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

• Market Cap: S$832.72M
• Dividend Yield: 2.87%
• Average Volume (3M): 540.53K
• Price to Earnings (P/E): 19.4
• Beta (1Y): 0.38
• Revenue Growth: 3.76%
• EPS Growth: 9.64%
• Country: SG
• Employees: 1,729
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction Materials
• EPS (TTM): 0.03
• Shares Outstanding: 701,995,850
• 10 Day Avg. Volume: 627,280
• 30 Day Avg. Volume: 540,526
• PEG Ratio: 0.65
• Price to Book (P/B): 1.46
• Price to Sales (P/S): 0.48
• P/FCF Ratio: 5.58
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: S$1.50 ▲(35.14% Upside)

Pan-United Corporation Ltd. has a solid financial foundation with strong revenue growth and profitability, which is the most significant factor supporting the stock. However, bearish technical indicators and a moderate valuation score suggest caution. The lack of recent earnings call data and corporate events limits additional insights.

Positive Factors

Balance sheet strength

Low leverage and a robust 16.3% ROE indicate durable financial resilience. A conservative capital structure supports investment in plants, withstands sector cyclicality, preserves access to funding for growth or downturns, and underpins long-term dividend and strategic flexibility.

Sustained margins and profitability

Healthy gross and improving net margins alongside stable EBIT/EBITDA suggest consistent operational efficiency and pricing power. Durable margins support internal cash generation, enabling reinvestment in capacity, maintenance of returns through cycles, and competitiveness in low-margin construction markets.

Strong market position and business model

A broad batching-plant network and long-term supply agreements with developers and government create logistical and contract advantages. This entrenched market presence yields steady project pipelines, scale benefits, and resilience to localized demand swings, supporting multi‑period revenue visibility.

Negative Factors

Declining free cash flow

A steep 51.7% drop in free cash flow growth materially weakens internal funding capacity. Lower FCF constrains reinvestment, deleveraging, and dividends, and raises sensitivity to capex or working capital swings. Sustained declines would pressure financial flexibility across cycles.

Modest revenue growth

Single-digit top-line expansion limits the pace of scale-driven margin improvement in a capital-intensive materials business. In a cyclical construction industry, modest growth means returns rely more on pricing, efficiency gains, or market share wins, which can be harder to sustain long-term.

Limited recent investor disclosure/events

Absence of earnings call detail and notable corporate events reduces visibility into strategy, capital allocation, and management's forward plans. For long-term investors, limited disclosure hinders assessment of execution risk, strategic shifts, and leadership quality over multi‑quarter horizons.

Pan-United Corporation Ltd. Business Overview & Revenue Model

Company Description

Pan-United Corporation Ltd. (P52) is a leading provider of integrated solutions in the construction and building materials sector in Singapore and the region. The company specializes in the production and supply of ready-mixed concrete, aggregates, and other related products, catering to both residential and commercial construction projects. With a commitment to sustainability, Pan-United also invests in technology-driven solutions to optimize its operations and enhance efficiency in the building materials industry.

How the Company Makes Money

Pan-United Corporation Ltd. generates revenue primarily through the sale of ready-mixed concrete and other construction materials. The company operates a network of batching plants strategically located to fulfill demand in various construction projects, which allows for efficient logistics and delivery. Key revenue streams include direct sales to construction companies, government contracts for public infrastructure projects, and supply agreements with developers. Additionally, Pan-United benefits from partnerships with major construction firms and government bodies, enhancing its market presence and securing long-term contracts. The company's focus on innovation and sustainability also positions it to capitalize on emerging trends in green building practices, potentially opening new revenue opportunities.

Pan-United Corporation Ltd. Financial Statement Overview

Summary

Pan-United Corporation Ltd. exhibits strong financial health with robust revenue growth and profitability. The balance sheet is solid, with low leverage and high return on equity. However, the decline in free cash flow growth poses a potential risk.

Income Statement

Pan-United Corporation Ltd. has demonstrated strong revenue growth with a TTM increase of 3.1% and consistent profitability. The gross profit margin is healthy at 23.1%, and the net profit margin has improved to 5.2%. EBIT and EBITDA margins are stable, indicating efficient operations. The company has shown resilience in revenue growth, which is a positive indicator for future performance.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.20, indicating prudent financial management. Return on equity is robust at 16.3%, showcasing effective use of equity to generate profits. The equity ratio stands at a healthy level, suggesting a strong capital structure. Overall, the balance sheet indicates stability and low financial risk.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth, which decreased by 51.7% in the TTM period. However, the operating cash flow to net income ratio remains positive at 0.33, indicating adequate cash generation relative to net income. The free cash flow to net income ratio is 0.39, reflecting moderate cash flow efficiency. While cash flow generation is stable, the decline in free cash flow growth is a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	829.89M	812.30M	774.14M	703.26M	586.87M	405.02M
Gross Profit	191.82M	175.76M	80.83M	132.70M	127.04M	84.83M
EBITDA	76.09M	78.97M	68.68M	52.22M	42.40M	28.78M
Net Income	42.90M	40.85M	34.30M	23.35M	18.69M	1.04M
Balance Sheet
Total Assets	490.39M	499.75M	453.88M	421.36M	396.69M	402.31M
Cash, Cash Equivalents and Short-Term Investments	82.97M	107.01M	64.37M	64.65M	64.15M	67.56M
Total Debt	52.99M	56.09M	57.17M	69.01M	66.00M	103.61M
Total Liabilities	222.51M	228.83M	216.32M	202.96M	183.22M	199.31M
Stockholders Equity	262.67M	265.30M	231.82M	211.42M	205.07M	194.69M
Cash Flow
Free Cash Flow	22.82M	69.38M	49.36M	5.00M	48.77M	51.67M
Operating Cash Flow	58.04M	87.98M	61.27M	20.64M	57.54M	59.61M
Investing Cash Flow	-34.82M	-14.73M	-7.62M	-9.40M	-4.02M	-7.75M
Financing Cash Flow	-33.67M	-31.50M	-53.02M	-9.33M	-57.33M	-33.64M

Pan-United Corporation Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 1.11 is below the 20-day moving average (MA) of 1.15, above the 50-day MA of 1.10, and above the 200-day MA of 0.98, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 66.84 is Neutral, neither overbought nor oversold. The STOCH value of 90.48 is Negative, 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	62 Neutral	S$832.72M	19.38	17.05%	2.87%	3.76%	9.64%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%