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Simons Trading Research

Author: simonsg   |   Latest post: Thu, 2 Apr 2020, 5:16 PM

 

Boustead Projects - Overlooked Assets of a Building Champ

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  • BOUSTEAD PROJECTS (SGX:AVM) is a leading real estate solutions provider with niche expertise in the design and build of business parks and industrial developments, often at the forefront of transformational building technologies.
  • Boustead Project’s portfolio of leasing properties is also sizeable, with the market value of completed assets topping S$800m. Monetising the asset portolio will be a highly anticipated catalyst.
  • Initiate coverage with a BUY with target price based on a 40% discount to RNAV.

Valuation

  • Valued at target price based on a 40% discount to RNAV (27% upside).

Source: UOB Kay Hian Research - 15 Jan 2020

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