• BOUSTEAD SINGAPORE LIMITED (SGX:F9D) is an engineering company focusing on industrial real estate and energy; it also holds exclusive distributorship of Esri’s GIS for 8 countries.
• The group has a bright overall outlook, with order book backlog of both its real estate and energy segments at a 5-year high as of end-Jun 2019.
• Meanwhile, we believe its geospatial technology business continues to enjoy strong growth potential, riding on the “smart city” wave.
• Initiate coverage with an ADD rating. Potential REIT launch and further order wins in energy segment are potential catalysts.

Boustead Singapore - Background

• BOUSTEAD SINGAPORE (SGX:F9D) was established in 1828 and listed on the Singapore Exchange Mainboard on 1975. Its modern history can be traced to Chairman Mr. Wong Fong Fui’s control of the company since 1996.
• The Group operates four main segments, namely
  1. industrial real estate solutions,
  2. geospatial technology,
  3. energy-related engineering, and
  4. healthcare technology.

Source: CGS-CIMB Research - 23 Sep 2019