Pan United Corporation - Phillip Securities 2022-12-12: Construction Recovery Slower Than Expected

• Workplace incidents hampered the recovery. As a result of the Heightened Safety period imposed by the Ministry of Manpower (MOM), local construction projects are, in general, progressing slower than expected. 2022-to-date contracts awarded is down 9.4% y-o-y.
• According to data from the Building and Construction Authority (BCA), demand for ready-mixed concrete (RMC) for the first 9 months of 2022 was ~8.8mil cu/m, about 8% lower than our estimate and up 14.2% y-o-y.
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What's new for Pan United

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• No results update from Pan United as it has moved to half-yearly reporting.

The Positives

Construction progress payments for first 9 months of 2022 rose 14.2% y-o-y.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-02-28 Pan-United Corporation - Still Optimistic Despite Slower Project Take-off.

Previous report by Phillip:
2024-08-05 Pan-United - De-carbonising Drives Up Profits.

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