- Pan-United (SGX:P52)’s 2H23 net profit of S$20m (+35% h-o-h, +57% y-o-y) was above our expectations, with FY23 net profit at 19% above our forecast.
2H23: Solid beat driven by revenue and margins
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- Concrete segment EBITDA margin expanded to 9.2% (+2.3% points y-o-y, sustained h-o-h).
- Final dividend of S$0.018 (vs. 2H22: S$0.013) was proposed, bringing Pan United's dividend to S$0.023 for FY23, indicating yield of 6%.
Seeing healthy industry fundamentals ahead
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- elevated industry orderbooks, and
- productivity improvements following the cessation of the Heightened Safety Alert.
- BCA expects healthy construction demand in 2024F with contracts awarded of S$32bn-38bn (2023: S$33.8bn), and at S$31bn-38bn p.a. through 2025-28F.
Expecting robust sector demand to benefit RMC volumes
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