$Boustead(F9D.SI)$ Boustead update and target price Boustead Industrial Fund shareholders, including Metro and AP SG 21, have collectively agreed to divest the fund to IU Boustead, paving the way for a proposed REIT portfolio of $1.9 billion. This transaction crystallises asset value and creates optionality for cash proceeds, sponsor fees, or retained units. Updated target price (TP) — summary - Base-case TP: S$2.60 (≈ +19%) - Bull-case TP: S$3.00+ (≈ +38%+) How I translated these into TPs (high level) - If Boustead realises material cash or units from the divestment (sale to the REIT), it can reduce debt, pay special dividends, or retain a sponsor stake that generates recurring fees — each action supports a higher share price. - The base TP (S$
$HongkongLand USD(H78.SI)$ You must have heard many people saying, "No $10, no sell!". Let's examine:- Core Strategic Pillars - Concentrating on ultra-premium, integrated commercial properties in Asia’s gateway cities (Hong Kong, Singapore, Shanghai). - Moving away from the build-to-sell development model, which had historically contributed significantly to profits but carried higher volatility. - Portfolio Anchors - Flagship assets in Central (Hong Kong), Marina Bay (Singapore), and West Bund (Shanghai) are positioned as growth engines. - Portfolio Recycling - Selective divestment of investment properties to unlock capital (targeting up to USD 10bn over 10 years). - Funds redeployed into expanding the ultra-premium portfolio. Tactical Imp