Boustead    Last:2.02   -

Boustead on the move now

net cash + REITS stake already $1....Market still cannot see this...

the rest of Boustead is only worth $1 => Geospatial with PBT $50mil per annum, EPC, engineering segment and more than $1.4 bil worth of assets to be monetized..(e.g. como freehold (> $700mil valuation), vietnam platform ($253 mil valuation last year), Seletar Aerospace ($104m - development cost), 36 Tuas logistic hub ($220m valuation), UIB Konan Ph 3 ($84m - development cost)

jpower2015      ( Date: 05-Jun-2026 09:07) Posted: below $2 can start buy back a bit. Div yield not bad JurongW      ( Date: 05-Jun-2026 00:54) Posted: $1 is too low unless u foresee market crash. Today price close below 2nd support at 203.  200 EMA is at ~191.  See how share price react near 191 to 195.

 

below $2 can start buy back a bit. Div yield not bad

JurongW      ( Date: 05-Jun-2026 00:54) Posted: $1 is too low unless u foresee market crash. Today price close below 2nd support at 203.  200 EMA is at ~191.  See how share price react near 191 to 195. tangsookiam1947      ( Date: 04-Jun-2026 23:27) Posted: huat! wait at $1 :)

 

$1 is too low unless u foresee market crash.
Today price close below 2nd support at 203.  200 EMA is at ~191.  See how share price react near 191 to 195.

tangsookiam1947      ( Date: 04-Jun-2026 23:27) Posted: huat! wait at $1 :) JurongW      ( Date: 31-May-2026 20:07) Posted: 1st support - 215 2nd support - 205 3rd resistance turn support - 195 (ideal entry price if it gets there)

 

huat! wait at $1 :)

JurongW      ( Date: 31-May-2026 20:07) Posted: 1st support - 215 2nd support - 205 3rd resistance turn support - 195 (ideal entry price if it gets there)

 

1st support - 215
2nd support - 205
3rd resistance turn support - 195 (ideal entry price if it gets there)

 

another $1.4 bil worth of strategic assets to be harvested !!

Boustead Market cap only $1.1 bil

AquaZenInvestor - Boustead' s Hidden Asset Value: More Than S$1.4 Billion in Strategic Assets

JurongW      ( Date: 30-May-2026 20:36) Posted:

 

 

its sum of parts is more than $3.00 easily.... dydd...

JurongW      ( Date: 30-May-2026 20:36) Posted:

 

 

Boustead drop so much. What happen?

 

Broker' s Digest: Delfi, CSE Global, Ever Glory, SIA, ISDN, TeleChoice, CapitaLand Ascendas REIT, UI Boustead REIT

$1.17 from UOBKH

chengwh1      ( Date: 30-May-2026 16:43) Posted: I was making a statement based on this possibility due to the unit price movement now. Perhaps there are things we do not know of UIBREIT. tangsookiam1947      ( Date: 30-May-2026 11:53) Posted: why would UIBreits go lower? UIB reits is going to expand its portfolio prudently with increasing EPS... Boustead' s stake in UIB REITS may double in value over time... DYDD...:

 

I was making a statement based on this possibility due to the unit price movement now. Perhaps there are things we do not know of UIBREIT.

tangsookiam1947      ( Date: 30-May-2026 11:53) Posted: why would UIBreits go lower? UIB reits is going to expand its portfolio prudently with increasing EPS... Boustead' s stake in UIB REITS may double in value over time... DYDD...:) chengwh1      ( Date: 29-May-2026 12:20) Posted: 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

 

why would UIBreits go lower? UIB reits is going to expand its portfolio prudently with increasing EPS... Boustead' s stake in UIB REITS may double in value over time... DYDD...:)

chengwh1      ( Date: 29-May-2026 12:20) Posted: 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

 

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.

 

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.

 

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.

 

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.

 

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...

 

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

 

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.