Boustead Singapore (F9D) AI Stock Analysis

• Market Cap: S$1.12B
• Dividend Yield: 4.26%
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): 11.5
• Beta (1Y): 0.64
• Revenue Growth: -24.32%
• EPS Growth: 24.61%
• Country: SG
• Employees: 1,311
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 0.07
• Shares Outstanding: 527,317,700
• 10 Day Avg. Volume: 1,356,460
• 30 Day Avg. Volume: 1,037,856
• PEG Ratio: 0.10
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 7.85
• 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: S$2.45
• Price Target Upside: 36.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: S$2.50 ▲(39.66% Upside)
• Action: Upgraded Date: 10/29/25
• Date: Action: Upgraded 10/29/25

Boustead Singapore's strong financial performance, particularly its profitability and low leverage, is a key strength. The stock's positive technical indicators and attractive valuation further enhance its appeal. However, the decline in revenue growth and cash flow challenges are areas to monitor. Overall, the company is well-positioned but needs to address these issues for sustained success.

Positive Factors

High Profitability

Sustained high gross and net margins indicate durable pricing power and efficient project execution across engineering and geospatial segments. Strong margins provide buffer against project cost variation and support reinvestment, dividends, and strategic initiatives over the medium term.

Low Leverage & Strong ROE

Very low leverage and a healthy ROE reflect financial conservatism and effective capital deployment. This balance-sheet strength reduces refinancing risk, enables selective M&A or capex funding, and provides resilience during project timing swings over the next several quarters.

Improving Free Cash Flow

Material FCF growth and near-par conversion of net income into FCF point to improving cash generation capability. Reliable FCF supports working capital needs for project execution, funds shareholder returns, and reduces dependence on external financing across business cycles.

Negative Factors

Declining Revenue Growth

A steep year-over-year revenue decline signals weakening top-line momentum or lumpy project timing. For a project-driven EPC and services business, prolonged revenue contraction erodes operating leverage, pressures absolute profit dollars, and can limit reinvestment capacity.

Weak Operating Cash Conversion

Low operating cash conversion versus reported earnings indicates reliance on accrual accounting and timing-dependent cash receipts. For project-led firms this raises liquidity risk, heightens working capital needs, and can amplify stress if payment cycles lengthen or disputes occur.

Project-Driven Revenue Volatility

Heavy dependence on lump-sum and milestone-billed projects creates inherent revenue and margin volatility. Backlog timing, claims, variations, and execution risks can swing results across quarters, making medium-term predictability and smooth cash flows more challenging.

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 generates revenue through several key streams, primarily from its engineering services, which include project management, design, and construction of infrastructure projects in the energy and water sectors. The company also earns income from its real estate segment, which involves developing and leasing properties, as well as from technology services that focus on providing integrated solutions for industrial applications. Significant partnerships with governments and enterprises, along with a focus on sustainable practices, enhance its earning potential. Additionally, Boustead benefits from long-term contracts and projects that provide stable cash flows over time.

Boustead Singapore Financial Statement Overview

Summary

Boustead Singapore demonstrates strong profitability and financial stability, with impressive margins and low leverage. However, the decline in revenue growth and some cash flow challenges highlight areas for improvement. Overall, the company is well-positioned financially, but attention to revenue growth and cash flow efficiency is necessary for sustained success.

Income Statement

Boustead Singapore's income statement shows a strong gross profit margin of 44.26% and a net profit margin of 18.03% for the latest period, indicating robust profitability. However, the revenue growth rate has declined by 13.73%, which is a concern. The EBIT and EBITDA margins are healthy at 23.84% and 25.52%, respectively, reflecting efficient operations despite the revenue drop.

Balance Sheet

The balance sheet is solid with a low debt-to-equity ratio of 0.07, indicating low leverage and financial stability. The return on equity is strong at 16.35%, showcasing effective use of equity to generate profits. The equity ratio is not explicitly calculated but appears healthy given the low debt levels and substantial equity.

Cash Flow

Cash flow analysis reveals a significant free cash flow growth rate of 61.75%, indicating improved cash generation. However, the operating cash flow to net income ratio is relatively low at 0.19, suggesting cash flow challenges in relation to net income. The free cash flow to net income ratio is strong at 0.88, reflecting efficient cash conversion.

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

• Technical Analysis Sentiment: Positive
• Last Price: 1.79
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 2.13, below the 50-day MA of 1.93, and above the 200-day MA of 1.63, indicating a bullish trend. The MACD of 0.10 indicates Positive momentum. The RSI at 63.61 is Neutral, neither overbought nor oversold. The STOCH value of 52.86 is Neutral, 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	74 Outperform	S$1.12B	11.52	17.60%	4.26%	-24.32%	24.61%
CHZ	72 Outperform	S$735.61M	14.40	13.16%	5.58%	1.23%	-10.36%
E3B	66 Neutral	S$730.80M	27.41	4.06%	11.07%	5.49%	-86.00%
U96	65 Neutral	S$10.89B	11.06	19.65%	4.33%	-6.69%	6.76%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
H30	62 Neutral	S$687.17M	20.85	1.11%	1.20%	1.94%	-69.89%
BN4	57 Neutral	S$22.92B	30.08	8.75%	3.29%	-0.62%	34.52%

Boustead Singapore Corporate Events

Boustead Singapore Lodges Preliminary Prospectus for UI Boustead REIT

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 Limited, which sponsors the REIT and counts Boustead Singapore as an associated company through its roughly 24% stake via BP-Unity Pte. Ltd.

The company cautioned that there is no certainty the proposed listing or transaction will proceed as outlined, and urged shareholders and potential investors to exercise care when trading its shares. Boustead Singapore said it will provide further updates in line with Singapore Exchange rules as material developments arise regarding the proposed UI Boustead REIT listing.

The most recent analyst rating on (SG:F9D) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Boustead Singapore stock, see the SG:F9D Stock Forecast page.