We believe Boustead Singapore has emerged with a much stronger balance sheet with the disposal of 21 properties into UI Boustead REIT, whilst maintaining a significant stake in the REIT.
We believe this would help smoothen the lumpy, one-off earnings that was seen in its engineering and real estate business units.
We believe the strong orderbooks that Boustead has secured would help drive its future earnings and cash generation, and hopefully better margins.
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Boustead Singapore (SGX: F9D): Initiation Research (21 August 2026)