Boustead

Boustead: Phillip initiates at Buy with TP $1.80, which translates to 13.4x P/E and 3.9% yield. Notes growth will be supported by the group's Geospatial earnings (contributes > 30% of pretax profit) at 12-13% CAGR, under impressive economic moat conditions. Meanwhile, the group's Industrial Portfolio will expand by 35% to 102k sm, boosting recurring rental income from $13.5m to an est $18m.