CGS-CIMB ups Boustead Projects' TP to $1.40 on attractive valuation and portfolio

CGS-CIMB Research analyst Ong Khang Chuen has maintained his “add” recommendation on Boustead Projects with a higher target price of $1.40 from $1.33 despite the company’s FY2021 results coming in below expectations.

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See: Boustead Projects reports 972% surge in 2H21 earnings of $133.9 mil due to the Boustead Industrial Fund

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For the FY2021 ended March, Boustead Projects reported a net profit of $131.7 million, which stood below Ong’s expectations at 95% of his FY2021 forecast.