SINGAPORE (July 15): CGS-CIMB Research has maintained its “add” recommendation on Boustead Projects Limited (BP) with a lower target price of 88 cents, compared to 93.1 cents previously.

This came on the back of the company releasing its FY20 results, which came in below expectations. 

For the 2H20 period, BP’s core net profit came in at $13.4 million, representing a 7% increase from the same period a year ago. But on a full year basis, FY20 core net profit fell 10.4% y-o-y to $23.0 million, below expectations at 90% of CGS-CIMB’s full-year forecast.

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