By all accounts, Boustead hasn’t developed into a consistent grower of earnings since I got to know this Singapore stock in 2005. A part of Boustead’s business deals with the design, build, and delivery of industrial real estate in Singapore and water-related projects. As long as they have these segments of the business, the revenue and earnings will be volatile. Their real estate leasing and geo-spatial business provides more consistent earnings. From early 2000 to 2010, Boustead missed the opportunity to throw their industrial property into a REIT when it was popular to do so to unlock the value for their shareholders. Since then, they been struggling to do so but have not bear any result. The spinning off of Boustead Projects is one and didn’t yield much value unlocking. In 2021, Boustead Project managed to successfully put 14 of their leasehold properties into the Boustead Industrial Fund (BIF) and...