SG : Boustead Singapore Ltd - A record year

FY3/21 core net profit of S$44.6m (+23% yoy) was driven by strong growth in geospatial and energy divisions. Special dividend brings total DPS to 8Scts. We expect geospatial division to continue riding on Covid-19 tailwinds; but outlook on energy division is dependent on order replenishment in FY22F. Reiterate Add and SOP-based TP of S$1.40.

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