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Boustead Singapore (SG:F9D)
SGX:F9D
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Boustead Singapore (F9D) AI Stock Analysis

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SG:F9D

Boustead Singapore

(SGX:F9D)

Rating:66Neutral
Price Target:
S$1.50
▼(-10.71%Downside)
Boustead Singapore's robust financial performance, characterized by solid profitability and a strong balance sheet, is a key strength. While the stock shows positive technical momentum, caution is advised due to overbought conditions. The valuation is attractive with a low P/E ratio and high dividend yield, enhancing its investment appeal.

Boustead Singapore (F9D) vs. iShares MSCI Singapore ETF (EWS)

Boustead Singapore Business Overview & Revenue Model

Company DescriptionBoustead Singapore Limited, an investment holding company, provides energy-related engineering, real estate, and geospatial and healthcare technology solutions in Africa, the Asia Pacific, Australia and Oceania, Europe, the Middle East, and North and South America. The company designs, engineers, and supplies direct-fired process heater systems, waste heat recovery units, and related equipment for the oil and gas, petrochemical, and energy industries. It also designs, engineers, and supplies emergency shutdown and process control systems, including pneumatic and hydraulic, or safety programmable logic controller-based wellhead control panels and hydraulic power units; integrated control and safety shutdown systems; and topside automation systems, chemical injection skids, fire and gas systems, and supervisory control and data acquisition systems for the upstream oil and gas industries. In addition, the company offers water and wastewater treatment plants for the oil and gas, petrochemical, pharmaceutical, power, semiconductor, and special defense industries, as well as for municipal authorities. Further, it designs, engineers, and supplies mini-power plants, solid waste energy recovery plants, and related combustion technology; and provides design-and-build and development expertise for business parks and industrial developments. Additionally, the company offers geographic information systems and location intelligence solutions; and management, professional and training, project management, design, construction and property-related, private business trust, real estate trustee, property fund management, and data set services. It also distributes medical solutions for age-related chronic diseases and mobility issues, as well as Esri geospatial technology; holds, manages, and rents properties; and develops industrial spaces for lease/sale. The company was founded in 1828 and is headquartered in Singapore.
How the Company Makes MoneyBoustead Singapore makes money primarily through its diversified business operations across multiple sectors. In the Energy-Related Engineering segment, revenue is generated by providing engineering services, including designing and building energy infrastructure such as oil and gas facilities. The Real Estate Solutions segment contributes to revenue through the design, engineering, and construction management of industrial facilities and business parks. In the Geo-Spatial Technology segment, the company earns income by offering GIS solutions and services, which include software sales, maintenance services, and consulting. Key partnerships with technology firms and government agencies also play a significant role in expanding the company's market reach and enhancing its service offerings, thereby contributing to its overall earnings.

Boustead Singapore Financial Statement Overview

Summary
Boustead Singapore demonstrates financial resilience with strong margins and a sturdy balance sheet. While there are revenue challenges, profitability remains robust. Cash flow management requires attention, but free cash flow generation is commendable.
Income Statement
65
Positive
Boustead Singapore's income statement reveals mixed performance. The gross profit margin is strong, reflecting effective cost management. However, the revenue has declined from the previous year, impacting the net profit margin. Despite this, both EBIT and EBITDA margins show solid profitability, indicating efficient operations.
Balance Sheet
70
Positive
The balance sheet is robust with a healthy equity ratio, suggesting financial stability and low leverage risk. The debt-to-equity ratio is low, indicating conservative capital structure management. The return on equity is impressive, showing effective use of shareholder funds to generate profits.
Cash Flow
60
Neutral
Cash flow analysis shows a decrease in operating cash flow, which could signal potential liquidity constraints. However, free cash flow remains positive, and the company has managed capital expenditures well. The free cash flow to net income ratio suggests adequate cash generation relative to profits.
BreakdownMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Income Statement
Total Revenue527.10M767.57M561.64M631.81M685.71M
Gross Profit233.29M226.74M157.04M144.75M173.60M
EBITDA134.50M113.25M81.42M70.42M212.21M
Net Income95.05M64.19M45.33M30.58M113.07M
Balance Sheet
Total Assets1.09B1.11B1.14B1.08B1.16B
Cash, Cash Equivalents and Short-Term Investments344.74M376.39M332.39M474.98M484.97M
Total Debt40.32M38.57M50.63M68.68M64.74M
Total Liabilities494.31M584.54M566.98M451.14M498.53M
Stockholders Equity581.39M505.24M453.04M433.57M446.95M
Cash Flow
Free Cash Flow68.03M91.31M74.00M51.21M57.81M
Operating Cash Flow76.94M96.38M76.91M54.96M61.55M
Investing Cash Flow-10.83M-44.15M-46.89M-57.00M266.89M
Financing Cash Flow-105.63M-4.60M-96.97M-68.73M-140.86M

Boustead Singapore Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.68
Price Trends
50DMA
1.37
Positive
100DMA
1.21
Positive
200DMA
1.11
Positive
Market Momentum
MACD
0.09
Positive
RSI
72.68
Negative
STOCH
82.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F9D, the sentiment is Positive. The current price of 1.68 is above the 20-day moving average (MA) of 1.58, above the 50-day MA of 1.37, and above the 200-day MA of 1.11, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 72.68 is Negative, neither overbought nor oversold. The STOCH value of 82.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:F9D.

Boustead Singapore Peers Comparison

Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
66
Neutral
$842.51M8.6917.60%3.27%-31.33%45.16%
59
Neutral
AU$1.66B10.3111.24%3.62%7.22%3.34%
$10.62B13.9620.60%3.60%
74
Outperform
S$707.20M15.5311.79%8.70%-1.98%-29.50%
73
Outperform
S$14.37B15.897.90%4.03%-5.24%-77.23%
73
Outperform
S$652.66M11.858.58%0.71%-10.70%-45.35%
60
Neutral
S$703.72M22.971.03%1.18%-5.00%-73.03%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:F9D
Boustead Singapore
1.68
0.73
75.92%
SCRPF
Sembcorp Industries
5.98
2.66
80.12%
SG:H30
Hong Fok Corporation Limited
0.85
0.06
7.59%
SG:BN4
Keppel Corporation Limited
8.20
2.02
32.69%
SG:CHZ
HRnetGroup Ltd.
0.70
0.06
9.37%
SG:E3B
Wee Hur Holdings Ltd.
0.68
0.49
257.89%

Boustead Singapore Corporate Events

Boustead Singapore Strengthens Real Estate Position with Strategic Fund Transactions
Jun 25, 2025

Boustead Singapore Limited announced its intention to enter into several transactions with its subsidiary, Boustead Projects Limited, concerning the Boustead Real Estate Fund. The company will assume Boustead Projects Limited’s rights and obligations under a subscription agreement and purchase a majority stake in the fund, comprising 51% of the issued units, for approximately S$39.3 million. This strategic move is expected to enhance Boustead Singapore’s position in the real estate sector by consolidating its control over the fund, potentially impacting its market operations and stakeholder interests.

Boustead Singapore Initiates Strategic Review of Logistics and Industrial Assets
Jun 12, 2025

Boustead Singapore Limited is conducting a strategic review of its logistics and industrial real estate assets in Singapore, which may include a potential sale to a real estate investment trust. This review is part of the company’s ongoing efforts to explore investment options and unlock shareholder value, though there is no guarantee of a transaction. Stakeholders are advised to exercise caution and seek professional advice before making any decisions regarding their shares.

Boustead Secures Tukang Innovation Site Tender
May 30, 2025

Boustead Singapore Limited’s Real Estate Solutions Division, through its subsidiary BP-Innovue Pte Ltd and a joint venture partner, has successfully secured a tender for the Tukang Innovation Drive Plot A site from JTC Corporation. This marks the first project for Boustead’s newly formed Pan-Asian logistics and industrial real estate platform, UIB. The site, which benefits from an extended lease tenure under the enhanced industrial land lease framework, will be developed into a multi-user industrial facility. Despite the project’s scale, it is not expected to significantly impact Boustead’s financial performance for the current fiscal year.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 09, 2025