“While Engineering and Construction (E&C) segment saw margins negatively impacted by higher cost pressures, especially for pre-pandemic backlog, this was offset by higher profits in the real estate segment due to higher occupancy of asset portfolio which led to stronger recurring income, and capital recycling initiative with the sale of 351 on Braddell to Boustead Industrial Fund (BIF),” writes Ong.
CGS-CIMB Group Research analyst Ong Khang Chuen has kept an “add” rating on Boustead Projects with a lowered target price of $1.25 from $1.40.
Boustead Project’s FY2022 ended March core net profit of $11.3 million as compared to the $3.1 million loss in FY2021 came in slightly above Ong’s expectations at 109% of his forecast.
