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Your comparison has highlighted some important numbers. Thank you.
tangsookiam1947 ( Date: 27-May-2026 10:34) Posted:
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An insightful analysis!
HVRRVH ( Date: 26-May-2026 12:05) Posted:
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After looking at all the ' comparative matters' , looks to me like all the good things have been moved out to UIBREIT. But of course, with the stake that Boustead still holds inside UIBREIT, Boustead will continue to enjoy the benefits and returns of UIBREIT here.
The market valuation gap between Sheng Siong and Boustead is becoming increasingly interesting
Sheng Siong is undoubtedly a very high quality defensive business and investors are willing to pay a premium for its stable supermarket earnings and resilient cash flows Even with FY2025 EPS of around 10 cents and annual dividends of about 7 cents per share Sheng Siong&rsquo s share price continues to trade above S$3 implying a valuation of roughly 30x earnings
In contrast Boustead today trades around the low S$2 range despite reporting FY2026 EPS of 46.6 cents and NAV of 156.6 cents per share Boustead also sits on approximately S$348 million of cash and generated around S$18.1 million of interest income in FY2026 alone equivalent to roughly 3.6 cents per share In other words the Group&rsquo s cash reserves themselves are already quietly generating a meaningful recurring earnings stream somewhat analogous to a mini banking float embedded within the balance sheet
On top of that Boustead&rsquo s 16.9 percent stake in UI Boustead REIT could potentially contribute another roughly 3 cents per share equivalent of recurring annual distributions based on the forecast FY2027 DPU of 6.8 cents
Taken together these two relatively recurring income streams alone already contribute roughly 6.5 to 7.0 cents per share equivalent before even considering contributions from the Geospatial Division the Energy Engineering Division Real Estate Solutions development profits management and platform fees or future asset recycling gains, and net cash of $0.65.
Meanwhile Boustead recently secured its largest contract in history a more than S$400 million public sector project while the engineering backlog has now expanded beyond S$1 billion Management also highlighted that the Geospatial Division has got much growth potential with Geospatial technology becoming increasingly mainstream despite temporary accounting estimate related timing effects impacting 2H FY2026 reported numbers
Of course Sheng Siong deserves a premium multiple due to its highly defensive consumer staple profile But the valuation disconnect increasingly raises an interesting question is the market still viewing Boustead too simplistically as a cyclical engineering company when in reality it may already be evolving into a hybrid recurring income asset backed and growth platform
Boustead ran up, very much similar to Centurion. After a period of correction, Centurion has now become attractive again, and I have been buying Centurion. One thing about Centurion is that its major shareholders Han & Loh kept buying back shares in the open market, using their own money. I would like to see FFWong and some key shareholders buying back Boustead shares in the open market, at current valuation.
Try not to provide unsolicited advise as regardless of outcome you are not responsible for it. Also, investors' timeline vary, some intend to hold short term and some may have very long timeline in mind.
spore1 ( Date: 26-May-2026 12:35) Posted:
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Game over. Look for another counter
HVRRVH ( Date: 26-May-2026 12:05) Posted:
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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.
Boustead more than doubles H2 profit to S$197.7 million
Full-year earnings are up 145% the board proposes a final ordinary dividend of S$0.04 a share
[SINGAPORE] Engineering and technology group Boustead Singapore&rsquo s net profit for its second half ended Mar 31 grew 235 per cent to S$197.7 million from the year-ago period.
This came on the back of revenue rising 43 per cent to S$330.4 million, said the group on Monday (May 25).
On a per-share basis, earnings for the half-year came in at S$0.392, up from S$0.12 in the year-ago period.
For the full year, the group&rsquo s net profit was up 145 per cent at S$232.6 million, from S$95 million in FY2025.
Boustead attributed the increase primarily to the sale of assets to UI Boustead Reit : UIBU +3.21%, as well as to a material improvement in its share of the losses of associates and joint ventures, upon the reversal of a S$7 million liability related to a fee imposed by a landowner.
For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, it said that net profit for FY2026 would have been 35 per cent lower year on year.
Wong Fong Fui, chairman and group chief executive officer of Boustead, said that the group &ldquo realised the full market value of its portfolio&rdquo through the sale of 21 Singapore properties from UI Boustead Reit&rsquo s March listing.
Full-year revenue was up 18 per cent at S$624.4 million, from S$527.1 million. The increase was mainly due to &ldquo significantly higher revenue&rdquo from the group&rsquo s real estate solutions division and higher revenue from the energy engineering division.
The group said its engineering order backlog stands at about S$840 million, comprising S$94 million from its energy engineering division and S$746 million from its real estate solutions division.
The backlog refers to unrecognised project revenue as at the end of FY2026, together with the value of new orders secured since then.
The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders&rsquo approval. Both dividends may be taken in cash and/or scrip.
Including the interim dividend of S$0.015 a share that has already been paid, total dividends for FY2026 amount to S$0.10 a share, up from S$0.075 for FY2025.
Full-year revenue from Boustead&rsquo s real estate solutions segment was 70 per cent higher year on year at S$228.2 million, on the back of &ldquo revenue recognition on a healthy order backlog carried forward into FY2026&rdquo .
This was attributed to the recovery of Singapore&rsquo s industrial sector, with a notable pick up in projects and business development activities.
The energy engineering division&rsquo s revenue was 8 per cent higher year on year at S$171.8 million, with higher contributions from project sales and faster progress on various projects.
However, a lower order backlog carried forward at the end of FY2025 meant that revenue for this division was &ldquo dampened&rdquo , Boustead said.
&ldquo With ongoing geopolitical tensions, the division&rsquo s clients have slowed down business development activities, resulting in fewer overall orders for this division in FY2026,&rdquo it added.
Shares of Boustead ended trading at S$2.57, down S$0.15 or 6.2 per cent, before the news.
I think it was already celebrated pre-results announcement.
turtletrader ( Date: 26-May-2026 10:37) Posted:
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Market celebrate the good news by selling it down :(
The board has proposed a final ordinary dividend of S$0.04 a share and a special dividend of S$0.045 a share, subject to shareholders' approval. Both dividends may be taken in cash and/or scrip.
https://www.businesstimes.com.sg/companies-markets/boustead-more-doubles-h2-profit-s197-7-million
Boustead more than doubles H2 profit to S$197.7 million
Surging! Let?s get serious and attack $3 post results with fat special dividend and good business update and guidance as catalysts. Hopefully.
HVRRVH ( Date: 07-May-2026 22:23) Posted:
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The real estate division aka Boustead Project seems very busy and engaged, with many projects in hands including the latest venture with UIB at Seletar Aerospace. The timing of the announcement seems odd if this is considered as material information that would affect share price because such information usually would not be released within a month of financial reports, which should due in a few days' time. Let' s see.
this geospatial is going to grow very very strongly with smart nation and digital movements across many government agencies
HVRRVH ( Date: 28-Apr-2026 11:18) Posted:
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Touched $2.6 today which I frankly didn' t expect. Just have to wait for results day now to see what' s the quantum for the dividend, special dividend and any business guidance.
HVRRVH ( Date: 07-May-2026 22:23) Posted:
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Touched $2.5 today and the other day. Seems building momentum toward results announce day. Let' s set the floor at $2.5 and aim $3 after results. Let' s see.
boustead still have the prized Freehold Orchard mixed development (hotel + high end retail shops) to be divested!!!
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still holds a prized asset that the market has yet to fully price in &mdash its freehold Orchard Road mixed-use development. Acquired during the COVID downturn for about S$515 million, this property sits in the heart of Orchard Road and combines a luxury hotel under COMO Hotels and Resorts with high-end retail space. Today, with the recovery in prime retail and hospitality assets, its value is easily north of S$700 million, highlighting how Boustead locked in a prime asset at cyclical lows &mdash like buying a trophy property at a discount when the market was quiet.
From a valuation perspective, this is effectively a hidden reserve sitting on the balance sheet. While investors tend to focus on Boustead&rsquo s recurring income streams and REIT platform, this Orchard asset represents a significant pool of unrealised gains. Once divested, it transforms from a passive holding into real capital &mdash strengthening an already net-cash balance sheet, enabling reinvestment into new platforms, or supporting enhanced shareholder returns. In simple terms, it&rsquo s like owning a prime Orchard property bought cheap, now sitting on a substantial paper gain waiting to be realised.
The key is timing, not value. Because the divestment has yet to happen, the market naturally discounts it &mdash but that&rsquo s precisely where the opportunity lies. When Boustead eventually unlocks this asset, it could act as a major catalyst, crystallising value and reshaping investor perception of its true worth. This Orchard freehold development is therefore not just a static asset, but a strategic lever &mdash one that could drive the next leg of value realisation for Boustead.
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still holds a prized asset that the market has yet to fully price in &mdash its freehold Orchard Road mixed-use development. Acquired during the COVID downturn for about S$515 million, this property sits in the heart of Orchard Road and combines a luxury hotel under COMO Hotels and Resorts with high-end retail space. Today, with the recovery in prime retail and hospitality assets, its value is easily north of S$700 million, highlighting how Boustead locked in a prime asset at cyclical lows &mdash like buying a trophy property at a discount when the market was quiet.
From a valuation perspective, this is effectively a hidden reserve sitting on the balance sheet. While investors tend to focus on Boustead&rsquo s recurring income streams and REIT platform, this Orchard asset represents a significant pool of unrealised gains. Once divested, it transforms from a passive holding into real capital &mdash strengthening an already net-cash balance sheet, enabling reinvestment into new platforms, or supporting enhanced shareholder returns. In simple terms, it&rsquo s like owning a prime Orchard property bought cheap, now sitting on a substantial paper gain waiting to be realised.
The key is timing, not value. Because the divestment has yet to happen, the market naturally discounts it &mdash but that&rsquo s precisely where the opportunity lies. When Boustead eventually unlocks this asset, it could act as a major catalyst, crystallising value and reshaping investor perception of its true worth. This Orchard freehold development is therefore not just a static asset, but a strategic lever &mdash one that could drive the next leg of value realisation for Boustead.
HVRRVH ( Date: 29-Apr-2026 18:06) Posted:
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Go astern a bit near the market closing. Still look very much in sight for $2.5 soon but key catalyst should be the upcoming results. All eyes on regular EPS and not to factor in the anticipated special dividend. The regular EPS now include the income from UIBoustead reit and also potential Boustead property divestments to UIBoustead reit. Judging from the price action and momentum, we may start entertain $3 if future property divestments is a regular and periodic occurrences because market is one kind, if the properties sit on the book, they refuse to recognise the RNAV but the moment it is hive off, for example, sold or in Boustead' s case, divest to UIBoustead reit, then the market immediately recognise the value i.e., the selling price because they don' t have a choice lol.