3Q21 Outlook Q&A: First Sponsor, Pan United

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    1. Yield is not shown, what is ur Yield for First Sponsor? TY

    Our FY21e dividend yield for first sponsor is 2.4%.


    2. Why has the price of Pan United been decreasing over the years?

    PanUnited went through a restructuring phase from 2016-2018. Until FY19, the tug and barge business and the port business were part of PanU’s operations. As the port business contributed quite significantly to PanU’s bottom line, the weakness in share price likely reflected market worries. Post demerger, PanU is more focused on its core business which is concrete and cement. It took steps to advance concrete technologies and digitalisation. In FY19, PanU achieved a 42% increase in PATMI from the previous year. This brought back investor confidence before Covid-19 hit at the start of 2020. We believe that PanU is still poised to benefit from the recovery of construction demand, being the largest provider of concrete in SIngapore.

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