Pan United - Phillip Securities 2023-08-14: Volume Catches Up; Surprise Margin Improvement

• 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 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:
2025-08-18 Pan-United Corporation - Margin Expansion & Project Visibility.

Previous report by Phillip:
2025-02-28 Pan-United Corporation - Still Optimistic Despite Slower Project Take-off.

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 Dividend Payout Dates & Corporate Actions,
Pan United News