Boustead Projects

[cyclone]

Financial Results for the Financial Year Ended 31 March 2018

Highlights:
1. Revenue was 12% lower year-on-year at S$201.3 million, due to lower revenue contributions from both the design-and-build and leasing businesses
2. Total profit was 20% lower year-on-year at S$29.2 million, mainly due to an absence of non-recurring other gains
3. The current order book backlog stands at about S$218 million
4. Net asset value per share was S$0.79 as at 31 March 2018
5. As at 31 March 2018, financial position remained healthy with cash and cash equivalents of S$111.4 million
6. The Board has proposed a final dividend of 1.5 cents.

More details in :
1. http://infopub.sgx.com/FileOpen/BPL_SGXN...eID=506536
2. http://infopub.sgx.com/FileOpen/BPL_Medi...eID=506537

[Contrarian]

Stock has been very resilient.  Very few sellers.  Are they off to a faster growth path?  :-)

I would expect the industrial market to start picking up slowly probably only after 2018, but their overseas expansion should start to bear fruit and show in the results. Meanwhile, they can continue to source for and build up their DB&L portfolio. Company still generates very good FCF and I look forward to the FY 2018 earnings.

BP is a cash cow.
Even after spending money for DB&L, they still keep paring down the debts.
The challenge is actually the more recent DB&L projects (those taken with BDP) which I reckon may not provide decent IRR in itself but rather, as a source of works to D&B unit.
The well built and up and running GSK building at one-north is a case in point.
I do not see much rental income generated from there.

<vested>

They reduced Loan by $18M to $70M.  
Investment properties in B/S $128M.  

Can anyone determine the market value of the properties?  
If the market value is substantially higher, I wonder if they could distribute a bit more dividend.  1 ct more = $0.33M, which is something they can well afford.

[ksir]

Stock has been very resilient.  Very few sellers.  Are they off to a faster growth path?  :-)

I would expect the industrial market to start picking up slowly probably only after 2018, but their overseas expansion should start to bear fruit and show in the results. Meanwhile, they can continue to source for and build up their DB&L portfolio. Company still generates very good FCF and I look forward to the FY 2018 earnings.

BP is a cash cow.
Even after spending money for DB&L, they still keep paring down the debts.
The challenge is actually the more recent DB&L projects (those taken with BDP) which I reckon may not provide decent IRR in itself but rather, as a source of works to D&B unit.
The well built and up and running GSK building at one-north is a case in point.
I do not see much rental income generated from there.

<vested>

They reduced Loan by $18M to $70M.  
Investment properties in B/S $128M.  

Can anyone determine the market value of the properties?  
If the market value is substantially higher, I wonder if they could distribute a bit more dividend.  1 ct more = $0.33M, which is something they can well afford.

Do you mean 0.1cent? Even without cross checking, the number seems too small.
By your number, BP market cap is about 25M.
i am quite sure, the reason of paying elss dividend is due to large buyback done to accomodate the exit of substantial shareholder.
From the start, they have positioned and conveyed that BP to be a growth and NOT income company.
Hence, even by them paying out dividend is a (pleasant) surprise to me.

<vested, one of my core>



Sent from my iPhone using Tapatalk

[Contrarian]

> Do you mean 0.1cent? Even without cross checking, the number seems too small.

Yes u r right... I made a mathematical mistake.

they spent $9+M to buy back shares. that's 3cts worth of dividends if the shareholder did not cash out.

[ksir]

Annual report 2018 of Boustead & B Project are out:
http://www.boustead.sg/Annual%20Reports/...8%20AR.pdf

http://www.bousteadprojects.com/annual%2...8%20AR.pdf

Interesting sharing (as usual) from FF Wong.
It seems to me that Boustead Project is on the strong footing for growth!
Foundation is built with stable local income and overseas expansion road is layed!
To me, the future growth of BP is set, the question is in execution.
Their track records suggest a high possibilityof success in execution. Having said that there is of course higher risk in foreign countries (remember the libya?).

Boustead holding itself seems like getting awaken as well and with the 4th leg, the future has more "kan tou" (bright).
We shall see.

<vested in both, core in BP>



Sent from my iPhone using Tapatalk

[Musicwhiz]

Hi all,

http://infopub.sgx.com/FileOpen/BPL_Anno...eID=518594 

Boustead Projects announces latest DB&L Project to build Amcor Facility, leasehold portfolio to grow to over 275,000 sqm.

http://infopub.sgx.com/FileOpen/BPL_Anno...eID=518595

In addition, Boustead Projects also won two awards at the Annual Workplace Safety and Health Awards ceremony held at Marina Bay Convention Centre yesterday.

Two pieces of good news to start the morning. 

[cyclone]

Boustead Projects Awarded Contract for Integrated R&D and Office Business Park Building

Boustead Projects Limited announced that its wholly-owned design-and-build subsidiary, Boustead Projects E&C Pte Ltd has secured a sizeable contract to build an integrated R&D and business park building for one of Singapore’s largest corporations in Biopolis, one-north in Singapore.

This is the fourth business park project within one-north. Previously, it completed the Seagate Singapore Design Center – The Shugart and GSK Asia House, with the upcoming ALICE @ Mediapolis to be delivered soon within one-north. The latest secured project is expected to be completed by the first quarter of calendar year 2020.

The latest contract has raised the Boustead Projects Group’s order book backlog to S$255 million (unrecognised project revenue remaining at the end of June 2018 plus the total value of new orders secured since then).

More details in http://infopub.sgx.com/FileOpen/BPL_Anno...eID=523941

[Musicwhiz]

Boustead Projects Awarded Contract for Integrated R&D and Office Business Park Building

Boustead Projects Limited announced that its wholly-owned design-and-build subsidiary, Boustead Projects E&C Pte Ltd has secured a sizeable contract to build an integrated R&D and business park building for one of Singapore’s largest corporations in Biopolis, one-north in Singapore.

This is the fourth business park project within one-north. Previously, it completed the Seagate Singapore Design Center – The Shugart and GSK Asia House, with the upcoming ALICE @ Mediapolis to be delivered soon within one-north. The latest secured project is expected to be completed by the first quarter of calendar year 2020.

The latest contract has raised the Boustead Projects Group’s order book backlog to S$255 million (unrecognised project revenue remaining at the end of June 2018 plus the total value of new orders secured since then).

More details in http://infopub.sgx.com/FileOpen/BPL_Anno...eID=523941

Thanks for this update. With the setting up of a 51% JV known as BP-BBD2 with its JV partner Al Sariya Real Estate LP, there is a good chance that Boustead Projects would announce another DB&L contract soon. Note that the principal activities of BP-BBD2 are that of property development for long-term lease.

[ksir]

Boustead Projects Awarded Contract for Integrated R&D and Office Business Park Building

Boustead Projects Limited announced that its wholly-owned design-and-build subsidiary, Boustead Projects E&C Pte Ltd has secured a sizeable contract to build an integrated R&D and business park building for one of Singapore’s largest corporations in Biopolis, one-north in Singapore.

This is the fourth business park project within one-north. Previously, it completed the Seagate Singapore Design Center – The Shugart and GSK Asia House, with the upcoming ALICE @ Mediapolis to be delivered soon within one-north. The latest secured project is expected to be completed by the first quarter of calendar year 2020.

The latest contract has raised the Boustead Projects Group’s order book backlog to S$255 million (unrecognised project revenue remaining at the end of June 2018 plus the total value of new orders secured since then).

More details in http://infopub.sgx.com/FileOpen/BPL_Anno...eID=523941

Thanks for this update. With the setting up of a 51% JV known as BP-BBD2 with its JV partner Al Sariya Real Estate LP, there is a good chance that Boustead Projects would announce another DB&L contract soon. Note that the principal activities of BP-BBD2 are that of property development for long-term lease. [emoji2]

There was a BP-BBD previously incorporated for Bombardier SAP project.

More interested in the BP-Batu Kawan which i believe should be for the explicitly mentioned Msia project.
Batu Kawan seems to be a quite established place for industrial park for mnc.


Sent from my iPhone using Tapatalk

[Musicwhiz]

Hi ksir,

Thanks for the information!