Boustead

Boustead: SCB reiterating its Outperform rating on Boustead with a new price target of $2.02 ($1.26 previously), which partially reflects the valuation upside of Boustead spinning off its property portfolio into a REIT. Believe Boustead may accelerate this plan, as management indicated it is open to acquiring existing properties, or partnering with another company with an industrial property portfolio to form a REIT. Base on the house SOTP, its net cash and property portfolio already makes up ~43% of its market cap.