Pan-United Corporation Ltd. (P52) AI Stock Analysis

• Market Cap: S$839.72M
• Dividend Yield: 2.75%
• Average Volume (3M): 910.69K
• Price to Earnings (P/E): 19.5
• Beta (1Y): 0.30
• Revenue Growth: 3.76%
• EPS Growth: 9.64%
• Country: SG
• Employees: 1,729
• Sector: Basic Materials
• Sector Strength: 72
• Industry: Construction Materials
• EPS (TTM): 0.03
• Shares Outstanding: 701,995,850
• 10 Day Avg. Volume: 790,670
• 30 Day Avg. Volume: 910,693
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.34
• Price Target Upside: 11.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 71 Outperform
• Price Target: S$1.00 ▼(-16.67% Downside)

Pan-United Corporation Ltd.'s strong financial performance, characterized by robust cash flows and a stable balance sheet, is the primary driver of its stock score. The technical analysis indicates strong bullish momentum but highlights overbought conditions, suggesting potential caution. The valuation is moderate, with no significant undervaluation present.

Positive Factors

Operational Efficiency

Higher margins driven by recent investments in technology have significantly improved operational efficiency, leading to a noticeable increase in net margins for Pan-United.

Revenue Growth

The secured S$430 million contract for the Changi Airport T5 project enhances Pan-United's revenue visibility and contributes significantly to its annual revenue.

Negative Factors

Counterparty Risks

Downside risks include counterparty credit risks and slowdown in project offtake volumes negatively impacting RMC sales and margins.

Project Delays

Slower-than-expected project take-off led to FY24 revenue and PATMI coming in below estimates.

Pan-United Corporation Ltd. Business Overview & Revenue Model

Company Description

Pan-United Corporation Ltd. (P52) is a Singapore-based company primarily engaged in the business of concrete and logistics. It operates through various segments including concrete and cement, trading, shipping, and logistics. Pan-United is recognized as a leading supplier of ready-mixed concrete in Singapore and has expanded its operations to regional markets. The company is also known for its innovation in concrete solutions and sustainable practices.

How the Company Makes Money

Pan-United Corporation Ltd. generates revenue through a diversified business model. The primary revenue stream comes from the sale of ready-mixed concrete, which is supplied to the construction and infrastructure sectors. The company's trading division contributes to its earnings by dealing in raw materials such as cement and aggregates. Additionally, Pan-United's shipping and logistics segment provides specialized transportation and distribution services, ensuring efficient delivery of materials. Strategic partnerships with regional players and investments in technology and sustainability initiatives further bolster its revenue streams by enhancing operational efficiency and market reach.

Pan-United Corporation Ltd. Financial Statement Overview

Summary

Pan-United Corporation Ltd. demonstrates strong financial health with notable revenue growth, robust cash flows, and a stable balance sheet. Despite a drop in EBIT margin, the company shows strong profitability and cash generation, indicating sound financial management.

Income Statement

Pan-United Corporation Ltd. has shown strong revenue growth over the years with a 4.92% increase from 2023 to 2024. The company maintains a healthy gross profit margin, however, the EBIT margin decreased to 0% in 2024, indicating a potential concern in operational efficiency. The net profit margin improved, reflecting better profitability in 2024 due to increased net income.

Balance Sheet

The balance sheet reflects a solid equity position with an equity ratio of 53.10% in 2024. The debt-to-equity ratio has decreased slightly, indicating prudent financial management. The company shows an impressive return on equity of 15.39%, signaling effective use of shareholders' funds.

Cash Flow

Cash flow analysis highlights a robust free cash flow growth rate of 40.54% from 2023 to 2024. The operating cash flow to net income ratio is strong, indicating good cash generation relative to income. The free cash flow to net income ratio also improved, showing effective cash utilization.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.01B	812.30M	774.14M	703.26M	586.87M	405.02M
Gross Profit	171.57M	175.76M	80.83M	132.70M	127.04M	84.83M
EBITDA	89.06M	78.97M	68.68M	52.22M	42.40M	28.78M
Net Income	48.22M	40.85M	34.30M	23.35M	18.69M	1.04M
Balance Sheet
Total Assets	459.55M	499.75M	453.88M	421.36M	396.69M	402.31M
Cash, Cash Equivalents and Short-Term Investments	95.51M	107.01M	64.37M	64.65M	64.15M	67.56M
Total Debt	54.91M	56.09M	57.17M	69.01M	66.00M	103.61M
Total Liabilities	213.55M	228.83M	216.32M	202.96M	183.22M	199.31M
Stockholders Equity	240.60M	265.30M	231.82M	211.42M	205.07M	194.69M
Cash Flow
Free Cash Flow	98.65M	69.38M	49.36M	5.00M	48.77M	51.67M
Operating Cash Flow	114.38M	87.98M	61.27M	20.64M	57.54M	59.61M
Investing Cash Flow	-12.50M	-14.73M	-7.62M	-9.40M	-4.02M	-7.75M
Financing Cash Flow	-74.75M	-31.50M	-53.02M	-9.33M	-57.33M	-33.64M

Pan-United Corporation Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P52, the sentiment is Positive. The current price of 1.2 is above the 20-day moving average (MA) of 1.13, above the 50-day MA of 1.02, and above the 200-day MA of 0.71, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 59.27 is Neutral, neither overbought nor oversold. The STOCH value of 70.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:P52.

Pan-United Corporation Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P52	71 Outperform	S$839.72M	19.54	17.05%	2.75%	3.76%	9.64%
Sector *	61 Neutral	$10.26B	6.13	0.71%	2.87%	3.45%	-36.02%
BTG	―	S$125.01M	10.71	6.66%	―	―	―
KUO	―	S$238.03M	17.08	6.38%	―	―	―
N02	―	S$338.07M	9.09	12.34%	―	―	―
QNS	―	S$215.16M	―	-6.06%	―	―	―
S44	―	S$109.80M	11.78	3.62%	―	―	―

Pan-United Corporation Ltd. Corporate Events

Pan-United Corporation Ltd Holds 33rd Annual General Meeting

Pan-United Corporation Ltd held its 33rd Annual General Meeting at the Suntec Singapore Convention and Exhibition Centre, where Executive Chairman Ms. Ng Bee Bee expressed gratitude to shareholders for their continued support. The meeting marked the first address by Mr. Ken Loh as CEO, who provided a business performance summary to the shareholders. The AGM proceeded without any pre-submitted questions from shareholders, but a Q&A session was opened during the meeting to address any substantial and relevant queries.

The most recent analyst rating on (SG:P52) stock is a Buy with a S$0.68 price target. To see the full list of analyst forecasts on Pan-United Corporation Ltd. stock, see the SG:P52 Stock Forecast page.