From its founding in 1996 to May 23, Boustead Projects had constructed and developed more than 3,000,000 sq m of industrial real estate in Singapore and around Asia.
Revenue rose to $234 million in FY19 from $170 million in FY18.
As at end March, Boustead Projects trades at a historical P/E of 9.8x and P/BV of 1.06. Net gearing of 0.14 was due to the purchase of land for development.
Boustead Projects revealed in its FY18 annual report that its accounting policy is to depreciate its investment properties.
“Based on the company’s disclosure in the FY18 Annual Report, if its investment properties are revalued, BP’s end-Mar 2018 revalued book value per share could be $1.17, above the reported book value per share of $0.79,” says analyst William Tng in a Thursday unrated report.
The company has said it would consider a REIT listing of its portfolio to unlock value.
As at 4.23pm, Boustead Projects shares are trading at 92 cents.
