Boustead Singapore (F9D) AI Stock Analysis

• Market Cap: $900.40M
• Dividend Yield: 4.34%
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): 9.3
• Beta (1Y): 0.62
• 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: 0.27
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 1.03
• Enterprise Value/Ebitda: 2.21
• 1Y Price Target: $2.01
• Price Target Upside: 16.19% 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$2.00 ▲(15.61% Upside)

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

Low Leverage

Low leverage enhances financial stability and reduces risk, allowing Boustead Singapore to navigate economic fluctuations more effectively.

Strong Profit Margins

Robust profit margins indicate efficient operations and pricing power, supporting long-term profitability and competitive positioning.

Cash Flow Improvement

Improved cash flow generation enhances financial flexibility, enabling Boustead Singapore to invest in growth opportunities and manage obligations.

Negative Factors

Declining Revenue Growth

A decline in revenue growth may indicate challenges in market expansion or competitive pressures, potentially impacting future earnings.

Cash Flow Challenges

Low cash flow relative to net income suggests operational inefficiencies, which could strain liquidity and limit investment capacity.

Uncertain REIT Listing

Uncertainty around the REIT listing could delay potential capital raising and strategic real estate monetization, affecting financial planning.

Boustead Singapore Business Overview & Revenue Model

Company Description

Boustead Singapore (F9D) is a leading global infrastructure and engineering company headquartered in Singapore, operating across diverse sectors including energy, water, real estate, and technology. The company specializes in providing integrated solutions that encompass the development, engineering, procurement, and construction of complex infrastructure projects. Boustead is recognized for its innovative approach and commitment to sustainability, delivering a wide range of services that cater to both public and private sector clients.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	527.10M	527.10M	767.57M	561.64M	631.81M	685.71M
Gross Profit	233.29M	233.29M	226.74M	157.04M	144.75M	173.60M
EBITDA	108.94M	134.50M	113.25M	81.42M	70.42M	224.81M
Net Income	95.05M	95.05M	64.19M	45.33M	30.58M	113.07M
Balance Sheet
Total Assets	1.09B	1.09B	1.11B	1.14B	1.08B	1.16B
Cash, Cash Equivalents and Short-Term Investments	344.74M	344.74M	376.39M	332.39M	474.98M	484.97M
Total Debt	40.32M	40.32M	38.57M	50.63M	68.68M	64.74M
Total Liabilities	494.31M	494.31M	584.54M	566.98M	451.14M	498.53M
Stockholders Equity	581.39M	581.39M	505.24M	453.04M	433.57M	446.95M
Cash Flow
Free Cash Flow	68.03M	68.03M	91.31M	74.00M	51.21M	57.81M
Operating Cash Flow	76.94M	76.94M	96.38M	76.91M	54.96M	61.55M
Investing Cash Flow	-10.83M	-10.83M	-44.15M	-46.89M	-57.00M	266.89M
Financing Cash Flow	-105.63M	-105.63M	-4.60M	-96.97M	-68.73M	-140.86M

Boustead Singapore Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.73
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 1.73 is above the 20-day moving average (MA) of 1.69, below the 50-day MA of 1.73, and above the 200-day MA of 1.40, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.39 is Neutral, neither overbought nor oversold. The STOCH value of 49.87 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
CHZ	79 Outperform	S$730.71M	14.35	13.16%	5.78%	1.23%	-10.36%
F9D	74 Outperform	$900.40M	9.27	17.60%	4.34%	-24.32%	24.61%
U96	71 Outperform	S$10.39B	10.24	19.65%	4.39%	-6.69%	6.76%
BN4	71 Outperform	S$17.68B	18.00	8.75%	3.33%	-0.62%	34.52%
E3B	66 Neutral	S$666.45M	25.00	4.06%	11.61%	5.49%	-86.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
H30	62 Neutral	S$625.07M	18.97	1.11%	1.19%	1.94%	-69.89%

Boustead Singapore Corporate Events

Boustead Singapore Announces New Company Secretary

Boustead Singapore Limited has announced a change in its company secretary position, with Ms Tay Chee Wah appointed as the new Company Secretary effective from November 24, 2025, succeeding Mr Alvin Kok who has resigned. The Board expressed gratitude for Mr Kok’s contributions, indicating a smooth transition in the company’s administrative roles, which is crucial for maintaining corporate governance and operational continuity.

Boustead Secures Key Contract for Semiconductor Facility

Boustead Singapore Limited’s Real Estate Solutions Division has secured a significant design-and-build contract to reconfigure an existing semiconductor material manufacturing plant. The facility, located near Wafer Fab Park and Tampines Town Centre, is expected to enhance production capabilities to meet growing semiconductor demand, with completion anticipated by the fourth quarter of 2026. Despite the contract’s addition to Boustead’s portfolio, it is not expected to materially impact the company’s financial metrics for the fiscal year ending March 2026.

Boustead Singapore Ends Multicurrency Debt Programme

Boustead Singapore Limited has announced the termination of its S$500,000,000 Multicurrency Debt Issuance Programme, effective 22 September 2025. The company has never issued any notes or securities under this programme and does not plan to update it for future use, citing access to other financing options such as internal cash resources and bank financing.