Boustead Projects - CGS-CIMB Research 2021-11-15: Recovering From COVID-19 Depths

Boustead Projects - Recovering From COVID-19 Depths

  • Boustead Project (SGX:AVM)'s 1HFY22 (Apr 2021 to Sep 2021) net profit of S$5.9m above expectations, thanks to a more normalised revenue recognition due to resumption of construction activities.
  • Operating environment remains challenging in 2H22F due to elevated costs; margins should improve in FY23F as pre-pandemic contracts are fulfilled.
  • Boustead Project has a strong war chest to chart its next leg of growth by expanding its presence in Vietnam. Reiterate ADD call on Boustead Project and target price of S$1.40.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

ONG Khang Chuen CFA CGS-CIMB Research | 2021-11-15
SGX Stock Analyst Report ADD MAINTAIN ADD 1.400 SAME 1.400

Read also CGS-CIMB's most recent report:
2022-06-08 Boustead Projects - Charting Next Leg Of Growth

Relevant links:
Boustead Project Analyst Report,
Boustead Project Target Price,

Boustead Project Share Price History,
Boustead Project Announcements,
Boustead Project Dividends/ Corp Actions,
Boustead Project News Articles


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