This is a continuation from the post “Boustead Singapore Part I” Let’s start off with a table: The data above basically confirms our thesis in part I: Boustead is currently facing strong headwinds. Dividend has been reduced to multi year lows (if you exclude the dividend in specie distribution of BP), ROE has dropped substantially. NAV too has dropped, largely due to the demerger of BP. At the share price of $0.79, this means we’re paying a PER of 15 times, and a P/B of 1.4 times. Dividend yield would be 3.8%, but I postulate that this is artificially low. The distribution of 3 cents is because there has been an additional dividend in specie in FY16. I’d expect a dividend of at least 4 cents for FY17. (2 cent interim and 2 cent final). At least. Boustead has a long term track record of growing the book ......