Boustead Singapore rated 'buy' by Maybank Kim Eng

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.14

Maybank Kim Eng Research in an Apr 13 research report says: "Boustead Singapore experienced a surge in order win momentum with four new contracts secured in the month of March alone. Excluding a designbuild-lease contract which is not accounted for in orderbook figures, the total value of the new contracts came up to $89 million.

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Boustead Singapore rated 'buy' by Kim Eng

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED

Research House: Kim Eng

Price Call: BUY

Target Price: 1.32

Kim Eng Research in a Nov 15 research report says: "Boustead experienced a slow second quarter with revenue coming in at $91.0 million (-30.3% y-o-y, +0.3% q-o-q) and net profit at $9.1 million (+12.7% y-o-y, +7.0% q-o-q). Net profit of $17.6 million for 1HFY Mar12 made up about 38% of our full-year forecast.

"We expect its strong outstanding orderbook of $335 million to bolster the second half year to make up for the weak first half. An interim dividend of 2 cents per share was also declared. We cut our FY Mar12-14 net profit forecasts by 1-8% but continue to expect a stronger 2HFY Mar12.

"We have also made minor adjustments to our RNAV valuation for the Real Estate Solutions division. Our SOTP-based target price is thus lowered to $1.32 from $1.36 previously. Dividend yield remains attractive at 6.1%. MAINTAIN BUY."

Boustead Singapore rated 'buy' by Kim Eng

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED

Research House: Kim Eng

Price Call: BUY

Target Price: 1.36

Kim Eng Research in a July 18 research report says: "Boustead's share price has been range-bound ever since it was hit by news that a company project in Libya was adversely affected after unrest erupted in the country in February.

"Granted, there was no significant price catalyst so far. But we would argue that the market has not priced in the growth in its property leasing portfolio, following the shift in business strategy by the Real Estate Solutions division, resulting in earnings which are more recurring in nature.

"Boustead remains capable of making strategic acquisitions with its strong net cash position of $185 million, which would serve as a potential catalyst. Sum-of-the-part-based target price of $1.36. BUY"

Boustead Singapore rated 'buy' by Kim Eng

Stock Name: Boustead Sp
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"

Boustead Singapore rated 'buy' by Kim Eng

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Research House: Kim Eng

Kim Eng Research in an Apr 11 research report says: "Order win momentum has been strong for Boustead over the past three months, with a string of new contracts secured. However, its share price has suffered as its involvement in a $300 million Libyan township project was hit by the unrest in the country.

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Boustead Singapore rated 'hold' by DBS

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Research House: DBS Vickers

DBS Vickers Securities in a Feb 15 resarch report says: "Bottomline of $13.3 million (+53% y-o-y, 64% q-o-q) exceeded our expectation despite the $1.5 million of forex losses and $1.1 million of restructuring losses for the township JV in Libya.

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Boustead Sp - Boustead Singapore rated 'buy' by Kim Eng

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Research House: Kim Eng

Kim Eng Research in a Jan 3 research report says: "Boustead has been quietly delivering, reporting record profits year after year from FY Mar03 to FY Mar09, with sustained double-digit growth rate. Multiple growth opportunities exist for Boustead's varied businesses.

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Boustead Sp - Boustead Singapore cut to Hold by DBS Vickers

Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Research House: DBS Vickers

DBS Vickers downgrades Boustead Singapore (F9D.SG) to Hold from Buy, trims target price to $1.00 from $1.10, which translates to 9.6x FY12 P/E.

Changes reflect sluggish pace of contract wins, with $100 million worth of orders secured in current FY vs house’s $400 million forecast.

Says while enquiries on engineering group’s services “still very robust”, potential clients slow to conclude negotiations.

Adds 2H11 performance likely to be affected by further delays in Boustead’s Libyan township project, secured in 2006 but little progress achieved so far due to “severe red tape”.

Shares last down 1.8% at $1.10.