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Pan-United Corporation Ltd. (SG:P52)
:P52
Singapore Market

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

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Pan-United Corporation Ltd.

(SGX:P52)

Rating:75Outperform
Price Target:
S$1.00
▲(28.21%Upside)
The overall stock score reflects strong financial performance and positive technical analysis, indicating a well-positioned company in the construction materials industry. The valuation suggests a fair market price with an attractive dividend yield, though investors should monitor the slightly overbought technical indicators.
Positive Factors
Financial Performance
Pan-United’s net cash increased significantly, driven by higher revenues and lower borrowings, showcasing a healthy balance sheet.
Market Position
A buy recommendation is maintained with a higher target price, reflecting confidence in the company’s market position and future growth prospects.
Product Innovation
PANU began offering low-carbon concrete ahead of its Singapore peers and continues to invest in research & development to expand its range.
Negative Factors
Market Risks
Downside risks include counterparty credit risks and slowdown in project offtake volumes negatively impacting RMC sales and margins.
Operational Challenges
Slower-than-expected project take-off led to FY24 revenue and PATMI coming in below estimates.

Pan-United Corporation Ltd. (P52) vs. iShares MSCI Singapore ETF (EWS)

Pan-United Corporation Ltd. Business Overview & Revenue Model

Company DescriptionPan-United Corporation Ltd. is a Singapore-based company primarily engaged in the concrete and logistics industry. It specializes in providing innovative and sustainable concrete solutions, serving various sectors including construction, infrastructure, and urban development. The company is recognized for its advanced research and development capabilities in concrete technology, which positions it as a leader in delivering high-performance building materials.
How the Company Makes MoneyPan-United Corporation Ltd. generates revenue through the production and supply of ready-mixed concrete and cement products. The company operates a vertically integrated business model that encompasses the entire supply chain, from the sourcing of raw materials to the delivery of finished products. Key revenue streams include sales of ready-mixed concrete to construction companies, infrastructure developers, and government projects. Additionally, Pan-United benefits from strategic partnerships and collaborations that enhance its market reach and technological capabilities. The company also invests in digital transformation initiatives to optimize its logistics and operational efficiency, thereby contributing to its profitability.

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. While the company shows strong profitability and cash generation, the drop in EBIT margin warrants attention.
Income Statement
80
Positive
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
75
Positive
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
85
Very Positive
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
TTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income StatementTotal Revenue
1.01B812.30M774.14M703.26M586.87M405.02M
Gross Profit
171.57M175.76M80.83M132.70M127.04M84.83M
EBIT
105.86M71.47M43.64M36.27M25.00M4.86M
EBITDA
89.06M78.97M68.68M52.22M42.40M28.78M
Net Income Common Stockholders
48.22M40.85M34.30M23.35M18.69M1.04M
Balance SheetCash, Cash Equivalents and Short-Term Investments
95.51M107.01M64.37M64.65M64.15M67.56M
Total Assets
459.55M499.75M453.88M421.36M396.69M402.31M
Total Debt
54.91M56.09M57.17M69.01M66.00M103.61M
Net Debt
-40.60M-50.92M-7.20M4.36M1.85M36.05M
Total Liabilities
213.55M228.83M216.32M202.96M183.22M199.31M
Stockholders Equity
240.60M265.30M231.82M211.42M205.07M194.69M
Cash FlowFree Cash Flow
98.65M69.38M49.36M5.00M48.77M51.67M
Operating Cash Flow
114.38M87.98M61.27M20.64M57.54M59.61M
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 Price0.78
Price Trends
50DMA
0.68
Positive
100DMA
0.64
Positive
200DMA
0.58
Positive
Market Momentum
MACD
0.03
Negative
RSI
70.06
Negative
STOCH
90.91
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 0.78 is above the 20-day moving average (MA) of 0.74, above the 50-day MA of 0.68, and above the 200-day MA of 0.58, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 70.06 is Negative, neither overbought nor oversold. The STOCH value of 90.91 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
SGP52
75
Outperform
S$545.81M13.1616.44%3.59%4.93%12.48%
51
Neutral
$2.03B-1.27-21.09%3.98%2.91%-30.50%
SGBTG
S$97.53M6.836.96%
SGKUO
S$104.50M17.000.82%
SGN02
S$263.36M12.927.50%57.14%
SGQNS
S$273.84M-6.06%
SGS44
S$84.87M77.720.42%4.20%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:P52
Pan-United Corporation Ltd.
0.77
0.33
75.00%
SG:BTG
HG Metal Manufacturing Limited
0.36
0.06
20.00%
SG:KUO
International Cement Group Ltd.
0.02
0.00
0.00%
SG:N02
NSL ltd.
0.74
0.05
7.25%
SG:QNS
Southern Alliance Mining Ltd.
0.56
0.07
14.29%
SG:S44
EnGro Corp. Ltd. (Singapore)
0.72
0.04
5.88%

Pan-United Corporation Ltd. Corporate Events

Pan-United Corporation Ltd Holds 33rd Annual General Meeting
May 16, 2025

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.

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.