Boustead Singapore (SG:F9D)
SGX:F9D
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Boustead Singapore
(SGX:F9D)
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Rating:72Outperform
Price Target:
S$2.50
▲(39.66% Upside)
Action:Upgraded
Date:05/27/26
The score is driven primarily by very attractive valuation (low P/E and solid yield). This is tempered by financial quality concerns, especially the 2026 breakdown in cash conversion (negative operating and free cash flow) despite a strong, low-leverage balance sheet. Technicals are mixed, with weaker near-term price action but supportive longer-term moving averages.
Positive Factors
Low leverage / strong balance sheet
Consistently minimal debt and a conservative capital structure provide durable financial flexibility. Low leverage reduces refinancing and interest-rate risks, supports funding of project-working-capital swings, and gives management capacity to pursue opportunistic investments or sustain dividends through cyclical troughs.
Negative Factors
Poor cash conversion in 2026
Negative operating and free cash flow despite reported profits raise concerns about earnings quality and working-capital management. Persistent conversion weakness can limit reinvestment, strain liquidity during project cycles, and force reliance on balance-sheet buffers or external funding for growth and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Consistently minimal debt and a conservative capital structure provide durable financial flexibility. Low leverage reduces refinancing and interest-rate risks, supports funding of project-working-capital swings, and gives management capacity to pursue opportunistic investments or sustain dividends through cyclical troughs.
Read all positive factors
Boustead Singapore (F9D) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.11B
Dividend Yield4.26%
Average Volume (3M)1.04M
Price to Earnings (P/E)18.2
Beta (1Y)0.68
Revenue Growth18.47%
EPS Growth137.01%
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 Ratio0.03
Price to Book (P/B)1.17
Price to Sales (P/S)1.49
P/FCF Ratio-42.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.67Price Target Upside49.16% 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 through a mix of project-based engineering revenue, product/solution sales, and recurring service income across its operating segments:
1) Energy engineering (project-based contracting): The company earns ...
Boustead Singapore Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 527.10M | 624.44M | 527.10M | 767.57M | 561.64M | 631.81M |
| Gross Profit | 233.29M | 215.59M | 233.29M | 226.74M | 157.04M | 144.75M |
| EBITDA | 108.94M | 85.02M | 134.50M | 113.25M | 81.42M | 70.42M |
| Net Income | 95.05M | 232.59M | 95.05M | 64.19M | 45.33M | 30.58M |
Balance Sheet | ||||||
| Total Assets | 1.09B | 1.24B | 1.09B | 1.11B | 1.14B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 344.74M | 367.62M | 344.74M | 376.39M | 332.39M | 474.98M |
| Total Debt | 40.32M | 83.19M | 40.32M | 38.57M | 50.63M | 68.68M |
| Total Liabilities | 494.31M | 424.74M | 494.31M | 584.54M | 566.98M | 451.14M |
| Stockholders Equity | 581.39M | 790.49M | 581.39M | 505.24M | 453.04M | 433.57M |
Cash Flow | ||||||
| Free Cash Flow | 68.03M | -21.65M | 68.03M | 91.31M | 74.00M | 51.21M |
| Operating Cash Flow | 76.94M | -14.59M | 76.94M | 96.38M | 76.91M | 54.96M |
| Investing Cash Flow | -10.83M | 9.57M | -10.83M | -44.15M | -46.89M | -57.00M |
| Financing Cash Flow | -105.63M | 17.51M | -105.63M | -4.60M | -96.97M | -68.73M |
Boustead Singapore Technical Analysis
Neutral
1.79
Price Trends
2.17
Positive
2.08
Positive
1.88
Positive
Market Momentum
0.02
Positive
42.17
Neutral
3.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F9D, the sentiment is Neutral. The current price of 1.79 is below the 20-day moving average (MA) of 2.41, below the 50-day MA of 2.17, and below the 200-day MA of 1.88, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 42.17 is Neutral, neither overbought nor oversold. The STOCH value of 3.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$526.21M | 5.21 | 41.48% | ― | -6.04% | 33.67% | |
72 Outperform | S$1.11B | 18.22 | 10.08% | 4.26% | 18.47% | 137.01% | |
72 Outperform | S$680.33M | 62.14 | 5.09% | 0.60% | 25.71% | 175.44% | |
65 Neutral | S$11.36B | 11.54 | 18.30% | 4.33% | -9.63% | -3.30% | |
65 Neutral | S$349.87M | 23.25 | 12.68% | 0.78% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | S$18.85B | 52.23 | 3.58% | 3.29% | -3.52% | -16.41% |
* Industrials Sector Average
SG:F9D
Boustead Singapore
2.19
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Boustead Singapore Corporate Events
Boustead Singapore, UI Boustead REIT in JV for Seletar aerospace facility
May 22, 2026
Boustead Singapore has entered a joint venture with newly listed UI Boustead REIT to invest in, develop, own and operate a build-to-suit aerospace facility on JTC-leased land at Seletar Aerospace Road, with Boustead holding 49% and the REIT 51%. T...
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...
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.