CGS-CIMB Research analyst Ong Khang Chuen has kept “add” on Boustead Singapore with an unchanged target price of $1.40 following the group’s record performance for the FY2021 ended March.

The target price, says Ong in a May 28 report, is still based on a 20% discount to its sum-of-the-parts (SOTP)-based valuation.

That said, the group’s net profit of $113.1 million stood slightly below Ong’s expectations at 96% of his full-year earnings estimates.

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