With the completion of its asset sale to BIF, Boustead Projects reported a net profit of S$131.7m for FY21. Special dividend brings total DPS to 15.4 Scts. Core business remains impacted by Covid-19, but with successful capital recycling, BP now has a strong war chest to chart its next leg of growth. BP is attractively valued, with net cash of S$0.95/share (86% of market cap), while holding stakes in properties worth S$700m. Reiterate Add, S$1.40 TP.
- 1 Weekend Reading/El Salvador Why Facebook and CBDC could be real winners from El Salvador’s Bitcoin embrace
- 2 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 5 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...