SG : Boustead Projects Limited - Charting the next leg of growth

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.

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