Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Kim Eng Research in a May 30 research report says: Boustead's FY March 2011 net profit saw a 21% y-o-y increase to $52.2 million, despite provisions of $13.8 million for its Libyan projects in 4QFY March 2011, which resulted in a loss of $1.1 million for the quarter.
"Excluding the provisions, the results were largely in line with our expectation. Boustead has secured a total of $158 million in contracts YTD and outstanding orderbook stood at $230 million. Full-year dividend came up to 7 cents per share, including a special dividend of 3 cents per share, translating to an attractive yield of 7%.
"Ex-cash FY March 2012F PER of 7.3x, coupled with attractive dividend yield and strong net cash position of $184.6 million, makes Boustead seem like a steal at its current price. Target price raised to $1.36. BUY"
Company Name: BOUSTEAD SINGAPORE LIMITED
| Research House: Kim Eng | Price Call: BUY | Target Price: 1.36 |
Kim Eng Research in a May 30 research report says: Boustead's FY March 2011 net profit saw a 21% y-o-y increase to $52.2 million, despite provisions of $13.8 million for its Libyan projects in 4QFY March 2011, which resulted in a loss of $1.1 million for the quarter.
"Excluding the provisions, the results were largely in line with our expectation. Boustead has secured a total of $158 million in contracts YTD and outstanding orderbook stood at $230 million. Full-year dividend came up to 7 cents per share, including a special dividend of 3 cents per share, translating to an attractive yield of 7%.
"Ex-cash FY March 2012F PER of 7.3x, coupled with attractive dividend yield and strong net cash position of $184.6 million, makes Boustead seem like a steal at its current price. Target price raised to $1.36. BUY"
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