestment in REIT S$202.8 million for 16.9% stake
Net Cash to Boustead ~S$55.9 million

Pro Forma Impact on Boustead (if completed Mar 31, 2025)  :

  • NTA per share: S$1.177 &rarr S$1.492 (+27%)
  • FY2025 EPS: 19.6 cents &rarr 48.2 cents (+146%)

Metro Holdings' Exit

Metro Holdings (26% JV partner in Boustead Industrial Fund) is making a complete exit:
  • Net proceeds to Metro: ~S$116 million
  • Includes: Sale of units, divestment proceeds, redemption of 7% notes
  • Metro will not subscribe for units in the new REIT

Investment Strategy & Future Acquisitions

UI Boustead REIT will focus on:
  • Asset Class: Logistics, industrial, high-spec industrial, business space
  • Geographic Focus: Asia Pacific (initially Singapore + Japan)
  • Potential Pipeline:
    • 98 Tuas Bay Drive (Singapore)
    • 6 Tampines Industrial Avenue 5 (Singapore)
    • 12 Singapore properties portfolio
    • Additional Japan properties

Key Financial Considerations

Strengths:
  • Diversified portfolio across Singapore (stable) and Japan (growth)
  • Freehold Japan assets provide inflation hedge and stability
  • S$1.9B scale makes it one of the larger industrial REIT IPOs in Singapore
  • Strong sponsor backing &ndash Boustead commits S$202.8M to maintain 16.9% stake
Risks:
  • Leasehold concentration (69.6% in Singapore with lease decay)
  • Tenant concentration risk in specific properties (e.g., Razer HQ)
  • Interest rate sensitivity &ndash industrial REITs typically carry leverage
  • Execution risk on IPO pricing and market reception

What to Watch For

  1. EGM Approval &ndash February 25, 2026
  2. Final IPO Pricing &ndash Expected March 2026
  3. Distribution Yield Guidance &ndash Not yet disclosed (industrial REITs typically target 6&ndash 7%)
  4. Gearing Levels &ndash Will be critical for valuation likely ~40&ndash 45% range
  5. NAV per Unit &ndash Final valuation will determine IPO pricing vs. book value
Important: Full financial details (income, expenses, distribution yield, NAV per unit) will only be available in the formal prospectus when released. The REIT has not yet published detailed financial statements as it is still in the pre-IPO phase.
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HVRRVH
Elite
20-Feb-2026 22:22     
 
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 Alert Admin 		Company just released EGM Q& A, among other things, there could still be a special dividend which honestly I didn' t expect. Further, it is confirmed that existing shareholders will not receive UIB reit units in specie. Having said so, in future, if Boustead accumulate more UIB reit units through further divestment of assets into UIB reit, the company may then consider distribute UIB reti units in specie to Boustead shareholers. The company also stated that it expect the initial DPU to be good that' s why they want to keep the UIB reit units. This reit move has totally transform Boustead into potentially an entity that can periodically unlock the value of the real estate assets on its book! 
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tangsookiam1947
Master
14-Feb-2026 10:31     
 
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 Alert Admin 		como hotel is now worth $700 mil or more...if diveste, NAV will jump another leg!

HVRRVH      ( Date: 13-Feb-2026 16:42) Posted:

To be sure. Boustead is net cash per share and may not see its share price drop or drop too much post UIB IPO. This is a bit different from Centurion which is net debts. Of course, Centurion is NAVs positive too with its assets but as far as cash in hands is concern, they have more debts than cash. Boustead on the other hand, has net cash of about $0.70 per share. Its valuation should goes up post UIB IPO as it has proven that it can divest its assets and unlock value. In future, it can simply divest its properties to UIB, which has first right of refusal to purchase. For example, its relevant properties that moving to UIB was valued at over 200m but the same properties carried on its book at only 52m. 

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HVRRVH
Elite
13-Feb-2026 16:42     
 
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 Alert Admin 		To be sure. Boustead is net cash per share and may not see its share price drop or drop too much post UIB IPO. This is a bit different from Centurion which is net debts. Of course, Centurion is NAVs positive too with its assets but as far as cash in hands is concern, they have more debts than cash. Boustead on the other hand, has net cash of about $0.70 per share. Its valuation should goes up post UIB IPO as it has proven that it can divest its assets and unlock value. In future, it can simply divest its properties to UIB, which has first right of refusal to purchase. For example, its relevant properties that moving to UIB was valued at over 200m but the same properties carried on its book at only 52m. 
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lifeisgood
Supreme
13-Feb-2026 14:26     
 
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 Alert Admin 		Boustead is on drug! The whole market is crashing, but this stock is STRONG !
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HVRRVH
Elite
13-Feb-2026 11:23     
 
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 Alert Admin 		Looking good. The UIB reit should be of substantial size comparable to CAREIT. For context, CAREIT raised $771m and its listing assets are valued at $1.84B. We already know UIB intends to raise $900m and its listing assets valuation is $1.9B. CAREIT' s IPO at $0.88 and has been trading consistently above $1 since IPO, as for UIB reit, so far we do not have information on its intended listing price but using CAREIT as gauge, everything such as listing price, unit size, projected yield etc should be similar. 
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chengwh1
Elite
11-Feb-2026 14:48     
 
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 Alert Admin 		Would any bro or sis here know the following details,... or some guesstimates pls ?

1) The occupancy rate of ea of the property to be divested inot the coming REIT ?
2) The IPO offering price ?

Thank you,...
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HVRRVH
Elite
11-Feb-2026 11:55     
 
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 Alert Admin 		https://www.theedgesingapore.com/capital/brokers-calls/ocbcs-lim-raises-her-fair-value-boustead-singapore-245

This is behind paywall and can' t read the whole article but in summary, fair value raised to $2.45. Very close to my estimate. The said analyst has previously mentioned $2 as fair value in July 2025. 

https://boustead.sg/sites/boustead.sg/files/2026-01/2025-07-18_OCBC%27s-Lim-raises-fair-value-for-Boustead-Singapore-again-to-%242_The-Edge-Singapore-Digital.pdf
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teeth1953
Senior
10-Feb-2026 15:21     
 
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 Alert Admin 		Boustead gets SGX nod for *REIT listing, eyes $154.6 million gain from divestments | The Straits Times https://share.google/jeTbIu1QmYeGfvTR6
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HVRRVH
Elite
10-Feb-2026 12:56     
 
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 Alert Admin 		From the latest announcement this morning, it is clear that Boustead would not distribute any UIB reit shares to existing Boustead holders. Instead, Boustead will become a controller shareholder that hold about 16.9% stake in UIB reit. In addition, Boustead' s director Mr Chong Lit Cheng will also chair the reit management. Boustead also has a share in the reit manager so in a nutshell, Boustead' s role in the UIB is significant. In connection to the proposed UIB reit IPO, Boustead will receive about $218.7m and that resulted in a net gain of about $154.4m after IPO related cost as the relevant properties only carried in its book at 52m [pg 4 and 5 of announcement refers]. However, there will be no special dividend as Boustead will use the proceed to subscribe its 16.9% stake in the UIB and remaining for working capital. In a way, Boustead has unlocked $166m from this reit IPO but bulk of it was used to fund its 16.9% stake in the UIB reit. I view this as positive, as the valuation of the properties under UIB is expected to be higher when compare to be under Boustead. With controlling stake in both the reit itself as well as its manager and sponsor, Boustead has elevated itself to become a real estate player akin to Capitaland and or Mapletree etc. It still has many properties and has given UIB reit the first rights of refusal to purchase in future. Any further divestment of properties into UIB is going to add value to Boustead. As it is, its NAV per share alreay shot up to about $1.5 from $1.17. I would discount the increase in EPS to $0.482 from $0.196 as the increase was from the divestment and would not be repeated. Nevertheless, it is expected that future income from UIB reit [DPU, management fee, etc] should add at least $0.02 to $0.03 to Boustead' s EPS. In summary, going forward Boustead should be a company with EPS of about $0.25 that pay dividend of about $.10 per year. A 10x PE would price Boustead at fair value of $2.5. 
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HVRRVH
Elite
09-Feb-2026 11:57     
 
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 Alert Admin 		Sound enticing and for it to work, i.e., Boustead keep UIB reit in its book and payout higher dividend, then it has to pay at least 12 cents dividend to justify at least 5.6% yield based on current share price of $2.15. Boustead' s latest 12 months dividend as at Dec 25 was 7.5 cents so whether UIB alone will add 4.5 cents dividend remain to be seen. I think it is quite hard because UIB has to declare 22.5 cents dividend for Boustead to secure 4.5 cents based on its 20% stake. However, if UIB' s DPU is at least 12.5 cents then Boustead' s share will be 2.5 cents and Boustead should have no problem paying at least 10 cents dividend and that will give a yield of about 4.65% based current share price of $2.15. I think this is doable so let' s wait and see what Boustead is going to do with its UIB reit. 

tangsookiam1947      ( Date: 08-Feb-2026 21:20) Posted:

It is generally better for Boustead Singapore to raise its BAU dividend rather than give a one-off dividend-in-specie because markets value repeatable income more than event payouts. A higher BAU dividend signals that cashflows have structurally improved and can be sustained year after year, which supports re-rating and long-term shareholder confidence. A dividend-in-specie, by contrast, is usually treated as non-recurring &mdash like giving shareholders a one-time gift basket rather than increasing their monthly allowance &mdash and its impact often fades quickly after the ex-date. Keeping REIT units on the balance sheet also allows Boustead to collect steady distributions, smooth earnings across cycles, and gradually pass this through as higher regular dividends without forcing shareholders to manage or sell distributed REIT units. Over time, this quieter approach compounds better, aligns with long-term owners, and preserves flexibility for capital recycling and growth, rather than locking value into a single, irreversible event.

Jiyaji      ( Date: 08-Feb-2026 17:24) Posted:

U/stand they are already courting Acc Investors for pre-IPO book building with min. investment of ~$75K.
That indicates potential listing of IPO in ~2 month
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