Boustead Projects

[Curiousparty]

The next in-thing is the Data Centre.

______________
Growth momentum (extract from Edge)

Certainly, the group has a lot going for it, and its growth momentum could well continue for some time even as Wong withdraws. For instance, Boustead Projects has formed a strategic partnership with Abu Dhabi's sovereign wealth fund, Abu Dhabi Investment Council, which is opening doors for it. Under the partnership, Boustead

Projects acts as a turnkey design-and-build contractor for their developments. Thanks to ADIC, Boustead Projects has managed to win projects in new areas, such as developing properties for biotech companies.

Looking ahead, Wong sees Boustead Projects building data centres, another new field for company. "We want to move one step up the technology ladder. There is potential to build big data centres and, once we are there, we can last a long, long time," he says.

Boustead Projects also plans to expand its geographic reach into China, Vietnam and Indonesia, as well as in Malaysia.

[Nick]

The next in-thing is the Data Centre.

______________
Growth momentum (extract from Edge)

Certainly, the group has a lot going for it, and its growth momentum could well continue for some time even as Wong withdraws. For instance, Boustead Projects has formed a strategic partnership with Abu Dhabi's sovereign wealth fund, Abu Dhabi Investment Council, which is opening doors for it. Under the partnership, Boustead

Projects acts as a turnkey design-and-build contractor for their developments. Thanks to ADIC, Boustead Projects has managed to win projects in new areas, such as developing properties for biotech companies.

Looking ahead, Wong sees Boustead Projects building data centres, another new field for company. "We want to move one step up the technology ladder. There is potential to build big data centres and, once we are there, we can last a long, long time," he says.

Boustead Projects also plans to expand its geographic reach into China, Vietnam and Indonesia, as well as in Malaysia.

It is pretty competitive IMO. Even REITs are developing high end industrial buildings like data centers. Yet, Boustead lacks the advantage that REITs possess - tax free income.

[thor666]

2nd win..

BOUSTEAD PROJECTS AWARDED S$13M DESIGN-AND- BUILD CONTRACT FOR CENTRAL BAKING FACILITY

 2nd project awarded to Boustead Projects following recent listing on Main Board of SGX on 30 April 2015
 7th food processing facility undertaken by Boustead Projects
 Boustead Projects Group’s order book backlog raised to S$263 million Singapore, 28 May 2015

Boustead Projects Limited's admission to and listing on the Singapore Exchange Securities Trading Limited was sponsored by CIMB Bank Berhad, Singapore Branch. CIMB Bank Berhad, Singapore Branch assumes no responsibility for the contents of this announcement.

Boustead Projects Limited (“Boustead Projects”) – a leading specialist in real estate solutions – is pleased to announce that it has been awarded a S$13 million contract to design and build a central baking facility (the “Facility”) for one of the leading bakery chains (the “Client”) in Singapore. The Client operates 33 retail outlets locally and sells cakes and confectionaries through a portfolio of brands. The Facility will be located in Boon Lay, Singapore.

To be completed in calendar year 3Q 2016, the Facility will house central baking operations and cold room facilities. Listed on the Main Board of the SGX on 30 April 2015, Boustead Projects is a 51%owned subsidiary of Boustead Singapore Limited, a progressive global infrastructurerelated engineering services and geo-spatial technology group which is separately listed on the Main Board of the SGX.

Mr Thomas Chu, Managing Director of Boustead Projects said, “This is the second project awarded to Boustead Projects in quick succession following our recent listing on the SGX. We are honoured to be selected by our client as their design-and-build partner for the relocation of their central baking facility. This marks our seventh project in the food processing industry, demonstrating our versatile track record in design and value engineering expertise for customised industrial facilities.”

The latest contract will raise the Boustead Projects Group’s order book backlog (as at the end of March plus new orders since) to S$263 million. This contract is not expected to have a material impact on the profitability, earnings per share and net tangible asset value per share of the Boustead Projects Group in the current financial year ending 31 March 2016.

None of the Directors or controlling shareholders of Boustead Projects has any interest, direct or indirect, in the above contract.

By Order of the Board
Eng Min Geok
Company Secretary

Sent from my D5503 using Tapatalk

[r0n]

RNAV: S$164.9 million

MARKET CAP: S$291.2 million

NO MARGIN OF SAFETY

PASS

How do you get a RNAV of S$164.9mil? Their NAV is at S$252mil and I am not knowledgeable about your basis of revaluation to result in a 35% reduction by revaluation from NAV.

[getrich]

RNAV: S$164.9 million

MARKET CAP: S$291.2 million

NO MARGIN OF SAFETY

PASS

How do you get a RNAV of S$164.9mil? Their NAV is at S$252mil and I am not knowledgeable about your basis of revaluation to result in a 35% reduction by revaluation from NAV.

How/Where do you get a NAV of S$252mil?

[r0n]

RNAV: S$164.9 million

MARKET CAP: S$291.2 million

NO MARGIN OF SAFETY

PASS

How do you get a RNAV of S$164.9mil? Their NAV is at S$252mil and I am not knowledgeable about your basis of revaluation to result in a 35% reduction by revaluation from NAV.

How/Where do you get a NAV of S$252mil?

Their FY 2015 SGX Announcement:HERE

Per the Statement of Financial Position on Page 6, as at 31 March 2015, Net asset is at $252,645k which is ~$252mil.

[Curiousparty]

How/Where do you get a NAV of S$252mil?

pls read page 2 of prospectus . 14 properties valuation were already worth more than 400mil. We have yet to include 15th and 16th properties plus any future DBL projects .

And recurring income is set to increase to 36mil by end of this FY.

[getrich]

RNAV: S$164.9 million

MARKET CAP: S$291.2 million

NO MARGIN OF SAFETY

PASS

How do you get a RNAV of S$164.9mil? Their NAV is at S$252mil and I am not knowledgeable about your basis of revaluation to result in a 35% reduction by revaluation from NAV.

How/Where do you get a NAV of S$252mil?

Their FY 2015 SGX Announcement:HERE

Per the Statement of Financial Position on Page 6, as at 31 March 2015, Net asset is at $252,645k which is ~$252mil.

OK, My bad.

I've deleted the corresponding post accordingly.

[r0n]

How/Where do you get a NAV of S$252mil?

pls read page 2 of prospectus . 14 properties valuation were already worth more than 400mil. We have yet to include 15th and 16th properties plus any future DBL projects .

And recurring income is set to increase to 36mil by end of this FY.

Dear Curiousparty,

kindly advise on how you got the 400mil valuation, as I understand that they only own 50% of Edward Boustead Centre and I should only take half of the valuation of that Building, which leaves me with just over 387 mil. I also would like to note that there are loans of $221 mil which $174 mil is due within a year. As such I am not certain how you derive your numbers on BP.

[Not Vested]

[Curiousparty]

How/Where do you get a NAV of S$252mil?

pls read page 2 of prospectus . 14 properties valuation were already worth more than 400mil. We have yet to include 15th and 16th properties plus any future DBL projects .

And recurring income is set to increase to 36mil by end of this FY.

Dear Curiousparty,

kindly advise on how you got the 400mil valuation, as I understand that they only own 50% of Edward Boustead Centre and I should only take half of the valuation of that Building, which leaves me with just over 387 mil. I also would like to note that there are loans of $221 mil which $174 mil is due within a year. As such I am not certain how you derive your numbers on BP.

[Not Vested]

I believed $174mil is payable after one year.
Only ~ $17mil is payable within one year or on demand.

On RNAV, I quote below an extract from Edge Spore:-

"Ng does not currently have an earnings forecast for Boustead Projects. "I don't think earnings are critical here, as property counters' earnings can be lumpy," he says. Instead, investors should look at the company's assets to determine the value of its shares. As at Sept 30, Boustead Projects had a book value of 51 cents a share. Ng estimates its RNAV to be $1.26 a share. Shares in locally listed property heavyweights City Developments and CapitaLand are trading at discounts of 26.5% and 31%, respectively, to their RNAVs. Industrial property giant Global Logistic Properties is trading 18% below its RNAV."

I surmised that the RNAV quoted above might not have included the recent project wins, i.e. $34mil as well as the one announced today $13mil. I tend to disagree with Mr Ng. I believe that recurring income is of much higher quality than development profits which are lumpy. Company has stressed that it is its intent to further increase its recurring income base. Recurring income will increase the likelihood of a higher dividend payout in the future.

tks.