Boustead Singapore

[greengiraffe]

Hi Shanrui,

Thanks for your detail analysis. As a wrong term shareholder, I am finally seeing the true potential of Boustead.

According to the webcast, if I am not wrong, I heard the following:

i) ESRI - 11 years of growth. 70% from Australia, supposed a well regulated market which they have 85% market share and 90% of their clients from Federal and State governments (whatever that means) - MONOPOLY.

I can only dream of owning a piece of MONOPOLY and it is staring in my face. Boustead has a MONOPOLY business in ESRI - no wonder it is a recurrent cash generator.

ii) Oil & Gas - oil prices not concern and benefiting from shale gas revolution in North America. Mr Wong mentioned that Dow Chemical is the end client that handed down the $39m contract and BIH appears to be in the running for more. Net margins after tax is 10%.

iii) Unlocking values from 9 ind property portfolio - I am also excited especially with the stapled concept on a ordinary share - killing 2 birds with one stone - immediately saved on 18% corporate taxes and shareholders get transparency in terms of dividend guidance from the rentals. In addition, the vehicle will be a pipeline for any future DBL contracts.

Shall wait for analysts updates and see how it goes but definitely transparency at Boustead has improved substantially.

Vested & HU8TPPY
GG