Boustead

Boustead: Phillip reiterates Buy, lifts TP from $1.80 to $1.935. Boustead’s FYMar13 net profit surged 46% yoy to $81.4m, due to early project completion, non-core invmt gains, writeback of over provision of taxes, all on the back of outperformance in core earnings. Energy and water orders helped make up for some lost ground from the real estate segment, while recurring non-orderbook earnings from the industrial portfolio and geospatial segment continued to grow. Total orderbook backlog stands at $379m. The group declared 7 cts div, which translates to 5.0% yield.