Pan-United Corporation Ltd. (SG:P52)
SGX:P52
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Pan-United Corporation Ltd.
(SGX:P52)
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Rating:74Outperform
Price Target:
S$2.00
▲(23.46% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by solid fundamental improvement (profitability and leverage) but tempered by 2025 margin volatility and weaker cash conversion. Technicals add support due to a strong uptrend and positive momentum. Valuation contributes less given the unusable P/E input and only a modest dividend yield.
Positive Factors
Improving profitability and ROE
The company achieved multi-year profit recovery and a meaningful ROE improvement, indicating better operational performance and capital efficiency. Sustained earnings growth enhances the firm's ability to reinvest, service obligations, and support distributions, strengthening long-run resilience.
Negative Factors
Gross margin compression and volatility
A sharp gross margin decline signals exposure to raw material cost spikes or limited pricing pass-through. For a volume-driven concrete supplier, sustained margin pressure can materially erode earnings power, making profitability vulnerable to input-cost cycles and contract pricing lags.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and ROE
The company achieved multi-year profit recovery and a meaningful ROE improvement, indicating better operational performance and capital efficiency. Sustained earnings growth enhances the firm's ability to reinvest, service obligations, and support distributions, strengthening long-run resilience.
Read all positive factors
Pan-United Corporation Ltd. (P52) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.13B
Dividend Yield2.87%
Average Volume (3M)540.53K
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue Growth3.76%
EPS Growth9.64%
CountrySG
Employees1,729
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.04
Shares Outstanding701,995,850
10 Day Avg. Volume627,280
30 Day Avg. Volume540,526
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)2.79
Price to Sales (P/S)0.90
P/FCF Ratio23.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.64Price Target Upside1.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.09
Revenue Forecast (FY)S$1.01B
Pan-United Corporation Ltd. Business Overview & Revenue Model
Company Description
Pan-United Corporation Ltd, an investment holding company, engages in the concrete and logistics businesses in Singapore, China, and internationally. The company operates in three segments: Concrete and Cement, Trading and Shipping, and Others. It...
How the Company Makes Money
Pan-United makes money primarily by selling ready-mixed concrete to construction customers (e.g., contractors and developers) for use in building and infrastructure projects. Revenue is generated on a per-volume (e.g., per cubic metre) basis, with...
Pan-United Corporation Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 829.89M | 898.44M | 812.30M | 774.14M | 703.26M | 586.87M |
| Gross Profit | 191.82M | 109.95M | 175.76M | 80.83M | 132.70M | 127.04M |
| EBITDA | 76.09M | 98.42M | 78.97M | 68.68M | 52.22M | 42.40M |
| Net Income | 42.90M | 50.71M | 40.85M | 34.30M | 23.35M | 18.69M |
Balance Sheet | ||||||
| Total Assets | 490.39M | 543.78M | 499.75M | 453.88M | 421.36M | 396.69M |
| Cash, Cash Equivalents and Short-Term Investments | 82.97M | 99.79M | 107.01M | 64.37M | 64.65M | 64.15M |
| Total Debt | 52.99M | 80.43M | 56.09M | 57.17M | 69.01M | 66.00M |
| Total Liabilities | 222.51M | 247.96M | 228.83M | 216.32M | 202.96M | 183.22M |
| Stockholders Equity | 262.67M | 290.41M | 265.30M | 231.82M | 211.42M | 205.07M |
Cash Flow | ||||||
| Free Cash Flow | 22.82M | 34.33M | 69.38M | 49.36M | 5.00M | 48.77M |
| Operating Cash Flow | 58.04M | 82.30M | 87.98M | 61.27M | 20.64M | 57.54M |
| Investing Cash Flow | -34.82M | -50.00M | -14.73M | -7.62M | -9.40M | -4.02M |
| Financing Cash Flow | -33.67M | -38.71M | -31.50M | -53.02M | -9.33M | -57.33M |
Pan-United Corporation Ltd. Technical Analysis
Positive
1.62
Price Trends
1.34
Positive
1.22
Positive
1.15
Positive
Market Momentum
0.08
Negative
63.12
Neutral
65.43
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 1.62 is above the 20-day moving average (MA) of 1.51, above the 50-day MA of 1.34, and above the 200-day MA of 1.15, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 63.12 is Neutral, neither overbought nor oversold. The STOCH value of 65.43 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
UnderperformOutperform
Sector (61)
SG:P52
Pan-United Corporation Ltd.
1.71
1.16
210.91%
SG:BTG
HG Metal Manufacturing Limited
0.57
0.23
70.69%
SG:KUO
International Cement Group Ltd.
0.06
0.04
250.00%
SG:N02
NSL ltd.
0.90
0.25
38.46%
SG:QNS
Southern Alliance Mining Ltd.
0.41
>-0.01
-1.22%
SG:S44
EnGro Corp. Ltd. (Singapore)
0.98
0.35
55.56%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.