- Boustead's share price has appreciated another 19.7% since our last report – Potential Re-rating Catalysts On The Horizon on 25 Jun 2025, exceeding our previous fair value estimate.
- - Read this at SGinvestors.io -
Adjustment to valuation assumptions.
- First, we increase our FY26 target price-to-earnings (P/E) multiple for the Geospatial division from 8x previously to 10x. This is in line with the multiple that we applied when we first initiated coverage on the company in Sep 2023, and reflects the division’s status as a crown jewel in Boustead’s portfolio as well as exposure to secular growth trends.
- - Read this at SGinvestors.io -
- Boustead's share price has appreciated another 19.7% since our last report – Potential Re-rating Catalysts On The Horizon on 25 Jun 2025, exceeding our previous fair value estimate.
- While we keep our forecasts intact, we relook key assumptions underlying our sum-of-the-parts (SOTP) valuation and make some adjustments.
- First, we increase our FY26 target price-to-earnings (P/E) multiple for the Geospatial division from 8x previously to 10x. This is in line with the multiple that we applied when we first initiated coverage on the company in Sep 2023, and reflects the division’s status as a crown jewel in Boustead’s portfolio as well as exposure to secular growth trends.
- Second, we halve the discount to net asset value (NAV) on Boustead’s Real Estate division from 50% to 25%. We think this is justifiable given the company’s recent moves to unlock value for shareholders – namely,
- Read more at SGinvestors.io.
