Boustead

Boustead: Announced yday, co secured contract to design, build and lease to Continental Automotive a 7-storey R&D and tech centre. With a gfa of 11,250 sqm, and structural provisions for an 8th flr to support future expansion plans, project is to be completed by 1Q 2012. This follows $72m worth of contracts on Wed but will not be on co’s orderbook due to nature of lease. Orderbook stands at $262m as of Wed, 16 Mar. Co trades at P/E of 7.0x to hist avg of 7.9x.