Pan-United Corporation - Phillip Securities 2025-02-28: Still Optimistic Despite Slower Project Take-off

• Pan-United's 2H24 revenue and PATMI were below expectations due to slower-than-expected project take-off. FY24 revenue/PATMI were at 94%/97% of our FY24e forecast. Gross profit/EBITDA were within expectations at 101%/101%. Final dividends jumped 28% y-o-y to 2.3 cents, bringing total FY24 Pan United's dividends to 3.0 cents (FY23: 2.3 cents).
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• Pan United's share price trades at an attractive FY25e dividend yield of 4.9%. We maintain our BUY recommendation with a higher Pan United's target price of S$0.75 (previously S$0.68).

The Positives

Higher margins driven by a higher mix of low-carbon products.

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Increase in net cash due to higher earnings.

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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/.

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

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