Additionally, the analysts see the group’s sustained ebitda margin at 9.4% as a key positive. It is also above the historical FY2019 to FY2023 average of 7.3%.
Following the release of concrete supplier Pan-United Corporation’s FY2024 ended Dec 31, 2024 results, CGS International (CGSI) analysts Kenneth Tan and Lim Siew Khee are maintaining their “add” call at an unchanged target price (TP) of 75 cents.
Tan and Lim note in their Mar 5 report that excluding a one-off $1.3 million associate impairment loss, Pan-United’s 2HFY2024 core net profit of $24 million was broadly in-line with their expectations, as was FY2024 core net profit of $42 million, at 104% of estimates.
