• Improving prospects on Real Estate and Geospatial technology segments should re-write the Boustead narrative.
• On a SOTP basis, I think Boustead should trade at $1.45 per share, an upside of 85% from current levels. This makes Boustead share price undervalued.
• While the value creation will not happen overnight, investors who own the stock in the long run should do quite well.

Overview Boustead Singapore Limited (SGX:F9D) is a global Infrastructure-Related Engineering and Technology Group. Boustead focuses on the niche engineering and development of key infrastructure to support sustainable socio-economic growth in global markets. For example, their Energy Engineering Division and Real Estate Division centres on energy infrastructure and smart eco-sustainable business park and industrial developments. Boustead has 4 business segments, Energy Engineering, Real Estate, Geospatial and Healthcare. Business Overview of Boustead Singapore Improving prospects on Real Estate and Geospatial technology segments should re-write the Boustead narrative...