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Pan-United Corporation Ltd.
(SGX:P52)
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Rating:72Outperform
Price Target:
S$2.00
â–²(21.95% Upside)
Action:Reiterated
Date:09/24/26
The score is driven primarily by solid financial performance (growth, improving profitability, and low leverage with stronger ROE), tempered by weaker cash conversion and margin volatility. Technicals add support with a price above key moving averages and positive MACD, while valuation is only moderately attractive given the ~19.4 P/E and ~3.0% yield.
Positive Factors
Multi-year revenue and profitability growth
A multi-year revenue growth record combined with improved net and EBIT margins indicates stronger operating performance and expanding earnings capacity. If maintained, this progress can support reinvestment, improve competitive resilience, and provide a durable base for growth over the next several quarters.
Negative Factors
Inconsistent cash conversion
Weak and declining cash conversion means reported earnings are not translating consistently into available cash. Higher reinvestment needs or working-capital drag could limit funding flexibility, make cash planning less dependable, and reduce the quality and predictability of near-term earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue and profitability growth
A multi-year revenue growth record combined with improved net and EBIT margins indicates stronger operating performance and expanding earnings capacity. If maintained, this progress can support reinvestment, improve competitive resilience, and provide a durable base for growth over the next several quarters.
Read all positive factors
Pan-United Corporation Ltd. (P52) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.11B
Dividend Yield3.14%
Average Volume (3M)299.36K
Price to Earnings (P/E)18.4
Beta (1Y)0.58
Revenue Growth26.32%
EPS Growth41.37%
CountrySG
Employees1,729
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.09
Shares Outstanding701,995,850
10 Day Avg. Volume303,280
30 Day Avg. Volume299,356
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)2.79
Price to Sales (P/S)0.90
P/FCF Ratio23.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.93Price Target Upside17.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.09
Revenue Forecast (FY)S$1.09B
Pan-United Corporation Ltd. Business Overview & Revenue Model
Company Description
Established in Singapore in 1958, Pan-United Corporation Ltd operates as an investment holding company with significant engagement in the concrete and logistics industries across Singapore, China, and international markets. The company's diverse a...
How the Company Makes Money
Pan-United primarily makes money by selling ready-mixed concrete and related construction materials/services to customers involved in building and infrastructure works. Revenue is generated on a per-order/contract basis, with pricing generally tie...
Pan-United Corporation Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 898.44M | 812.30M | 774.14M | 703.26M | 586.87M |
| Gross Profit | 250.73M | 109.95M | 175.76M | 80.83M | 132.70M | 127.04M |
| EBITDA | 118.93M | 98.42M | 78.97M | 68.68M | 53.66M | 44.30M |
| Net Income | 60.72M | 50.71M | 40.85M | 34.30M | 23.35M | 18.69M |
Balance Sheet | ||||||
| Total Assets | 581.52M | 543.78M | 499.75M | 453.88M | 421.36M | 396.69M |
| Cash, Cash Equivalents and Short-Term Investments | 86.21M | 99.79M | 107.01M | 64.37M | 64.65M | 64.15M |
| Total Debt | 60.49M | 80.43M | 56.09M | 57.17M | 69.01M | 66.00M |
| Total Liabilities | 279.93M | 247.96M | 228.83M | 216.32M | 202.96M | 183.22M |
| Stockholders Equity | 295.80M | 290.41M | 265.30M | 231.82M | 211.42M | 205.07M |
Cash Flow | ||||||
| Free Cash Flow | 38.47M | 34.33M | 69.38M | 49.36M | 5.00M | 48.77M |
| Operating Cash Flow | 81.05M | 82.30M | 87.98M | 61.27M | 20.64M | 57.54M |
| Investing Cash Flow | -43.19M | -50.00M | -14.73M | -7.62M | -9.40M | -4.02M |
| Financing Cash Flow | -36.43M | -38.71M | -31.50M | -53.02M | -9.33M | -57.33M |
Pan-United Corporation Ltd. Technical Analysis
Neutral
1.64
Price Trends
1.63
Negative
1.57
Positive
1.48
Positive
Market Momentum
-0.02
Positive
42.56
Neutral
60.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:P52, the sentiment is Neutral. The current price of 1.64 is above the 20-day moving average (MA) of 1.63, above the 50-day MA of 1.63, and above the 200-day MA of 1.48, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.56 is Neutral, neither overbought nor oversold. The STOCH value of 60.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:P52.
Pan-United Corporation Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.11B | 18.37 | 20.72% | 3.14% | 26.32% | 41.37% | |
70 Outperform | S$1.08B | 10.34 | 19.95% | 5.60% | 22.92% | 7.37% | |
67 Neutral | S$3.01B | 55.00 | 5.87% | 8.00% | 4.37% | -51.87% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | S$699.98M | -3.10 | -17.63% | 5.56% | 30.40% | -297.36% |
* Basic Materials Sector Average
SG:P52
Pan-United Corporation Ltd.
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Pan-United Corporation Ltd. Corporate Events
Pan-United Strengthens Board with Appointment of Governance Veteran Ng Siew Quan
Sep 1, 2026
Pan-United Corporation Ltd has appointed seasoned governance specialist Ng Siew Quan as a Non-Executive Independent Director, effective 1 September 2026. Ng, a former Partner at PricewaterhouseCoopers LLP, brings extensive experience in corporate ...
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.