Boustead

DBS Vickers raises Boustead's target price to $1.10 from $1.00, implying 9X FY11 P/E, after increasing FY11 earnings estimate by 19% to assume increased orders. Expects engineering group to secure $400m worth of new orders in FY11 vs previous estimate of $266m, with bulk coming from industrial real estate segment. Notes existing order backlog worth $650m, more than 60% of which is expected to be recognized in FY11.