Boustead    Last:2.02    +0.02

Boustead on the move now

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

 

Boustead gets SGX nod for *REIT listing, eyes $154.6 million gain from divestments | The Straits Times https://share.google/jeTbIu1QmYeGfvTR6

 

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. 

 

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

 

Continue to accumulate my CPF wealth, another cash stock invested since 
October 2025 , EVER GLORY.
 

kepoh88      ( Date: 10-Nov-2025 23:05) Posted: This stock good for CPF investors.. Stable and peaceful rise   tangsookiam1947      ( Date: 10-Nov-2025 21:16) Posted: Since the beginning of 1H FY2026, the Group has secured approximately $193 million in new engineering contracts and major variations. The Group&rsquo s engineering order backlog currently stands at approximately $396 million (unrecognised project revenue remaining at the end of 1H FY2026 plus the total value of new orders secured since then), of which $122 million is under the Energy Engineering Division and $274 million is under the Real Estate Solutions Division. Although challenging business conditions continue to persist, the Group has continued to diligently pursue suitable design-and-build opportunities and has recently managed to secure a sizeable project with a contract value of over $100 million in November 2025. Another notable mention is the Group&rsquo s pursuit of the listing of UI Boustead REIT on the Singapore Exchange, as detailed in its earlier announcements in June 2025 and September 2025, and in conjunction, the Group&rsquo s proposed divestments of real estate assets into UI Boustead REIT. These proposed transactions, if completed, will allow the Group to monetise and reflect the market value of its real estate portfolio and consolidate its real estate holdings into a single vehicle, which allows for recycling of capital and redeployment of sales proceeds to further business plans. The diverse nature of the Group&rsquo s business divisions and the different territories they operate in, provide a strong base for mitigating risks associated with a single country or industry exposure. The Group leverages on this to provide more flexibility to weather industry-specific downturns and capture growth from different economic cycles. Barring unforeseen circumstances and disruptions, the Group expects to deliver satisfactory results in FY2026.

 

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 months HVRRVH      ( Date: 07-Feb-2026 11:08) Posted: Strong performance past few days but so far it is quiet on the reit listing news. Current market cap for Boustead is about $1.01B and with the proposed UIB reit valuing at $1.9B and Boustead' s share at 20%, 1 Boustead share is worth about $0.75 alone based on UIB' s book. Boustead could well be distributing 2 UIB shares for every 10 Boustead shares if it wish but it need to be emphasised that we do not know what' s Boustead' s plan so far with regard to its interest in the proposed UIB reit. Recent price actions suggest exciting time ahead. Hopefully with March approaching there will be more news on UIB listing.

 

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 months

HVRRVH      ( Date: 07-Feb-2026 11:08) Posted: Strong performance past few days but so far it is quiet on the reit listing news. Current market cap for Boustead is about $1.01B and with the proposed UIB reit valuing at $1.9B and Boustead' s share at 20%, 1 Boustead share is worth about $0.75 alone based on UIB' s book. Boustead could well be distributing 2 UIB shares for every 10 Boustead shares if it wish but it need to be emphasised that we do not know what' s Boustead' s plan so far with regard to its interest in the proposed UIB reit. Recent price actions suggest exciting time ahead. Hopefully with March approaching there will be more news on UIB listing.

 

Strong performance past few days but so far it is quiet on the reit listing news. Current market cap for Boustead is about $1.01B and with the proposed UIB reit valuing at $1.9B and Boustead' s share at 20%, 1 Boustead share is worth about $0.75 alone based on UIB' s book. Boustead could well be distributing 2 UIB shares for every 10 Boustead shares if it wish but it need to be emphasised that we do not know what' s Boustead' s plan so far with regard to its interest in the proposed UIB reit. Recent price actions suggest exciting time ahead. Hopefully with March approaching there will be more news on UIB listing.

 

Intraday high $2.02, 3 more cents to equal ATH of $2.05 clocked on 21.4.14. I think it is achievable soon if not today. 

 

$2.01 +$0.07....This one going uncharted liao.
The sky will be the limit......

 

Should test $1.95 soon, the previous high acheived on 9.10.25. Looking back, shareholders have been asking for the longest time whether Boustead can do a reit lisitng but Boustead has taken quite some time to decide on this. However, since it privatised Boustead Project, the momentum is gaining for a reit listing and it has now focus on taking this route. We could see the listing materialise soon if market speculation of the March fund raising is correct. 

 

Unlikely, unless there is something seriously wrong with the underlying assets. The demand on SGX for REITs looks quite strong and stronger than it has been for some time so if Boustead thought some time ago that listing a REIT was a good idea then from a markets standpoint then the case would only have gotten stronger since.

lifeisgood      ( Date: 23-Jan-2026 09:46) Posted: How likely is Boustead going to call off the UI Boustead Reit? Or is it carved in stone already? Seems like it is taking a very long time.

 

How likely is Boustead going to call off the UI Boustead Reit? Or is it carved in stone already? Seems like it is taking a very long time. 

 

Yes, this is a separate and much larger pool of Boustead' s assets. Investors will hope there are no delays.

chengwh1      ( Date: 16-Jan-2026 17:47) Posted: Boustead' s assets will be ' monetised' soon via Boustead UI REIT, as per the following assets in the coming REIT :- The REIT&rsquo s IPO portfolio will include more than 20 leasehold properties in Singapore and two freehold properties in Japan, for a total agreed property value of $1.9 billion, according to the filing. Alignment      ( Date: 16-Jan-2026 10:38) Posted: So as I understand it early last year Boustead agreed to sell its assets to a third party fund in return for some shares in that fund, worth about S$100m if I remember correctly. This would be a step to get some assets off the balance sheet and towards recycling assets and crystallise Boustead' s potential undevaluation. This is no longer happening. The reason is unclear, but if no reason is given then it is human nature to assume the worst, which might be that perhaps there is an issue with the assets (given Boustead seems to still be putting some cash into the fund) but this is conjecture. What is factual is that this is a setback in terms of the recycling assets storyline.  To put things in proportion though it is only S$100m. Not the end of the world

 

Boustead' s assets will be ' monetised' soon via Boustead UI REIT, as per the following assets in the coming REIT :-

The REIT&rsquo s IPO portfolio will include more than 20 leasehold properties in Singapore and two freehold properties in Japan, for a total agreed property value of $1.9 billion, according to the filing.

Alignment      ( Date: 16-Jan-2026 10:38) Posted: So as I understand it early last year Boustead agreed to sell its assets to a third party fund in return for some shares in that fund, worth about S$100m if I remember correctly. This would be a step to get some assets off the balance sheet and towards recycling assets and crystallise Boustead' s potential undevaluation. This is no longer happening. The reason is unclear, but if no reason is given then it is human nature to assume the worst, which might be that perhaps there is an issue with the assets (given Boustead seems to still be putting some cash into the fund) but this is conjecture. What is factual is that this is a setback in terms of the recycling assets storyline.  To put things in proportion though it is only S$100m. Not the end of the world. lifeisgood      ( Date: 16-Jan-2026 09:41) Posted: Can you please elaborate why it does not sound like good news? I wish to understand more as I am vested. Thanks

 

Thanks for your input. I will try to go find out more about it.

Alignment      ( Date: 16-Jan-2026 10:38) Posted: So as I understand it early last year Boustead agreed to sell its assets to a third party fund in return for some shares in that fund, worth about S$100m if I remember correctly. This would be a step to get some assets off the balance sheet and towards recycling assets and crystallise Boustead' s potential undevaluation. This is no longer happening. The reason is unclear, but if no reason is given then it is human nature to assume the worst, which might be that perhaps there is an issue with the assets (given Boustead seems to still be putting some cash into the fund) but this is conjecture. What is factual is that this is a setback in terms of the recycling assets storyline.  To put things in proportion though it is only S$100m. Not the end of the world. lifeisgood      ( Date: 16-Jan-2026 09:41) Posted: Can you please elaborate why it does not sound like good news? I wish to understand more as I am vested. Thanks

 

So as I understand it early last year Boustead agreed to sell its assets to a third party fund in return for some shares in that fund, worth about S$100m if I remember correctly.

This would be a step to get some assets off the balance sheet and towards recycling assets and crystallise Boustead' s potential undevaluation.

This is no longer happening. The reason is unclear, but if no reason is given then it is human nature to assume the worst, which might be that perhaps there is an issue with the assets (given Boustead seems to still be putting some cash into the fund) but this is conjecture. What is factual is that this is a setback in terms of the recycling assets storyline. 

To put things in proportion though it is only S$100m. Not the end of the world.

lifeisgood      ( Date: 16-Jan-2026 09:41) Posted: Can you please elaborate why it does not sound like good news? I wish to understand more as I am vested. Thanks. Alignment      ( Date: 15-Jan-2026 19:55) Posted: Does not sound like good news

 

Can you please elaborate why it does not sound like good news? I wish to understand more as I am vested. Thanks.

Alignment      ( Date: 15-Jan-2026 19:55) Posted: Does not sound like good news. Joelton      ( Date: 14-Jan-2026 09:44) Posted: Boustead Singapore tweaks deal with Unified Industrial to retain control of Vietnam business This allows the company to better manage its real estate and fund management business in one of Asean&rsquo s fastest growing economy   [SINGAPORE] Boustead Singapore on Monday (Jan 12) announced amendments to a master share subscription agreement between its subsidiaries and Hong Kong-based real estate company Unified Industrial.   The amendments will allow it to retain control of its real estate and fund management business segment in Vietnam. In March 2025, the group   announced an agreement to transfer its real estate asset management and fund management business to Unified Industrial.    Under the amendments, the company will retain control of Echo Base-BP Capital (Vietnam), instead of transferring it to Unified Industrial.    Other agreements, collectively known as the Vietnam obligations, will also not occur, Boustead Singapore said.    The amendments come as the growth of Boustead Singapore&rsquo s real estate and fund management business in Vietnam remains a &ldquo continual area of focus&rdquo for the company, with the country as a key strategic growth market.    &ldquo The termination of the Vietnam obligations under the master share subscription agreement would continue to give Boustead Singapore operational control of (its) real estate and fund management business segment in Vietnam,&rdquo the company said.    As Vietnam is a developing South-east Asian real estate market, the company noted that its industrial assets in the country would have a longer gestation and maturity period.    &ldquo With a long-term view of its capital allocation strategies, (the group) would be better able to manage its real estate and fund management business segment in Vietnam through full operational control of the business,&rdquo Boustead Singapore said.    The company noted that the transactions under the master share subscription agreement are separate and independent of the proposed initial public offering and listing of UI Boustead Reit on the Singapore Exchange.   Vietnam ended 2025 on a high note. Gross domestic product expanded 8 per cent from the year before, marking the second-fastest pace in 15 years and among the fastest for Asean economies.   Buoyed by the numbers, Hanoi is targeting double-digit growth in 2026, betting on higher public investment, export diversification, private-sector productivity gains and deeper capital markets.

 

Does not sound like good news.

Joelton      ( Date: 14-Jan-2026 09:44) Posted: Boustead Singapore tweaks deal with Unified Industrial to retain control of Vietnam business This allows the company to better manage its real estate and fund management business in one of Asean&rsquo s fastest growing economy   [SINGAPORE] Boustead Singapore on Monday (Jan 12) announced amendments to a master share subscription agreement between its subsidiaries and Hong Kong-based real estate company Unified Industrial.   The amendments will allow it to retain control of its real estate and fund management business segment in Vietnam. In March 2025, the group   announced an agreement to transfer its real estate asset management and fund management business to Unified Industrial.    Under the amendments, the company will retain control of Echo Base-BP Capital (Vietnam), instead of transferring it to Unified Industrial.    Other agreements, collectively known as the Vietnam obligations, will also not occur, Boustead Singapore said.    The amendments come as the growth of Boustead Singapore&rsquo s real estate and fund management business in Vietnam remains a &ldquo continual area of focus&rdquo for the company, with the country as a key strategic growth market.    &ldquo The termination of the Vietnam obligations under the master share subscription agreement would continue to give Boustead Singapore operational control of (its) real estate and fund management business segment in Vietnam,&rdquo the company said.    As Vietnam is a developing South-east Asian real estate market, the company noted that its industrial assets in the country would have a longer gestation and maturity period.    &ldquo With a long-term view of its capital allocation strategies, (the group) would be better able to manage its real estate and fund management business segment in Vietnam through full operational control of the business,&rdquo Boustead Singapore said.    The company noted that the transactions under the master share subscription agreement are separate and independent of the proposed initial public offering and listing of UI Boustead Reit on the Singapore Exchange.   Vietnam ended 2025 on a high note. Gross domestic product expanded 8 per cent from the year before, marking the second-fastest pace in 15 years and among the fastest for Asean economies.   Buoyed by the numbers, Hanoi is targeting double-digit growth in 2026, betting on higher public investment, export diversification, private-sector productivity gains and deeper capital markets.