Boustead

I think it is a little premature for us to conclude that inflation is not going to be a concern for Singapore as the Middle East war started on 28 Feb.

whatever the CPI, my equal weighted portfolio of banks and REITs keeps me eoughly neutral to these noises. Both happily spitting out dividends for reinvestment.

Singapore core CPI came in lower than expected, smoothing out inflation concerns. However, the lagged economic data of the Middle East conflict has yet to fully factor in, and businesses have already been increasing daily prices of goods & services. With US striking Iranian ships supposedly trying to place mines, the SG market is reacting to the news with the STI down approximately 0.8%.

Inflation subsiding might seem amazing but that also shows the impact of AI and how it might actually reduce the need to spend on services that used to be needed such as software services.

CPI is at a manageable level. this iran war will end sooner or later, straits of Hormuz will open, oil price will drop, inflation will be kept in check. all will be well again, man will adjust adapt to the new norm.

MAS monitoring, data coming in soft. Nothing I can do about macro. Just stay invested and let it sort itself out 💤

Never looked at Boustead, H2 profits up 235%, not even on my watchlist. Need to stop obsessing over US tech and actually cover the SG market properly 😩

Core CPI at 1.4% but my grocery bill didn't get the memo. Official inflation and real life inflation seem to live in different universes😅

markets going boom up higher to the sky no doubt riding the wave higher till the sky

Boustead enters earnings with quite a bit of optimism already priced in following the REIT value unlocking story and announced divestment gains. Think market sentiment will focus less on headline gains tomorrow and more on sustainability of core earnings, operating margins, order book strength going forward.

Watch for slowing operating income growth, weaker operating performance and margin squeeze, which may trigger further profit taking if results fall short of elevated expectations despite recent positive news.

Looking to pick some on dip.

$Boustead(F9D.SG)

🦎 Iggy's Forensic File: UI Boustead REIT (SGX: MS157)

Social media hustlers are hawking UI Boustead REIT as the "fresh IPO yield bomb" after its blockbuster S$974m debut—Singapore's fattest 2026 listing—promising 7.4% FY26 DPU at S$0.88 IPO price on a S$1.9bn industrial/logistics portfolio split 70/30 Singapore-Japan. But the prospectus autopsy flags the stealth fracture: Japan occupancy lags at 76.7% with NPI dipping 2.8% in FY25 to S$77.1m, dragged by Toyo MK Fuso lease voids and Tai Seng tenant defaults, even as Singapore high-specs hold 96% committed. It's like those Jurong industrial parks during a chip slump—prime HDB-factory spaces sit idle while managers hawk teaser rents like desperate kopitiam hawkers pushing $0.50 kaya toast to fill tables before expiry cliffs hit 18% of leases in FY27.

Portfolio WALE clocks 5.8 years with gearing a manageable 37.9% and ICR at 4.7x, but FY25 revenue slipped 1.4% despite positive rent reversions—rental rates trail market, banking on 8-16% business park uplift that feels aspirational amid softening data centre demand. The projected 1.1-cent stub DPU through March '26 leans on acquisition synergies, not organic NPI compounding—more like drawing down a fat IPO war chest than steady CPF annuity flow.

Sovereign Insight:

Debuting at 0.92x P/NAV post-8.5% pop, capital erosion risk looks buffered, but that ~340bps spread over CPF SA's 4.0% floor must absorb Japan ramp-up delays, 30% debt due by '29, and macro industrial flux. No fortress here—just a well-capitalised bunker. Margin of safety awaits 93% FY26 occupancy before your kopi money unpacks the warehouse.

*(Not financial advice. DYODD.)