Boustead Singapore (F9D) AI Stock Analysis

• Market Cap: $842.51M
• Dividend Yield: 3.27%
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): 8.7
• Beta (1Y): 0.49
• Revenue Growth: -31.33%
• EPS Growth: 45.16%
• Country: SG
• Employees: 1,311
• Sector: Industrials
• Sector Strength: 94
• Industry: Conglomerates
• EPS (TTM): 0.12
• Shares Outstanding: 514,214,500
• 10 Day Avg. Volume: 1,118,030
• 30 Day Avg. Volume: 1,006,553
• PEG Ratio: 0.47
• Price to Book (P/B): 1.37
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 11.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 66 Neutral
• 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 Business Overview & Revenue Model

Company Description

Boustead 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 Money

Boustead 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

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

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

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.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	527.10M	767.57M	561.64M	631.81M	685.71M
Gross Profit	233.29M	226.74M	157.04M	144.75M	173.60M
EBITDA	134.50M	113.25M	81.42M	70.42M	212.21M
Net Income	95.05M	64.19M	45.33M	30.58M	113.07M
Balance Sheet
Total Assets	1.09B	1.11B	1.14B	1.08B	1.16B
Cash, Cash Equivalents and Short-Term Investments	344.74M	376.39M	332.39M	474.98M	484.97M
Total Debt	40.32M	38.57M	50.63M	68.68M	64.74M
Total Liabilities	494.31M	584.54M	566.98M	451.14M	498.53M
Stockholders Equity	581.39M	505.24M	453.04M	433.57M	446.95M
Cash Flow
Free Cash Flow	68.03M	91.31M	74.00M	51.21M	57.81M
Operating Cash Flow	76.94M	96.38M	76.91M	54.96M	61.55M
Investing Cash Flow	-10.83M	-44.15M	-46.89M	-57.00M	266.89M
Financing Cash Flow	-105.63M	-4.60M	-96.97M	-68.73M	-140.86M

Boustead Singapore Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.68
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
F9D	66 Neutral	$842.51M	8.69	17.60%	3.27%	-31.33%	45.16%
Sector *	59 Neutral	AU$1.66B	10.31	11.24%	3.62%	7.22%	3.34%
SCRPF	―	$10.62B	13.96	20.60%	3.60%	―	―
CHZ	74 Outperform	S$707.20M	15.53	11.79%	8.70%	-1.98%	-29.50%
BN4	73 Outperform	S$14.37B	15.89	7.90%	4.03%	-5.24%	-77.23%
E3B	73 Outperform	S$652.66M	11.85	8.58%	0.71%	-10.70%	-45.35%
H30	60 Neutral	S$703.72M	22.97	1.03%	1.18%	-5.00%	-73.03%

Boustead Singapore Corporate Events

Boustead Singapore Strengthens Real Estate Position with Strategic Fund Transactions

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

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

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.