Boustead Singapore

Hi, perhaps some pro VB bro can help me with this:

In their FY14Q4 results presentation, Page 16
It says the Free cash flow is S$22.7m

How did they get this number?

I got a much higher number of 97.7m

Net cash from operating activities: 101.4m
minus purchases of PPE: 2.8m
minus purchases of intangible assets: 0.87m
= 97.7m

Do they subtract the "Available for sale investments" as well?

were you comparing Q4 vs full year instead?

(24-09-2014, 07:10 AM)ikur1 Wrote: were you comparing Q4 vs full year instead?

Good point, but nope. It's full year.
I still cant account for the huge difference.

(24-09-2014, 11:36 AM)GFG Wrote:

(24-09-2014, 07:10 AM)ikur1 Wrote: were you comparing Q4 vs full year instead?

Good point, but nope. It's full year.
I still cant account for the huge difference.

To calculate free cashflow, would you guys take
Net cash from operating activities - capital expenditure?

(23-09-2014, 11:27 AM)GFG Wrote: In their FY14Q4 results presentation, Page 16
It says the Free cash flow is S$22.7m

How did they get this number?

I think they include the purchase of investment properties. In FY14, this amounts to 77mio.

http://boustead.listedcompany.com/newsro...3W0B.1.pdf

BOUSTEAD SUBSIDIARY AWARDED DESIGN-AND-BUILD
CONTRACT FOR AIRBUS ASIA TRAINING CENTRE
 7th aerospace facility undertaken by division at world-class Seletar Aerospace Park
 Boustead Group’s order book backlog raised to over S$315 million
Singapore, 7 October 2014

Vested
GG

http://infopub.sgx.com/FileOpen/Boustead...eID=317771

BOUSTEAD SUBSIDIARY AWARDED S$137M
IN DESIGN-AND-BUILD CONTRACTS
 Five contracts secured by division to date in FY2015 started April 2014
 Contracts strengthen division’s leading status as builder of choice in
high-value added and specialised industrial facilities
 Boustead Group’s order book backlog raised to over S$452 million

Managing Director of Boustead Projects, Thomas Chu said, “Naturally, we are absolutely
delighted to capture three more contracts, following in quick succession after securing
the Airbus Asia Training Centre from repeat client, Airbus, earlier this week. The latest
contracts were awarded by global leaders in their respective industries.”
Senior Deputy Managing Director of Boustead Projects, Wong Yu Wei added, “In recent
times, we have significantly strengthened our core with a bolstered pipeline of designand-
build projects, as well as our new strategic development platform, the Boustead
Development Partnership, launched in partnership with sovereign wealth fund, the Abu
Dhabi Investment Council.”
In August 2014, Boustead Projects entered into a co-investment partnership, the
Boustead Development Partnership (the “BDP”) with the Abu Dhabi Investment Council.
The BDP has a strategy to develop and redevelop modern logistics and high quality
industrial facilities in Singapore and will also be the proposed investor for future designbuild-
and-lease projects, development projects and redevelopment projects, with a
potential investment pipeline of over S$600 million.
Mr Wong concluded by saying, “Tomorrow, we will cap off this fruitful week with the
official sales launch of the iBP @ Nusajaya, our 35%-owned joint venture development in
Iskandar Malaysia. Phase 1 offers 50 units of flexibly-designed detached and semidetached
modern factories in a premier freehold business park development that is
logistically well connected and within a designated clean and green zone.”
Details on iBP @ Nusajaya can be found at www.ibpnusajaya.com.my.
The latest contracts will raise the Boustead Group’s order book backlog (as at the end of
June plus new orders since) to over S$452 million.
These contracts are expected to have a positive material impact on the profitability and
earnings per share of the Boustead Group in the current financial year ending 31 March
2015. However, these contracts are not expected to have a material impact on the net
tangible asset value per share in the current financial year.

http://www.valuebuddies.com/thread-5501-...l#pid97087

ESRI is an important cash contributor to Boustead. Australia remains ESRI's core market. As long as building continues, town and city planning will underpin ESRI's cash and earnings growth ability.

Vested
GG

Boustead, UOB KH maintain BUY:

BOUSTEAD SINGAPORE (BOCS SP)
Fundamentals Intact Despite Share Price Decline
VALUATION
• Upgrade to BUY and a higher target price of S$2.06, derived from our SOTP
model and at 16.9x FY15F PE (ex-cash 14.4x). We see value emerging as its share
price has declined by 9% since our downgrade and has also fallen beyond our
suggested entry price. We increase our target price to account for the additional
contract wins secured in Oct 14.
INVESTMENT HIGHLIGHTS
• Boustead has won four additional contracts worth S$157m in the design-andbuild
segment that boosted its orderbook backlog to over S$452m. The first contract
is for an Airbus Asia Training Centre (AATC) to be located at the Seletar Aerospace
Pack and the other three building contracts consist of a construction of an integrated
food production facility for a client in the food industry, advanced integrated logistics
and office facility for a global logistics provider as well as the design and building of
a warehouse for a corporation in the renewable energy sector. These contract wins
are testament that Boustead remains a builder of choice for modern, high-tech
industrial properties in Singapore.
• Boustead has also launched its 35%-owned iBP@Nusajaya recently and is
expected to record strong sales. This project is Boustead’s first property foray into
Iskandar, Malaysia and the JV company will offer 50 factory units in phase 1 of the
freehold business park development. Boustead had entered into the JV in Oct 13 to
develop the 119,000sqm plot of land in Southern Industrial and Logistics Clusters
(SiLC), Iskandar Malysia, with the other partners being Tat Hong, AME Group and
CSC Holdings.
• More details of Boustead Development Partnership (BDP). Recall that BDP is a
co-investment partnership between Boustead Projects (BP) and the ADIC, an
investment arm of the Government of Abu Dhabi with an initial investment target in
excess of S$600m. Boustead believes that the partnership will accelerate the
development of industrial facilities in Singapore and can invest in the design-buildlease
projects brought in by BP going forward. This is in line with the group’s
strategy to eventually spin off the assets into a trust when it reaches a sizeable
portfolio. Boustead entities may also earn asset management, development, project
management and property service fees from the BDP.
OUR VIEW
• We continue to favour Boustead as the company continues to secure new
contracts and grow its industrial property portfolio. The BDP will boost the
capabilities of BP in financing a significantly larger pipeline of projects, particularly
for larger scale projects with higher capital requirements. Boustead targets to double
its industrial properties of 170,000 sqm before spinning into a trust as a mean to unlock value for the shareholders.

Interesting small acquisition in Indonesia... seems like rewinding 40 years to when FF Wong made his first pot of gold for retirement...

http://boustead.listedcompany.com/newsro...8ZV4.1.pdf

http://www.forbes.com/global/2008/0901/040.html

They got married and moved back to Singapore in 1973. (He became a citizen in 1986.) Wong started a chemical engineering outfit. He says he showed up at the offices of Indonesian oil and gas companies like a door-to-door salesman to win business. Indonesia was a bigger market for chemical engineering than Singapore, with more industrial companies in need of his services. “I was willing to take risks because I had nothing to lose,” he says. After eight years, Wong says he made enough money, “by my humble standard,” to retire at age 40.