The dividend stalwart may be on the cusp of unlocking more value for its shareholders. September 3, 2025 Boustead Singapore (SGX: F9D) is one of the oldest companies in Singapore, having been founded way back in 1828 by Sir Edward Boustead. The conglomerate is also a steady dividend stalwart and has paid out a dividend every single year since its IPO back in 2002. As of 3 September 2025 (1:30pm), shares of Boustead have surged by more than 65% year-to-date, giving the group a market capitalisation of close to S$870 million. That’s including a 14% gain today, at the time of writing. Can the conglomerate continue to outperform and break through its 52-week high of S$1.72? Let’s find out.

Multiple businesses

Before we dig deeper, let’s break down Boustead’s various businesses to gain a better understanding of the conglomerate. Boustead has four key divisions – energy engineering, real estate, geospatial technology, and healthcare. The energy engineering division sells heat transfer products, including furnaces, reformers, and crackers, as well as...