In FY2024, Tan and Ong expect Pan-United to sustain its elevated revenue and margins thanks to the strong demand for construction and improved operating leverage.
Analysts are remaining positive on Pan-United with raised target prices after the company’s financial results for the 2HFY2023 and FY2023 ended Dec 31, 2023, outperformed their expectations.
CGS-CIMB Research (now CGS International) analysts Kenneth Tan and Ong Khang Chuen have kept their “add” call as Pan-United’s net profit of $20 million for the 2HFY2023 was a “solid beat” with the company’s full-year net profit coming in 19% above their forecasts. Pan-United reported a net profit of $36.5 million for the FY2023.
