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We Think That There Are Some Issues For Boustead Singapore (SGX:F9D) Beyond Its Promising Earnings
Following the solid earnings report from Boustead Singapore Limited (SGX:F9D), the market responded by bidding up the stock price. While the profit numbers were good, our analysis has found some concerning factors that shareholders should be aware of.
How Do Unusual Items Influence Profit?
For anyone who wants to understand Boustead Singapore's profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit gained from S$31m worth of unusual items. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. We can see that Boustead Singapore's positive unusual items were quite significant relative to its profit in the year to March 2025. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Boustead Singapore.

Our Take On Boustead Singapore's Profit Performance
As we discussed above, we think the significant positive unusual item makes Boustead Singapore's earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Boustead Singapore's underlying earnings power is lower than its statutory profit. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you'd like to know more about Boustead Singapore as a business, it's important to be aware of any risks it's facing. You'd be interested to know, that we found 2 warning signs for Boustead Singapore and you'll want to know about these.
Today we've zoomed in on a single data point to better understand the nature of Boustead Singapore's profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
Valuation is complex, but we're here to simplify it.
Discover if Boustead Singapore might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
About SGX:F9D
Boustead Singapore
An investment holding company, provides energy engineering, real estate, geospatial, and healthcare technology solutions in Singapore, Australia, Malaysia, the United States, Europe, rest of Asia Pacific, North and South America, the Middle East, and Africa.
Flawless balance sheet with proven track record and pays a dividend.
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