Boustead Singapore

CGS-CIMB starts Boustead on 'add' as it fires on all cylinders

SINGAPORE (Sept 23): CGS-CIMB Research is initiating coverage on Boustead Singapore with an “add” recommendation and a target price of $1.00 – representing an upside of more than 36%.

In an initiation report on Friday, lead analyst Ong Khang Chuen notes that the group’s real estate and energy-related engineering order book backlog is currently at a five-year high, while its geospatial segment continues to expand steadily.

In FY20, Boustead’s energy-related engineering segment has secured $161 million worth of contracts to-date, compared to $89 million secured in FY19.

Boustead Singapore wins $100 mil contract for European infrastructure development

SINGAPORE (Aug 22): Boustead International Heaters (BIH) has secured a $100 million contract for a major energy infrastructure development in Europe.

The contract involves the design, engineering and supply of waste heat recovery units in the oil and gas industries.

BIH is the largest subsidiary in the energy-related engineering division of SGX mainboard-listed Boustead Singapore.

With the latest contract, Boustead Singapore’s order book backlog has been raised to $823 million.

Boustead Projects unit awarded $70 mil contract for high-tech manufacturing facility

SINGAPORE (Feb 19): Boustead Projects, the specialist in real estate solutions, says its wholly-owned design-and-build subsidiary, Boustead Projects E&C, has won a contract worth over $70 million.

Under the contract, Boustead Projects E&C will design and build an integrated advanced high-tech manufacturing facility in Singapore.

With a gross floor area of 36,300 sqm, the facility is intended to expand the client’s existing operations in Singapore. The project is expected to be completed by the second quarter of calendar year 2020.

Boustead Singapore posts 12% rise in 3Q earnings to $8.7 mil on higher revenue

SINGAPORE (Feb 13): Boustead Singapore saw its earnings grow 12% to $8.7 million for the 3Q19 ended December, from $7.8 million a year ago.

3Q19 revenue jumped 43% to $145.6 million, from $102.2 million a year ago.

This was led by a 70% increase in revenue to $81.3 million from its Real Estate Solutions division, under Boustead Projects.  

Revenue from the group’s Energy-Related Engineering division climbed 21% to $30.8 million, in line with the gradual but slightly volatile improvement in the outlook of the global oil & gas industries.

Shares of Boustead Singapore, Boustead Projects up on $200 mil contract win

SINGAPORE (Jan 21): Shares of Boustead Singapore and Boustead Projects rose on Monday morning.

This follows Boustead Singapore’s Friday night announced that Boustead Projects, its 53% owned subsidiary, had won a contract worth over $200 million to design and build Surbana Jurong Campus.

As at 10.49am, Boustead Singapore shares are up 1.9% to 80.5 cents with 419,000 units of traded while Boustead Projects shares are up 2.3% to 90 cents with 36,000 units traded.

Boustead acquires Asia-focused healthcare business for $19 mil

SINGAPORE (May 24): Boustead Singapore announced that it is acquiring 100% of the shareholding of WhiteRock Incorporation (WRI), which comprises a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand for $19 million.

WRI is an equipment and services provider for rehabilitative care, sleep care and sports science. Its primary focus is in addressing the needs of healthcare institutions caused by rising ageing populations, which require a significant increase in long-term healthcare infrastructure and skilled healthcare manpower.

Boustead Singapore posts 18% drop in 4Q earnings to $7.5 mil on absence of one-off gains

SINGAPORE (May 23): Engineering services and geo-spatial technology group Boustead Singapore saw its earnings fall 18% to $7.5 million for the 4Q ended March, from $9.2 million a year ago.

This brings full-year earnings down 24% to $25.4 million in FY18, compared to $33.3 million a year ago.

The decline was mainly due to the absence of one-off gains.

Boustead Singapore's 3Q earnings drop 17% to $7.8 mil

SINGAPORE (Feb 13): Boustead Singapore posted a 17% fall in 3Q earnings to $7.80 million from $9.45 million a year ago.

Revenue was 12% lower at $102.2 million from $115.7 million last year.

The prolonged global oil & gas recession continued to weigh on revenue at the energy-related engineering division, which came in at $25.4 million.

Faced with a challenging industrial real estate sector in Singapore, the real estate solutions division under Boustead Projects registered revenue that was 28% lower y-o-y at $47.9 million.

Boustead Singapore posts 7% drop in 2Q earnings to $7.1 mil; doubles interim dividend to 1 cent

SINGAPORE (Nov 14): Engineering services and geo-spatial technology group Boustead Singapore reported a 7% decline in earnings to $7.1 million in the 2Q18 ended September, down from $7.6 million a year ago.

This was mainly due to the spinoff of Boustead Projects as a separate subsidiary. Total profit in 2Q18 rose 4% to $12.4 million but $5.3 million was recorded under profit attributable to non-controlling interests.

Boustead Singapore posts 58% fall in 1Q earnings to $2.9 mil

SINGAPORE (Aug 10): Boustead Singapore reported 1Q18 earnings of $2.9 million, down 58% from $7 million in 1Q17.

This was significantly due to currency exchange effects which in turn caused a swing to other losses of $1.65 million in 1Q18 from other gains of $883,000 in 1Q17.

Net profit declined at a faster pace than total profit due to higher contributions by Boustead Projects to total profit, which resulted in the dilutive effect of the higher non-controlling interests on net profit.

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