▌What’s on the Table…
Boustead Projects Limited (ADD, tp:SGD1.40) – Stepping up presence in Vietnam BP inked an option agreement with KTG to acquire a 49% stake in a Vietnam industrial real estate fund (jointly set up) with seed assets worth US$141m. The deal signifies a step towards BP’s next leg of growth (international expansion) and plans to further grow its income-yielding leasehold portfolio. We keep our Addcall with a TP of S$1.40, based on 25% discount to RNAV.

▌News of the Day…
• Singapore PMI stays in expansion in May, though slowing from Apr on Covid-19 curbs
• Ang Mo Kio housing site awarded to UOL-led group for S$381.4m
• Mapletree Investments FY21 net profit grows 4% to S$1.85b
• iX Biopharma expands wafer production capacity, on track for 1st commercial
batch in July
• Keppel Infrastructure Trust to issue S$300m 4.3% perps
• Boustead Projects signs option agreement to acquire 49% interest in holding
• Genting sees heavy trading, rises 2.3% after qualifying for Yokohama RFP
• MFG Integration rises 26.7% amid heavy trading, prompting SGX query
• Singapore Reinsurance further extends closing date for Fairfax Asia’s cash offer