- Pan United (SGX:P52)'s 2H25 revenue was within our expectations, while 2H25 PATMI exceeded our expectations.
- FY25 revenue/PATMI were at 103%/112% of our FY25e forecasts. 2H25 PATMI spiked 35% y-o-y to S$30.1mil, the highest increase since 2H23. This was driven by an estimated 12% y-o-y higher ready-mixed concrete (RMC) volume delivered due to higher project offtake, and higher efficiency achieved from its proprietary technology system AiR Digital. An example is the use of AiR Digital system to reduce truck queuing duration and thus operational costs.
- - Read this at SGinvestors.io -
The Positives
Largest PATMI growth since 2H23.
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- Pan United also experienced a 230bps y-o-y EBITDA margin expansion in 2H25 to 11.7% (2H24: 9.4%), due to higher operational efficiencies from its Air Digital technology system.
FY25 dividend payout ratio increased by 11ppt y-o-y to 62%, the highest levels since FY20.
- Read more at SGinvestors.io.
