SINGAPORE (July 15): Boustead Singapore last week released its FY20 results which were in line with expectations. With that, CGS-CIMB Research continues to rate Boustead “add” with an unchanged target price of $1.00.

The company’s growth was led by strong performance in both geospatial technology and energy-related engineering segments. This was partially offset by weaker property division, through 53%-owned Boustead Projects.

The research house also has an “add” call on Boustead Projects but with a lower target price of 88 cents from 93.1 cents previously.

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