- Boustead SG (SGX:F9D) has delivered steady profitability from core businesses and maintained a healthy net cash position.
- Order backlog grew to a healthy level of S$558m by end-Sep 22
- Share price remains undervalued on a SOTP basis
- Business outlook remains stable, but lack of a near term catalyst for re-rating.
1H FY2023 Results
Boustead has released their
1H FY23 results in Nov 22.
On a whole, Boustead has done well. Stripping off other extraordinary gains and losses, net profit fell 28% y-o-y. This is inline with the decrease in revenue. Looking at their segmental revenue table, energy and real estate contributed lesser compared to 1H22. This is due to the leaner order backlog of their ongoing projects.
CONDENSED INTERIM FINANCIAL STATEMENTS
For the six months financial period ended 30 September 2022
The Group’s net asset value per share marginally declined to 89.6 cents at the end of 1H FY2023,
compared to 89.9 cents at the end of FY2022....
