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

Felicia Tan
Felicia Tan5/31/2021 10:45 AM GMT+08  • 3 min read
CGS-CIMB ups Boustead Projects' TP to $1.40 on attractive valuation and portfolio
Re-rating catalysts on the counter include stronger order wins or further asset injection into the Boustead Industrial Fund.
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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.

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

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.

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