Financials Boustead Singapore Limited

Equities

Market Closed - Singapore S.E. Other stock markets 04:55:49 2024-04-26 am EDT			5-day change	1st Jan Change
0.945 ^SGD	-1.56%		0.00%	+9.88%

Apr. 02	Boustead Singapore Limited Announces Board Changes	CI
Feb. 07	Boustead Projects to Delist from Singapore Exchange on Feb. 9	MT

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	389.5	292.3	488.9	472.6	393.9	451.2	-	-
Enterprise Value (EV) ¹	389.5	292.3	488.9	472.6	73.42	451.2	451.2	451.2
P/E ratio	-	9.52 x	4.33 x	15.5 x	8.74 x	9.45 x	8.59 x	8.59 x
Yield	-	5%	3.96%	4.08%	4.85%	4.23%	4.23%	4.23%
Capitalization / Revenue	0.83 x	0.4 x	0.71 x	0.75 x	0.7 x	0.65 x	0.81 x	0.73 x
EV / Revenue	0.83 x	0.4 x	0.71 x	0.75 x	0.7 x	0.65 x	0.81 x	0.73 x
EV / EBITDA	-	3.54 x	6.02 x	8.86 x	5.57 x	5.98 x	6.91 x	6.13 x
EV / FCF	-	-	1.46 x	8.99 x	5.32 x	23.8 x	-9.42 x	28.2 x
FCF Yield	-	-	68.3%	11.1%	18.8%	4.2%	-10.6%	3.54%
Price to Book	-	0.83 x	1.09 x	1.09 x	0.87 x	0.94 x	0.88 x	0.82 x
Nbr of stocks (in thousands)	492,985	487,174	484,030	482,247	477,473	477,473	-	-
Reference price ²	0.7900	0.6000	1.010	0.9800	0.8250	0.9450	0.9450	0.9450
Announcement Date	5/27/19	7/7/20	5/27/21	5/26/22	5/26/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	470.6	726.6	685.7	631.8	561.6	696.8	560.5	618.9
EBITDA ¹	-	82.69	81.27	53.32	70.73	75.5	65.3	73.6
EBIT ¹	-	65.85	64.59	41.84	60.75	65.8	55	62.7
Operating Margin	-	9.06%	9.42%	6.62%	10.82%	9.44%	9.81%	10.13%
Earnings before Tax (EBT) ¹	-	63.04	-	55.24	76.48	83.6	85.1	88.6
Net income ¹	-	30.87	113.1	30.58	45.32	50.2	51.1	53.1
Net margin	-	4.25%	16.49%	4.84%	8.07%	7.2%	9.12%	8.58%
EPS ²	-	0.0630	0.2330	0.0633	0.0944	0.1000	0.1100	0.1100
Free Cash Flow ¹	-	-	333.7	52.57	74	18.97	-47.92	15.99
FCF margin	-	-	48.67%	8.32%	13.18%	2.72%	-8.55%	2.58%
FCF Conversion (EBITDA)	-	-	410.63%	98.58%	104.63%	25.13%	-	21.73%
FCF Conversion (Net income)	-	-	295.13%	171.91%	163.27%	37.79%	-	30.11%
Dividend per Share ²	-	0.0300	0.0400	0.0400	0.0400	0.0400	0.0400	0.0400
Announcement Date	5/27/19	7/7/20	5/27/21	5/26/22	5/26/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	321	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	334	52.6	74	19	-47.9	16
ROE (net income / shareholders' equity)	-	9.1%	28.6%	7.45%	10.4%	10.7%	10.2%	10%
ROA (Net income/ Total Assets)	-	3.23%	10.3%	3.65%	4.16%	4.94%	4.86%	4.97%
Assets ¹	-	955	1,094	838.5	1,088	1,016	1,051	1,068
Book Value Per Share ²	-	0.7200	0.9200	0.9000	0.9500	1.010	1.080	1.150
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	5/27/19	7/7/20	5/27/21	5/26/22	5/26/23	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.945 SGD

Average target price

1.4 SGD

Spread / Average Target

+48.15%

	1st Jan change	Capi.
BOUSTEAD SINGAPORE LIMITED	+9.88%	331M
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NICHIAS CORPORATION	+26.84%	1.79B
TAIKISHA LTD.	+11.87%	953M
INOX GREEN ENERGY SERVICES LIMITED	+43.43%	531M
TAIWAN PURITIC CORP.	+24.45%	370M
TOYO ENGINEERING CORPORATION	+14.23%	335M
CHINA ECOTEK CORPORATION	+39.18%	298M
HANYANG ENG CO.,LTD	+36.13%	260M