For its 1HFY2025 ended June, revenue rose 4.3% y-o-y to $401.1 million, supported by higher RMC volumes. Net profit grew 11% y-o-y to $20.6 million, despite foreign exchange (forex) losses and higher depreciation while gross margins expanded 2.8 percentage points (ppts) to 24.4%, underpinned by upstream integration and operational efficiencies.
UOB Kay Hian (UOBKH) analyst Heidi Mo is maintaining her “buy” call on Pan-United Corporation (Pan-United) at a raised target price of $1.33 from $1.06 previously.
In her Sept 10 report, Mo notes that the group has reinforced its position as Singapore’s leading ready-mix concrete (RMC) supplier, commanding a market share of around 40%.
