Boustead Singapore (SG:F9D)
SGX:F9D
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Boustead Singapore
(SGX:F9D)
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Rating:70Outperform
Price Target:
S$2.50
▲(39.66% Upside)
Action:ReiteratedDate:04/30/26
The score is driven primarily by solid financial quality (strong margins, low leverage, healthy ROE), supported by bullish technical trend and positive momentum. The main constraints are declining revenue growth and weaker operating cash flow vs. net income, plus limited valuation visibility due to an unusable P/E input (partly offset by the ~3.18% dividend yield).
Positive Factors
High margins & profitability
Sustained high gross and net margins indicate durable pricing power and operational efficiency across engineering and geospatial segments. These margins provide buffer against project cost swings, support reinvestment and dividend capacity, and enhance resilience through project cycles.
Negative Factors
Declining revenue growth
Material revenue contraction reduces operating leverage and long-term growth visibility. Persistent top-line declines can force greater dependence on margin expansion to sustain profits, limit reinvestment capacity, and signal weaker project intake or market demand.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & profitability
Sustained high gross and net margins indicate durable pricing power and operational efficiency across engineering and geospatial segments. These margins provide buffer against project cost swings, support reinvestment and dividend capacity, and enhance resilience through project cycles.
Read all positive factors
Boustead Singapore (F9D) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.31B
Dividend Yield4.26%
Average Volume (3M)1.04M
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth-24.32%
EPS Growth24.61%
CountrySG
Employees1,311
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)0.20
Shares Outstanding527,317,700
10 Day Avg. Volume1,356,460
30 Day Avg. Volume1,037,856
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.92
Price to Sales (P/S)1.01
P/FCF Ratio7.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.45Price Target Upside36.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 ...
How the Company Makes Money
Boustead Singapore makes money primarily by selling project-based engineering and construction services and by providing geospatial software and services.
1) Engineering & construction / energy engineering (project revenue)
- Revenue is generated...
Boustead Singapore Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
75
Positive
Cash Flow
65
Positive
| 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 | 224.81M |
| 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
Positive
1.79
Price Trends
2.02
Positive
1.90
Positive
1.77
Positive
Market Momentum
0.04
Negative
66.97
Neutral
92.86
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 1.79 is below the 20-day moving average (MA) of 1.93, below the 50-day MA of 2.02, and above the 200-day MA of 1.77, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 66.97 is Neutral, neither overbought nor oversold. The STOCH value of 92.86 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$651.77M | ― | 5.09% | 0.60% | -0.58% | 160.00% | |
75 Outperform | S$589.51M | 2.09 | 39.11% | ― | -5.60% | -82.25% | |
70 Outperform | S$1.31B | ― | 17.60% | 4.26% | -24.32% | 24.61% | |
65 Neutral | S$11.29B | 5.97 | 18.30% | 4.33% | -9.63% | -3.30% | |
65 Neutral | S$401.32M | ― | 12.68% | 0.78% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | S$19.17B | ― | 3.58% | 3.29% | -3.52% | -16.41% |
* Industrials Sector Average
SG:F9D
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2.57
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Boustead Singapore Corporate Events
Boustead Completes Property Divestments as UI Boustead REIT Lists on SGX
Mar 12, 2026
Boustead Singapore has completed the divestment of certain properties as part of the initial public offering of UI Boustead REIT, marking a key step in restructuring its real estate holdings. Units of UI Boustead REIT began trading on the Main Boa...
Boustead Singapore Registers Final Prospectus for UI Boustead REIT
Mar 5, 2026
Boustead Singapore said the final prospectus for UI Boustead REIT has been registered with the Monetary Authority of Singapore, marking a key milestone in the proposed listing of the trust. The REIT is managed by UIB REIT Management, a wholly owne...
Boustead Singapore Lodges Preliminary Prospectus for UI Boustead REIT
Feb 26, 2026
Boustead Singapore has announced that the preliminary prospectus for UI Boustead REIT has been lodged with the Monetary Authority of Singapore. The REIT will be managed by UIB REIT Management Pte. Ltd., a wholly owned subsidiary of UIB Holdings Li...
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.