Broker Name: OCBC Group Research
Date of Report: 10 February 2026

Excerpt from OCBC Group Research report.

• Report Summary:
• Boustead Singapore, a leading engineering and technology group, is unlocking value through its spin-off and planned REIT listing (UIBREIT), which may lead to near-term share price volatility but is expected to drive medium-term performance.
• The company benefits from its strong balance sheet, exposure to long-term growth trends (climate action, smart cities, healthcare), and potential for further investment and acquisitions.
• OCBC raises its fair value estimate to SGD 2.45 and reiterates a BUY rating, citing ongoing equity market revitalisation and quality fundamentals.
• Key risks include profit margin pressures, losses in the healthcare division, and macroeconomic uncertainties.
• Boustead’s financials and segment breakdown show healthy growth prospects, especially in geospatial and real estate.

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website: https://www.ocbc.com