Boustead

Boustead: Contract to design, build and lease an integrated distribution and manufacturing facility to Continental Alloys & Services in Sg. Facility will have GFA of 5.5k sqm and 2 flr office. Co will focus on growing leasehold portfolio to enhance recurring income stream. As latest contract is not a design-and-build arrangement, contract will not be added to co's orderbook at current $255m. Co now trades at forward P/E of 11.8x Our in-house has a Buy call and DBS has a Hold on Boustead.