• 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