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Boustead Singapore
(SGX:F9D)
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Rating:66Neutral
Price Target:
S$2.00
▲(6.95% Upside)
Action:Downgraded
Date:08/27/26
The score is driven primarily by solid balance-sheet strength but meaningful cash-flow deterioration in 2026, which tempers financial quality. Valuation is very compelling (low P/E and solid yield), but technicals remain weak with the stock below key moving averages and negative momentum despite oversold signals.
Positive Factors
Conservative balance sheet
Very low leverage and a growing equity base provide resilience across Boustead’s project, property and technology businesses. This conservative funding structure can support investment and absorb execution volatility without excessive reliance on debt.
Negative Factors
Negative cash conversion
A sharp deterioration in cash generation means reported profits were not converted into liquidity during 2026. If persistent, working-capital needs, project timing or other cash uses could constrain reinvestment and weaken financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a growing equity base provide resilience across Boustead’s project, property and technology businesses. This conservative funding structure can support investment and absorb execution volatility without excessive reliance on debt.
Read all positive factors
Boustead Singapore (F9D) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$915.66M
Dividend Yield3.9%
Average Volume (3M)1.04M
Price to Earnings (P/E)3.7
Beta (1Y)0.62
Revenue Growth18.47%
EPS Growth137.01%
CountrySG
Employees1,439
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)0.44
Shares Outstanding527,317,700
10 Day Avg. Volume1,356,460
30 Day Avg. Volume1,037,856
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.17
Price to Sales (P/S)1.49
P/FCF Ratio-42.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.70Price Target Upside44.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Boustead Singapore Business Overview & Revenue Model
Company Description
Boustead Singapore Limited, a global investment holding firm, provides specialized solutions across three core sectors: energy engineering, real estate development, and advanced geospatial and healthcare technologies. Its international footprint c...
How the Company Makes Money
Boustead Singapore makes money primarily through a mix of project-based engineering revenue, product/solution sales, and recurring service income across its operating segments:
1) Energy engineering (project-based contracting): The company earns ...
Boustead Singapore Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
41
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 624.44M | 527.10M | 767.57M | 561.64M | 631.81M |
| Gross Profit | 215.59M | 233.29M | 226.74M | 157.04M | 144.75M |
| EBITDA | 85.02M | 134.50M | 113.25M | 81.42M | 70.42M |
| Net Income | 232.59M | 95.05M | 64.19M | 45.33M | 30.58M |
Balance Sheet | |||||
| Total Assets | 1.24B | 1.09B | 1.11B | 1.14B | 1.08B |
| Cash, Cash Equivalents and Short-Term Investments | 367.62M | 344.74M | 376.39M | 332.39M | 474.98M |
| Total Debt | 83.19M | 40.32M | 38.57M | 50.63M | 68.68M |
| Total Liabilities | 424.74M | 494.31M | 584.54M | 566.98M | 451.14M |
| Stockholders Equity | 790.49M | 581.39M | 505.24M | 453.04M | 433.57M |
Cash Flow | |||||
| Free Cash Flow | -21.65M | 68.03M | 91.31M | 74.00M | 51.21M |
| Operating Cash Flow | -14.59M | 76.94M | 96.38M | 76.91M | 54.96M |
| Investing Cash Flow | 9.57M | -10.83M | -44.15M | -46.89M | -57.00M |
| Financing Cash Flow | 17.51M | -105.63M | -4.60M | -96.97M | -68.73M |
Boustead Singapore Technical Analysis
Negative
1.87
Price Trends
1.93
Negative
2.03
Negative
1.91
Negative
Market Momentum
-0.04
Positive
41.31
Neutral
20.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F9D, the sentiment is Negative. The current price of 1.87 is below the 20-day moving average (MA) of 1.87, below the 50-day MA of 1.93, and below the 200-day MA of 1.91, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 41.31 is Neutral, neither overbought nor oversold. The STOCH value of 20.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:F9D.
Boustead Singapore Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$500.47M | 11.44 | 16.98% | 1.10% | 25.71% | 175.44% | |
69 Neutral | S$399.60M | 3.67 | 41.27% | ― | 10.82% | 60.12% | |
66 Neutral | S$915.66M | 3.71 | 35.49% | 3.74% | 18.47% | 137.01% | |
66 Neutral | S$298.42M | 10.07 | 24.71% | 0.39% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | S$10.88B | 18.22 | 10.86% | 4.74% | 7.75% | -41.04% | |
61 Neutral | S$19.99B | 40.25 | 5.07% | 2.89% | 10.65% | -44.54% |
* Industrials Sector Average
SG:F9D
Boustead Singapore
1.84
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Boustead Singapore Corporate Events
Boustead Singapore Uses AGM to Clarify Weaker Geospatial Results and Signal Stronger FY2027
Aug 28, 2026
Boustead Singapore used its 30 July 2026 annual general meeting to explain a complex FY2026, in which value was unlocked from its Real Estate Solutions arm while the Geospatial, Energy Engineering and Healthcare divisions were rated weak on intern...
Boustead Secures S$60m Australia Geospatial Deal With Earnings Boost
Jun 16, 2026
Boustead Singapore’s 88.2%-owned unit Esri Australia has renewed its largest geospatial enterprise agreement to date, a roughly S$60 million contract with an Australian federal government department, significantly expanding the existing arra...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.