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Boustead Singapore (SGX:F9D) reported an 18% increase in FY26 revenue to S$624.4m, led by the Real Estate Solutions Division (+70% to S$228.2m) and the Energy Engineering Division (+8% to S$171.8m). On the other hand, the Geospatial and Healthcare Divisions detracted, with revenue moderating 4% each to S$212.3m and S$11.7m, respectively.
A broadly solid set of headline numbers.
- - Read this at SGinvestors.io -
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The company has proposed a final dividend per share (DPS) and special DPS of 4.0 and 4.5 Singapore cents, respectively. This brings total Boustead's dividends for FY26 to 10.0 Singapore cents (FY25: 7.5 Singapore cents).
The devil is in the details
- - Read this at SGinvestors.io -
- The Geospatial Division, which has long been viewed as the crown jewel of the company, recorded a marginal decline in revenue due to a revision in accounting estimates (i.e. a shift towards more progressive revenue recognition); if not for this, underlying demand and traction for the segment was robust, according to the company.
- Net profit adjusted for comparative review was down 35% at S$44.7m.
Segmental results painted a less rosy picture, but we expect improvements in FY27
- Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
Ada Lim OCBC Group Research | https://www.iocbc.com/ 2026-05-28
Previous report by OCBC:
2026-02-10 Boustead Singapore - Value Unlocking Gaining Momentum.
Price targets by other brokers at Boustead Target Prices.
Listing of research reports at Boustead Analyst Reports.
Relevant links:
Boustead Share Price History,
Boustead Announcements,
Boustead Dividend Payout Dates & Corporate Actions,
Boustead News
