Positioning to Deliver Growth

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 5.45

Solid Comeback

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.14

Shaping Up...

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.21

BSTEAD - Strengthening O&G Exposure

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.61

Boustead Holdings Berhad - Revitalising Growth

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.82

Expanding Healthcare Business in Indonesia

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 5.83

Attractive Buy

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.06

Expanding its Existing Land Bank in Klang

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 5.83

Let down by heavy industries and plantation

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: CIMB

Price Call: HOLD

Target Price: 5.32

Acquiring Jalan Cochrane Land from LTAT

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.35

Boustead Holdings - 2QFY12 RESULTS - Bowed under the weight of heavy industries

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: CIMB

Price Call: HOLD

Target Price: 5.49

Taking a Dip

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.35

Delivering Growth

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: TA

Price Call: BUY

Target Price: 6.05

Boustead Holdings - Update - A costly UAC

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: CIMB

Price Call: HOLD

Target Price: 5.19

Boustead Holdings (BUY) - Prelude To Jalan Cochrane Development?

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: HLG

Price Call: BUY

Target Price: 6.45

Boustead Holdings (BUY)

• Prelude To Jalan Cochrane Development?
• Boustead formed a 50:50 JV with Ikano (owner of IKEA in ASEAN) toacquire land from LTAT for development of a shopping mall in KL. 
• Despite lack of details, we suspect the land is partof the strategically located 60 acres in Jalan Cochrane (JC). 
• The parties are joining forces again to replicate thesuccess story of Mutiara Damansara and this could be a prelude to the long-awaited full scale development and asset injection of the JC land.
• Recent newsflow reaffirms our positive view on thecompany as the anticipated catalysts for share priceperformance are gradually materializing.
• Forecasts unchanged pending more details.
• Maintain Buy.
• Target price maintained at RM6.45 based on Gordon Growth (ROE of 13.7%and WACC of 10.5%.

Source: HLIB Research - 16 April 2012

Boustead Holdings (Buy) - Progress In The RM9bn PV Contract

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: HLG

Price Call: BUY

Target Price: 6.20

Boustead Holdings (Buy)

Progress In The RM9bn PV Contract

• Boustead Naval Shipyard (BNS) awarded BHIC to undertake engineering,integration and procurement works for combat management system (CMS) at a totalceiling contract sum of RM1.532bn over 10 years from 9 April 2012.
• The CMS is for the 6 units of patrol vessels (PV) awarded by Ministry ofDefense (MoD) to BNS back in Dec 11.
• This is part of the overall RM9bn PV contract it is expected to enhancethe earnings of both BNS and BHIC.
• Positive given the progress with the PV contract which will keep itsheavy industry division busy over the next 9 years and help boost BHIC (as wellas BNS) future earnings.
• Reiterate that the PV contract will act as a catalyst to support shareprice and performance over the longer term.
• Forecasts unchanged albeit factoring RM7bn for the PVcontract, implying potential upside to our forecasts.
• Maintain Buy.
• Target pricemaintained at RM6.20 based on 10% holding company discount to estimated SOP ofRM6.89.

Source: HLIB Research - 10 April 2012

Stock Overview - BSTEAD - 3 Apr 2012

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: JUPITER

Price Call: BUY

Target Price: 6.40

BSTEAD ( 2771 : 5.47 ) : Targeting 6.40

Description

Resistance : 5.66 6.40
Support : 5.20

RSI of 48
RSI is stabilising

STOCHASTIC
It has started to turn upwards

TREND INDICATOR

Comment
While it is on a consolidation mode, it is expected to break on the upside. Buy for a longer term haul target of 6.40

Trading Strategy
Buy. Stop loss is at 5.20

Source:Jupiter Securities Research 03 April 2012

Boustead (Buy) - The Future Is Brighter Ahead

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: HLG

Price Call: BUY

Target Price: 6.20

Boustead (Buy)

The Future Is Brighter Ahead

• FY11 core results (excluding exceptional) below HLIBand consensus expectations due to the heavy industry division (cost escalationand lapse in new contract) and lower plantation contribution in 4Q.
• 4^th interim single-tier dividend of 9 sen,making total of 29 sen, below our projection of 34.5 sen but not disappointingis add the dividend in species of Pharmaniaga shares.
• Despite the earnings disappointment, the new petrol vessel contract andmaiden full year contribution from Pharmaniaga will revive earnings expansionfrom FY12 onwards.
• Rare stock that provide earnings growth and high yield.
• FY12-13 forecasts cut by 7-9% following the results.
• Maintain Buy.
• Target price raised to RM6.20 (10% discount to estimated SOP of RM6.89)from RM5.91, incorporating our higher TP for Affin, latest BHIC price andfine-tuning post FY11 results.

Source: HLIB Research 28 Feb 2012

Boustead Holdings - 4QFY11 RESULTS - It is still heavy going

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: CIMB

Price Call: HOLD

Target Price: 5.24

BSTEAD - Delivering earnings and dividends

Stock Name: BSTEAD
Company Name: BOUSTEAD HOLDINGS BHD

Research House: HWANGDBS

Price Call: BUY

Target Price: 7.30

Boustead Holdings; Buy; RM5.28
Price Target: RM7.30; BOUS MK

4Q11 boosted by lower tax rate; declared final 9 sen DPS. Next key catalyst is government land redevelopment. Buy, RM7.30 TP is based on 20% discount to SOP value.

Source: HwangDBS Research 28 Feb 2012