Pan-United Corporation - Phillip Securities 2025-08-18: Margin Expansion & Project Visibility

• Pan United's 1H25 revenue/PATMI were within expectations, at 46%/46% of our FY25e forecast.
  • 1H25 revenue increase of 4% y-o-y was driven by higher volume of ready-mixed concrete (RMC).
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• Pan United’s operations are powered by AiR Digital, its in-house command centre. Recent investments in the technology enabled Pan United to optimise its operations more efficiently, driving EBITDA margin expansion of 90bps y-o-y in 1H25. An example would be the use of AiR Digital system to manage mass pour operations, reducing truck queuing duration and thus operational costs.

The Positives

Higher margins driven by recent investments.

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• Lower costs of production, combined with higher operational efficiencies from the technology used by its command centre AiR Digital, drove Pan United’s 1H25 net margins to expand 30bps y-o-y. We believe margin expansion can drive Pan-United’s FY25e PATMI to increase ~11% y-o-y.

Visibility for upcoming projects, including S$430mil contracts secured from Changi Airport T5 project.

• 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/.

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