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From my observation, it is rather curious that change of structure model can have impact on contracts amount reported.
Not saying which is more correct but it is just what it is.
Previously when BP took DB&L projects on their own, they did not (and shouldn't) report the construction order won.
But when they changed it to have BDP taking the DB&L projects instead, they can report the construction order won.
I am aware that nothing is wrong accounting wise.
But something has to be quite wrong.
It can't be both are right.
Either previous model under-report the construction order or current model over-report.
My accounting skill is not good enough to determine whether there is an increase in bottom line.
(or if the construction profit is totally offset with the JV losses).
Top line wise, definitely there is an substantial increase (so as the contracts order amount).
For bottom line, it could be that the future earning is brought forward to reflect reality.
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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Boustead Projects today made two announcements:-
http://infopub.sgx.com/FileOpen/BPL_Anno...eID=526800 >> Incorporation of a JV Company in Singapore and,
http://infopub.sgx.com/FileOpen/BPL_Anno...eID=526802 >> Acceptance of Tender by JTC for Braddell Road site.
So just to recap:-
July 16, 2018 - BPL incorporated a JV company in Vietnam known as EFactory Vietnam Company Limited in which they will have a 50% stake, capital injected is USD 170,000 (BPL portion). This is for real estate consultancy and management services.
August 27, 2018 - BPL's Malaysian wholly-owned subsidiary BP Lands Sdn Bhd has incorporated a wholly-owned subsidiary called BP Batu Kawan Sdn Bhd for MYR 2.0. Principal activities for property development for sale and lease and the provision of construction related activities.
September 3, 2018 - BPL incorporates a 51%-owned JV in Singapore known as BP-BBD2 Pte Ltd with initial paid-up capital of SGD 100. Principal activities are that of property development for long-term lease.
September 28, 2018 - BPL has incorporated a 50%-JV company called Snakepit-BP1 Pte Ltd with paid-up capital of SGD 2. BPL also registered an LLP called Snakepit-BP LLP with paid-up capital of SGD 100. Activities is that of property development for long-term lease.
September 28, 2018 - BPL has been awarded a tender by JTC for a 30-year lease industrial property at Braddell Road. Site area is 9,716.2 sqm, zoned Business 1 with a plot ratio of 2.5. BPL-SH1 (wholly-owned subsidiary) was the entity awarded the tender; they paid SGD 53,588,888.88 (lucky number?) for the site.
https://www.jtc.gov.sg/news-and-publicat...(PR1).aspx >> JTC's official announcement can be found in this link.
As can be seen above, in the last 3-4 months alone BPL has been busy incorporating companies and JV in Vietnam, Malaysia and also Singapore and today won the tender for an industrial site worth $53.6m. Interesting developments indeed and we may just hear news of more D&B and also DB&L contracts soon? 
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(28-09-2018, 10:08 PM)Musicwhiz Wrote: Boustead Projects today made two announcements:-
http://infopub.sgx.com/FileOpen/BPL_Anno...eID=526800 >> Incorporation of a JV Company in Singapore and,
http://infopub.sgx.com/FileOpen/BPL_Anno...eID=526802 >> Acceptance of Tender by JTC for Braddell Road site.
So just to recap:-
July 16, 2018 - BPL incorporated a JV company in Vietnam known as EFactory Vietnam Company Limited in which they will have a 50% stake, capital injected is USD 170,000 (BPL portion). This is for real estate consultancy and management services.
August 27, 2018 - BPL's Malaysian wholly-owned subsidiary BP Lands Sdn Bhd has incorporated a wholly-owned subsidiary called BP Batu Kawan Sdn Bhd for MYR 2.0. Principal activities for property development for sale and lease and the provision of construction related activities.
September 3, 2018 - BPL incorporates a 51%-owned JV in Singapore known as BP-BBD2 Pte Ltd with initial paid-up capital of SGD 100. Principal activities are that of property development for long-term lease.
September 28, 2018 - BPL has incorporated a 50%-JV company called Snakepit-BP1 Pte Ltd with paid-up capital of SGD 2. BPL also registered an LLP called Snakepit-BP LLP with paid-up capital of SGD 100. Activities is that of property development for long-term lease.
September 28, 2018 - BPL has been awarded a tender by JTC for a 30-year lease industrial property at Braddell Road. Site area is 9,716.2 sqm, zoned Business 1 with a plot ratio of 2.5. BPL-SH1 (wholly-owned subsidiary) was the entity awarded the tender; they paid SGD 53,588,888.88 (lucky number?) for the site.
https://www.jtc.gov.sg/news-and-publicat...(PR1).aspx >> JTC's official announcement can be found in this link.
As can be seen above, in the last 3-4 months alone BPL has been busy incorporating companies and JV in Vietnam, Malaysia and also Singapore and today won the tender for an industrial site worth $53.6m. Interesting developments indeed and we may just hear news of more D&B and also DB&L contracts soon?
Another Contract:
over S$70M
From my contract track, it seems that their new contracts won this year is over S$800M.
That's simply marvellous, considering their highest ever was about S$300M.
Of course, margin may be smaller, but it shows their ability to compete.
Or it could just be that the demand for such developments are aplenty and hence the high tides lift most boats.
But I doubt I see much of Figtree & Soilbuild in recent times.
Oh, having said that, more could be coming, Braddell, Batu Kawan?!
Not all are good though, I still looking forward for the ex-Ausgroup site!
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Thanks Fallscushion for helping to highlight the recent S$70 million contract.
Yes I feel it really showcases Boustead Project's ability to compete and clinch major contracts. Looking forward to better profits and cash flows in years ahead and hopefully, higher dividends as well! 
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(20-02-2019, 08:16 PM)Musicwhiz Wrote: Thanks Fallscushion for helping to highlight the recent S$70 million contract.
Yes I feel it really showcases Boustead Project's ability to compete and clinch major contracts. Looking forward to better profits and cash flows in years ahead and hopefully, higher dividends as well!
IMHO, they should just keep the minimum dividend payout in next 5 years.
The capex and working capital are going to be humongous.
Investor who want to get more dividend should buy Boustead Holding instead. They should pay more dividend or use the money to buy more BP share!
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My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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03-03-2019, 07:32 PM
(This post was last modified: 03-03-2019, 07:35 PM by Curiousparty.)
I suppose the biggest draw may not be their dividend, which is quite a pittance to say the least.
Rather, it is how they are going to "engineer" the recycling of their assets into a REITS...
RNAV should have crossed $2 by now. Not sure what price can they dispose off to a REITS... maybe $1.40 to $1.60?
Then, they will repeat the whole process again and again, over the business cycles => build, own for a while and then recycle to REITS...
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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Boustead Projects JV to Develop Aerospace and High-Tech Park in Malaysia
Boustead Projects Limited announced that the Company’s wholly-owned subsidiary in Malaysia, BP Aerotech (Subang) Sdn Bhd (“BP Aerotech”) has on 22 March 2019 entered into a joint venture agreement with Malaysia Airports (Subang) Sdn Bhd ("MA Subang") to incorporate a joint venture company in Malaysia ("BPMA Subang") to undertake the development of an aerospace and high-tech park (the "Aerospace Developments") within the Subang Aerotech Park located in Subang, Malaysia to be leased to corporations in the aerospace industry.
BP Aerotech and its joint venture partner – MA Subang – will respectively hold 70% and 30% of the equity interest of BPMA Subang. MA Subang is a wholly owned subsidiary of Malaysia Airports Holdings Berhad ("MAHB") which is listed on Bursa Malaysia. The initial paid-up capital in the BPMA Subang will be MYR10.00 contributed by BP Aerotech and MA Subang in proportion to their respective shareholdings.
MAHB has granted BPMA Subang the rights to sublease up to about 34.66 acres (or about 140,264 square metres) of land next to the Sultan Abdul Aziz Shah Airport (also known as Subang Airport) for the Aerospace Developments, subject to MAHB obtaining the relevant authority approvals for the sublease.
It is intended that BPMA Subang shall appoint a business unit of the Company to carry out the design, construction, project management, development management, testing, commissioning and fit-out works and asset management or property management for the Aerospace Developments.
More details in https://links.sgx.com/FileOpen/BPL_Boust...eID=548259
Specuvestor: Asset - Business - Structure.
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https://www.theedgemarkets.com/article/m...rm16b-2019
Malaysian aerospace industry to generate RM16b in 2019
KUALA LUMPUR: The growth in the Malaysian aerospace industry is gaining momentum.
The country’s exports of aircraft parts and components have more than tripled from RM2.88 billion in 2014 to a record high of RM8.48 billion in 2018. The growth is mainly driven by expansion of aerospace manufacturing activities. Last year’s export growth was at 20.7% (see chart).
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I have to wonder if they are expanding too fast and furious!
The existing buildings are still a fair bit need to rent out! (can refer to their website)
and yet they are still building more!
ex-ausgroup site still there!
alice still alot vacant!
Braddell site added as well!
etc etc
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My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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(27-03-2019, 09:55 PM)ksir Wrote: I have to wonder if they are expanding too fast and furious!
The existing buildings are still a fair bit need to rent out! (can refer to their website)
and yet they are still building more!
ex-ausgroup site still there!
alice still alot vacant!
Braddell site added as well!
etc etc
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ex-Ausgroup site will be rented out from April 2019.
Alice and Braddell are in prime locations. - no worries
Industrial sector is bottoming up...they are catching the ride up...
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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