Boustead    Last:2.02    +0.02

Boustead on the move now

Selling parent to buy the REIT would have been the right play for the Centurion REIT IPO.

 

Sure have but personally I wouldn' t. Mother price already dropping but I will just apply some IPO.   

tangsookiam1947      ( Date: 06-Mar-2026 17:58) Posted: will people sell Parent Stock to buy UI reits? hahaha 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.

 

Can be anything. Maybe apply 1 million will get 20,000 units, apply 10k to 19k will get 3000 units, so on and so forth. Anyway just guessing based on past experiences, if it is 20x oversubscribed should get a few thousand shares, if 30x or more oversubscribed, then should get lesser units. 

Alignment      ( Date: 06-Mar-2026 17:50) Posted: 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.

 

will people sell Parent Stock to buy UI reits? hahaha

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

Boustead likely to pay special dividend following IPO of UI Boustead REIT

 

Wow price targets so high!

 

Analyst Coverage & Price Targets

• 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 

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

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

 

UI Boustead REIT Overview

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Portfolio & Asset Details

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

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Financial Structure & IPO Details

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Boustead' s Divestment Impact

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%)

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Metro Holdings' 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

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Investment Strategy & Future Acquisitions

• 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

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Key Financial Considerations

• 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

• 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

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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

 

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! 

 

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.

 

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. 

 

Boustead is on drug! The whole market is crashing, but this stock is STRONG !

 

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. 

 

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,...