Excerpts from CGSCIMB report

Boustead Singapore (SGX: F9D)

Earnings recovery started to take shape in 2HFY23, with core PATMI growing to S$18m (+32% hoh, +35% yoy); but results was a slight miss. We forecast a 52% core PATMI growth in FY24F, driven by strong order win momentum for energy engineering and a higher stake in Boustead Projects. Geospatial segment steady despite FX headwinds. Reiterate Add; TP raised to S$1.40 as we account for the earnings-accretive stake increase in BP.

Boustead Singapore 2HFY3/23: Earnings recovery taking shape

Boustead Singapore’s 2HFY23 core PATMI grew to S$18m (+32% hoh, +35% yoy) helped by stronger performance in its energy engineering and real estate segments, while the geospatial technology segment saw stable earnings despite forex headwinds. Excluding exceptional items (one-off disposal gain, forex impact, etc), FY23 core PATMI of S$32m (-2% yoy) was a slight miss vs. our forecast of S$35m, mainly due...