- Pan-United Corporation (SGX:P52) reported higher 1H24 revenue and core PATMI of S$384.7m (+6.8% y-o-y) and S$18.6m (+31.3% y-o-y) respectively, forming 45% and 42% of our full-year estimates. This in line with our expectations given that 1H is seasonally weaker historically.
Robust Results
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- We anticipate further margin improvements from Pan-United's ongoing digitalisation of its operations and a resolute orderbook.
Higher interim dividend.
- See Pan-United's dividends. The group declared an interim 1H24 dividend of 0.7 cents/share (1H23: 0.5 cents/share), implying an annualised dividend yield of around 3%.
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Poised for growth from strong ready-mix concrete (RMC) demand and healthy construction pipeline.
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