SINGAPORE (June 21): Boustead Projects, the industrial property designer and building solutions provider, is now on the radar screen of CGS-CIMB Research after its order book hit a record high of $660 million.

This figure comprises of values of both the company’s remaining unrecognised project revenue at the end of FY19 and the new orders secured since then – including sizeable contracts for the JTC multi-storey recycling facility and Surbana Jurong Campus.

From its founding in 1996 to May 23, Boustead Projects had constructed and developed more than 3,000,000 sq m of industrial real estate in Singapore and around Asia.

Revenue rose to $234 million in FY19 from $170 million in FY18.

As at end March, Boustead Projects trades at a historical P/E of 9.8x and P/BV of 1.06. Net gearing of 0.14 was due to the purchase of land for development.

Boustead Projects revealed in its FY18 annual report that its accounting policy is to depreciate its investment properties.

“Based on the company’s disclosure in the FY18 Annual Report, if its investment properties are revalued, BP’s end-Mar 2018 revalued book value per share could be $1.17, above the reported book value per share of $0.79,” says analyst William Tng in a Thursday unrated report.

The company has said it would consider a REIT listing of its portfolio to unlock value.

As at 4.23pm, Boustead Projects shares are trading at 92 cents.