The analysts note that the key standout was the concrete segment ebitda margin at 9.9%, a 0.8% percentage points increase y-o-y, which they believe is due to favorable project mix and better operating leverage.
CGS International (CGSI) has raised its target price for Pan-United Corporation from 69 cents to 72 cents, noting that the company is “well set for a construction sector upturn”. Analysts Kenneth Tan and Ong Khang Chuen have kept their “add” calls following the group’s 1HFY2024 results ended June.
Pan-United’s net profit of $19 million, which was 9% lower h-o-h but 22% higher y-o-y was above Tan and Ong’s expectations of $17 million, forming 48% of their FY2024 forecast. They note that the 1H results are typically weaker.
