Boustead Projects Limited - CGS-CIMB Research 2019-06-20: Earnings Visibility With S$660m Order Book

BOUSTEAD PROJECTS LIMITED (SGX:AVM) | SGinvestors.io BOUSTEAD PROJECTS LIMITED (SGX:AVM)

Boustead Projects Limited - Earnings Visibility With S$660m Order Book

  • BOUSTEAD PROJECTS LIMITED (SGX:AVM) is an industrial real estate design and build solutions provider.
  • Its order book, which stood at S$660m at end-Mar 2019, is likely to keep the group busy.
  • The company stated that it would consider a REIT listing of its portfolio to unlock value.



Industrial real estate design and build specialist

  • Established in 1996, BOUSTEAD PROJECTS LIMITED (SGX:AVM) is an industrial real estate solutions provider in Singapore, with core engineering expertise in the design-and-build and development of industrial facilities for multinational corporations and local enterprises.
  • From inception to 23 May 2019, Boustead Projects had constructed and developed more than 3,000,000 sq m of industrial real estate in Singapore and the Asian region (China, Malaysia and Vietnam).


Able to execute construction contracts of unlimited value

  • Boustead Projects’ wholly-owned subsidiary (Boustead Projects E & C Pte Ltd) is approved by Singapore’s Building & Construction Authority to execute building construction contracts of unlimited value. It has in-depth experience in designing and constructing custom-built facilities, covering the aerospace, business park and commercial, food, healthcare and pharmaceutical, high-tech manufacturing, info-communications, lifestyle, logistics, oil & gas, precision engineering, research & development, technology and waste management industries.
  • On 30 Apr 2015, Boustead Projects was listed on the Singapore Exchange (SGX) Mainboard.


S$660m order book as at end-Mar 2019

  • Boustead Projects’ order book backlog stands at a record-high level of approximately S$660m at end- FY19 (unrecognised project revenue remaining at the end of FY19 plus the total value of new orders secured since then). This includes the sizeable contracts for the JTC Multi-Storey Recycling Facility and Surbana Jurong Campus.
  • Boustead Projects’ FY18 and FY19 revenue was S$170m and S$234m, respectively.


Current trading multiples






William TNG CFA CGS-CIMB Research | https://research.itradecimb.com/ 2019-06-20
SGX Stock Analyst Report NOT RATED MAINTAIN ADD 99998 SAME 1.040



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