Looking for a trusted Stock Remisier? Augustine works closely with a small group of clients - providing regular market updates, Bazi & astrology wealth insights, and clear guidance to invest with confidence.
Boustead Singapore’s 2HFY23 core PATMI grew to S$18m (+32% hoh, +35% yoy) helped by stronger performance in its energy engineering and real estate segments, while the geospatial technology segment saw stable earnings despite forex headwinds.
Excluding exceptional items (one-off disposal gain, forex impact, etc), FY23 core PATMI of S$32m (-2% yoy) was a slight miss vs. our forecast of S$35m, mainly due to higher-than-expected start-up losses for its new Bideford Road property (under real estate segment).
Strong order win momentum for energy engineering segment
Boustead’s energy engineering segment saw strong order win momentum in FY23 (c.S$165m, more than past 2 years combined), benefiting from the demand for greater energy security globally.
2H23 segment revenue/PBT grew 37%/40% yoy on improved outlook for the energy sector. With stronger order backlog (S$154m as of end-FY23, mostly to be recognised over the coming 12-18 months) and a steady flow of new contracts, we forecast FY24F segment revenue/PBT to expand another 30%/32% yoy.
Stake increase in Boustead Projects is earnings accretive
Via a voluntary unconditional general offer, Boustead increased its stake in its real estate division (Boustead Projects, or BP) from 54% to 75.5% as of end-FY23.
We estimate a 9.2% EPS accretion for FY24F from this transaction, even as segment PBT remains stable yoy in FY24F. We expect positive drivers, including:
completion of contracts secured pre-Covid-19 pandemic, allowing Boustead to focus on executing its higher margin orderbook (c.S$400m as of end-FY23), and
asset stabilisation of Bideford Road property by 2HFY24F to offset the non-recurrence of the S$8.4m one-off disposal gain recorded in
FY23.
Boustead plans to further grow its real estate portfolio by building its development pipeline (especially in Vietnam via its JV with local partner KTG) and optimising assets through active management and leasing efforts.
Valuation/Recommendation
Reiterate Add as we expect stronger FY24F earnings (core PATMI +52% yoy), on its strong order backlog. Our SOP-based TP is raised to S$1.40 as we account for the earnings accretive stake increase in BP.
Valuation is undemanding, in our view, as Boustead is holding net cash of S$0.67/share (83% of market cap).
Boustead Singapore share price chart
You can find the full report here and the company website here.
Be A Valued Client of Augustine in Lim&Tan Securities
Receive Augustine’s regular stock updates via Telegram plus full access to his private client hub with exclusive research, astrology and Bazi insights.
(Exclusive Readings for Clients Only)
Sin Heng Heavy Machinery Limited (SGX: BKA) was in the headlines in 2025 due to a privatization bid by the controlling shareholders. With a history dating back to 1969 as one of Singapore’s leading heavy lifting and equipment rental firms, this possibility raises important questions for shareholders, analysts, and SGX market observers alike. What’s Happened
Copper has gone up more than 3.5% year to date far outpacing the S&P gain of 1.38%. Copper had already gained more than 30% in 2025. At the point of writing this article, the price of silver is USD5.90 per pound. So far there is no bloggers that has written articles on copper. Most bloggers
Many analysts and bloggers have posted an optimistic picture of both the US and Singapore stock market. In this article, I will be on the side of the contrarian and explain why the stock market could crash between 10% to 20% this year. Key Risk Factors That Could Trigger a Crash in 2026 1. Elevated
In today’s falling interest environment, investors are hunting for income that generate money for you while you sleep. But while the spotlight often shines on big-name blue chips and REITs, a quiet group of cash-rich small-cap companies has been steadily rewarding shareholders — without the hype, without the volatility drama. Small-cap stocks are shares of
