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[SGX] Stock tips:REIT launch will be a rerating catalyst for this builder cum developer

SINGAPORE (March 27): CIMB is initiating coverage of Boustead Projects with $1.04 target price, for its attractive valuation, net cash position and possible REIT launch.

In a note last Friday, CIMB says Boustead Projects' recent project wins at Mediapolis and Continental phase III will bring the total asset base to $750 million by FY19.

This marks a significant step of Boustead Projects towards its goal of an eventual REIT listing.Factoring in roughly two years of gestation, we believe Boustead Projects could be ready for a REIT listing by FY20-21," says CIMB.

And this could be expedited if Boustead Projects pools its portfolio with private property owners.We estimate a potential REIT launch could re-rate Boustead Projects to $1.30-1.39 based on 20-25% discount to FY18F RNAV, says CIMB.

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