Boustead Projects

[gutman]

Net cash per share about S$0.95, while the price is S$1.11.
Basically 86% in net cash.
Add in the investment in Tongzhou, about 95% of market cap.
I reckon their remaining buildings are rather valuable as well:
* Alice@mediapolis where Yoozoo is the main tenant
* Braddel 351 with 60% committed occupancy
* Razer SEA HQ
* ex-IBM building in Tampines
* Vietnam Industrial estate.

And although quite badly hit in pandemic and still under continued headwinds, their E&C unit is also rather valuable.
With its track record in Industrial buildings and steps up ahead in advanced building skillsets, there are some values in this unit as well.
Once the wind turned, it'd be even more interesting.

e.g. Beijing Tongzhou Integrated Development Phase 1, a mixed-use Grade A iconic landmark development at the centre of Beijing Tongzhou’s Central Business District. BP holds a 4% shareholding in Phase 1, worth about S$2.4 billion !!

https://www.perennialholdings.com/misc/F...7Oct14.pdf

4% will translate to close to $100mil (cost was only $20mil)

BP's MC is barely 400mil! This is the impact. Expected Completion is in 2023

Can I know where did you get the valuation of S$2.4 bil for Beijing Tongzhou Integrated Development Phase 1 ? Boustead Projects mentioned that for FY2020, the fair value of their investment in Phase 1 was S$31.3 million.