- Pan-United (SGX:P52)'s 1H23 earnings beat our expectations, at 63% of FY23e, due to widening gross margins to 21.3% (+1.6% pt y-o-y) on improved product mix.
- Construction activities picked up from May, and Pan-United’s volume in 1H23 caught up to level that of 1H22. The company expects volume to rise in 2H23, with buoyant demand from public and private housing developments and infrastructure projects.
- - Read this at SGinvestors.io -
- higher fees from batching services offer to HDB construction work.
- Credit risks have risen with some construction companies facing distress. However, the impact on Pan-United is manageable as it supports mainly government projects.
- - Read this at SGinvestors.io -
The Positives
Volume picked up from May
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2023-08-14
Read also Phillip's most recent report:
2024-02-13 Pan-United Corp - Tailwinds From Construction Demand, Low-Carbon Solutions.
Price targets by other brokers at Pan United Target Prices.
Listing of research reports at Pan United Analyst Reports.
Relevant links:
Pan United Share Price History,
Pan United Announcements,
Pan United Dividends & Corporate Actions,
Pan United News Articles
