Boustead Singapore's (SGX:F9D) Earnings May Not Be As Encouraging As They Appear

Written by Emily J. Thompson, Senior Investment Analyst

Source: Yahoo Finance

Updated: Nov 17 2025

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Source: Yahoo Finance

Boustead Singapore's Earnings Performance: Boustead Singapore Limited reported decent earnings, but shareholders showed concern due to a weak accrual ratio, indicating that reported profits significantly exceeded free cash flow.
Accrual Ratio Insights: The company's accrual ratio of 0.25 suggests that its free cash flow of S$25 million fell short of its statutory profit of S$94 million, raising questions about the sustainability of its profitability.
Impact of Unusual Items: A notable boost of S$31 million from unusual items inflated Boustead's profits, which may not be repeatable in the future, leading to skepticism about the quality of its earnings.
Cautionary Signals: The analysis highlights two significant warning signs regarding Boustead Singapore, suggesting that investors should be cautious and consider various factors before making investment decisions.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.