Boustead Singapore (F9D) AI Stock Analysis

• Market Cap: $869.88M
• Dividend Yield: 4.12%
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): 8.7
• Beta (1Y): 0.61
• Revenue Growth: -31.33%
• EPS Growth: 45.16%
• Country: SG
• Employees: 1,311
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 0.12
• Shares Outstanding: 527,317,700
• 10 Day Avg. Volume: 1,356,460
• 30 Day Avg. Volume: 1,037,856
• PEG Ratio: 0.10
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 1.01
• P/FCF Ratio: 7.85
• Enterprise Value/Market Cap: 0.28
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 1.03
• Enterprise Value/Ebitda: 2.21
• 1Y Price Target: $1.99
• Price Target Upside: 9.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: S$2.00 ▲(9.89% Upside)

Boustead Singapore's strong financial performance, particularly its profitability and low leverage, is a key strength. The stock's positive technical indicators and attractive valuation further enhance its appeal. However, the decline in revenue growth and cash flow challenges are areas to monitor. Overall, the company is well-positioned but needs to address these issues for sustained success.

Boustead Singapore Business Overview & Revenue Model

Company Description

Boustead Singapore Limited, an investment holding company, provides energy-related engineering, real estate, and geospatial and healthcare technology solutions in Africa, the Asia Pacific, Australia and Oceania, Europe, the Middle East, and North and South America. The company designs, engineers, and supplies direct-fired process heater systems, waste heat recovery units, and related equipment for the oil and gas, petrochemical, and energy industries. It also designs, engineers, and supplies emergency shutdown and process control systems, including pneumatic and hydraulic, or safety programmable logic controller-based wellhead control panels and hydraulic power units; integrated control and safety shutdown systems; and topside automation systems, chemical injection skids, fire and gas systems, and supervisory control and data acquisition systems for the upstream oil and gas industries. In addition, the company offers water and wastewater treatment plants for the oil and gas, petrochemical, pharmaceutical, power, semiconductor, and special defense industries, as well as for municipal authorities. Further, it designs, engineers, and supplies mini-power plants, solid waste energy recovery plants, and related combustion technology; and provides design-and-build and development expertise for business parks and industrial developments. Additionally, the company offers geographic information systems and location intelligence solutions; and management, professional and training, project management, design, construction and property-related, private business trust, real estate trustee, property fund management, and data set services. It also distributes medical solutions for age-related chronic diseases and mobility issues, as well as Esri geospatial technology; holds, manages, and rents properties; and develops industrial spaces for lease/sale. The company was founded in 1828 and is headquartered in Singapore.

How the Company Makes Money

Boustead Singapore generates revenue through several key streams, primarily from its engineering services, which include project management, design, and construction of infrastructure projects in the energy and water sectors. The company also earns income from its real estate segment, which involves developing and leasing properties, as well as from technology services that focus on providing integrated solutions for industrial applications. Significant partnerships with governments and enterprises, along with a focus on sustainable practices, enhance its earning potential. Additionally, Boustead benefits from long-term contracts and projects that provide stable cash flows over time.

Boustead Singapore Financial Statement Overview

Summary

Boustead Singapore demonstrates financial resilience with strong margins and a sturdy balance sheet. While revenue challenges exist, profitability remains robust. Cash flow management requires attention, but free cash flow generation is commendable. Overall, the company is well-positioned to navigate industry challenges.

Income Statement

Boustead Singapore's income statement reveals mixed performance. The gross profit margin is strong, reflecting effective cost management. However, the revenue has declined from the previous year, impacting the net profit margin. Despite this, both EBIT and EBITDA margins show solid profitability, indicating efficient operations.

Balance Sheet

The balance sheet is robust with a healthy equity ratio, suggesting financial stability and low leverage risk. The debt-to-equity ratio is low, indicating conservative capital structure management. The return on equity is impressive, showing effective use of shareholder funds to generate profits.

Cash Flow

Cash flow analysis shows a decrease in operating cash flow, which could signal potential liquidity constraints. However, free cash flow remains positive, and the company has managed capital expenditures well. The free cash flow to net income ratio suggests adequate cash generation relative to profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	527.10M	527.10M	767.57M	561.64M	631.81M	685.71M
Gross Profit	233.29M	233.29M	226.74M	157.04M	144.75M	173.60M
EBITDA	108.94M	134.50M	113.25M	81.42M	70.42M	212.21M
Net Income	95.05M	95.05M	64.19M	45.33M	30.58M	113.07M
Balance Sheet
Total Assets	1.09B	1.09B	1.11B	1.14B	1.08B	1.16B
Cash, Cash Equivalents and Short-Term Investments	344.74M	344.74M	376.39M	332.39M	474.98M	484.97M
Total Debt	40.32M	40.32M	38.57M	50.63M	68.68M	64.74M
Total Liabilities	494.31M	494.31M	584.54M	566.98M	451.14M	498.53M
Stockholders Equity	581.39M	581.39M	505.24M	453.04M	433.57M	446.95M
Cash Flow
Free Cash Flow	68.03M	68.03M	91.31M	74.00M	51.21M	57.81M
Operating Cash Flow	76.94M	76.94M	96.38M	76.91M	54.96M	61.55M
Investing Cash Flow	-10.83M	-10.83M	-44.15M	-46.89M	-57.00M	266.89M
Financing Cash Flow	-105.63M	-105.63M	-4.60M	-96.97M	-68.73M	-140.86M

Boustead Singapore Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F9D, the sentiment is Positive. The current price of 1.82 is above the 20-day moving average (MA) of 1.79, above the 50-day MA of 1.70, and above the 200-day MA of 1.31, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 57.96 is Neutral, neither overbought nor oversold. The STOCH value of 67.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:F9D.

Boustead Singapore Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CHZ	79 Outperform	S$735.61M	14.45	13.16%	5.58%	1.23%	-10.36%
F9D	74 Outperform	$869.88M	8.74	17.60%	4.12%	-31.33%	45.16%
U96	71 Outperform	$11.71B	11.54	19.65%	1.37%	-6.69%	6.76%
BN4	71 Outperform	S$16.40B	16.70	8.75%	3.32%	-0.62%	34.52%
E3B	66 Neutral	S$689.43M	25.86	4.06%	11.14%	5.49%	-86.00%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
H30	61 Neutral	S$625.07M	18.97	1.11%	1.29%	1.94%	-69.89%

Boustead Singapore Corporate Events

Boustead Singapore Ends Multicurrency Debt Programme

Boustead Singapore Limited has announced the termination of its S$500,000,000 Multicurrency Debt Issuance Programme, effective 22 September 2025. The company has never issued any notes or securities under this programme and does not plan to update it for future use, citing access to other financing options such as internal cash resources and bank financing.

Boustead Singapore Proposes REIT Listing for Real Estate Assets

Boustead Singapore Limited has submitted regulatory applications for a proposed REIT listing on the Singapore Exchange, involving its logistics and industrial real estate assets. The listing is contingent on market conditions and various approvals, and there is no certainty that the IPO will proceed. Stakeholders are advised to exercise caution.

Boustead Singapore Convenes Annual General Meeting

Boustead Singapore Limited held its Annual General Meeting at Suntec Singapore Convention & Exhibition Centre, attended by 246 shareholders and proxies, along with the company’s directors and key management personnel. The meeting included discussions on the company’s strategic direction and operational performance, reflecting its commitment to transparency and stakeholder engagement.