CGS International

May 28, 2025

IREIT Global: A Potential Bottoming Up Opportunity and Pan-United Corp Ltd Volume Growth and Favourable Project Mix

Global Market Overview

• Bonds experienced a worldwide rally following Japan’s indication of stabilizing its debt market after a period of sell-offs. [[1]]
• The dollar saw a rebound. [[1]]
• Japan’s 20-year bond yield decreased by 19.5 basis points following reports that the finance ministry sought input on appropriate government debt issuance. [[1]]
• Treasuries rallied due to lower Japanese yields and reduced competition for dollar-denominated assets. [[1]]
• The yen weakened following the report. [[1]]
• Equity-index futures for the S&P 500 and Nasdaq 100 increased by 1%, maintaining gains from a Monday holiday, as President Donald Trump extended a deadline on Euro-area tariffs. [[1]]
• European shares saw a slight decrease, while Asian shares edged up, recovering earlier losses. [[1]]
• Japan’s actions suggest an effort to stabilize the market after relentless selling pushed bond yields to record highs. [[1]]
• A recent sale of 20-year debt experienced the weakest demand in over a decade, creating nervousness among traders for an upcoming auction of 40-year bonds. [[1]]
• Increased Japanese yields have led to greater competition for Treasuries. [[1]]
• Lower JGB supply could potentially drive investors into the Treasury complex. [[1]]

Pan-United Corp Ltd: Volume Growth and Favourable Project Mix

• FY26F-28F revenue growth is expected to be supported by increased institutional & civil engineering construction demand in 2025F (approximately 50% of 2025F demand compared to 42% in 2024). [[1]]
• Pan-United Corp Ltd (PANU) is positioned to benefit from Singapore’s ongoing infrastructure upgrades due to its strength in institutional and civil engineering projects. [[1]]
• The report reiterates an “Add” recommendation based on PANU’s strong positioning to capitalize on construction tailwinds. [[1]]

IREIT Global – Technical Buy: Bottoming Up

Last Price: 0.290 [[2]]

Key Investment Points

• Entry Price(s): 0.290, 0.260, 0.235 [[2]]
• Support 1: 0.255 [[2]]
• Support 2: 0.225 [[2]]
• Stop Loss: 0.215 [[2]]
• Resistance 1: 0.300 [[2]]
• Resistance 2: 0.370 [[2]]
• Target price 1: 0.330 [[2]]
• Target price 2: 0.380 [[2]]
• Target price 3: 0.410 [[2]]
• Target price 4: 0.470 [[2]]

Company Description

IREIT Global operates as a real estate investment trust, investing in commercial office, retail, logistics, and industrial properties across Europe. [[2]]

Technical Analysis and Key Pointers

IREIT Global is potentially bottoming out, supported by positive price action. Key technical indicators suggest a bullish outlook: [[2]]

1. IREIT has broken above the long-term downtrend line with strong bullish volume. [[2]]
2. Prices are trending above all Ichimoku Cloud indicator. [[2]]
3. MACD/signal line has performed a bullish crossover at the bottom, with a positive histogram and bullish divergence spotted. [[2]]
4. Stochastic Oscillator has confirmed an oversold crossover, with bullish divergence noted. [[2]]
5. The 23-period ROC rose above the zero line, indicating bullish divergence. [[2]]
6. Directional movement index suggests a strong uptrend signal. [[2]]
7. Volume has risen strongly above the 20-period average, indicating sustained bullish strength. [[2]]

Analyst Information

CHUA Wei Ren, CMT [[2]]

T (65) 6210 8612 [[2]]

E weiren.chua@cgsi.com [[2]]

Disclaimer

The content of this report has been prepared by and belongs to CGS International and is intended for specific recipients only. [[3]] The report is not for distribution or use in any jurisdiction where such distribution would be contrary to law or regulation. [[3]] Recipients must adhere to the limitations and restrictions outlined in the report, and failure to comply may result in legal violations. [[3]] The report is confidential and may not be copied, reproduced, or redistributed without prior written consent from CGS International. [[3]]

The information in the report is derived from sources believed to be correct and reliable at the time of issue. [[3]] CGS International is not obligated to update the report or ensure its continued accuracy or relevance. [[3]] The company, its affiliates, and related corporations are not liable for any consequences resulting from reliance on the report, including direct, indirect, or consequential losses. [[3]] CGS International disclaims all responsibility and liability for the views and opinions expressed in the report. [[3]]

Unless otherwise specified, the report is based on sources CGS International considers reasonable, including market data and company statements. [[3]] While efforts are made to ensure factual accuracy, estimates, projections, and opinions are based on assumptions and should not be considered representations of future events. [[3]] Past performance is not indicative of future results, and investments may fluctuate in value. [[3]] The report does not constitute an offer or invitation to buy or sell investments. [[3]]

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Reports are produced by the corresponding CGS International entity in specific geographical areas. [[3]]

CGS International Entities by Jurisdiction

• Hong Kong: CGS International Securities Hong Kong Limited, regulated by the Securities and Futures Commission Hong Kong [[4]]
• Indonesia: PT CGS International Sekuritas Indonesia, regulated by the Financial Services Authority of Indonesia [[4]]
• Malaysia: CGS International Securities Malaysia Sdn. Bhd., regulated by the Securities Commission Malaysia [[4]]
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Other Significant Financial Interests

• As of May 26, 2025, CGS International has a proprietary position in the securities of companies covered in the report. [[4]]
• As of May 28, 2025, the analysts who prepared the report have an interest in the securities of companies covered in the report. [[4]]

The report is for information purposes only and does not consider the specific investment objectives or financial situation of any individual. [[4]] It should not be construed as an offer or recommendation to buy or sell securities. [[4]] Investors should make their own independent evaluation and consult professional advisors before making any investment decisions. [[4]]

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Recommendation Framework

• Add: The stock’s total return is expected to exceed 10% over the next 12 months. [[7]]
• Hold: The stock’s total return is expected to be between 0% and positive 10% over the next 12 months. [[7]]
• Reduce: The stock’s total return is expected to fall below 0% or more over the next 12 months. [[7]]

The total expected return of a stock is defined as the sum of the percentage difference between the target price and the current price and the forward net dividend yields of the stock. [[7]] Stock price targets have an investment horizon of 12 months. [[7]]

Sector Ratings Definition

• Overweight: Stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. [[7]]
• Neutral: Stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. [[7]]
• Underweight: Stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. [[7]]

Country Ratings Definition

• Overweight: Investors should be positioned with an above-market weight in this country relative to benchmark. [[7]]
• Neutral: Investors should be positioned with a neutral weight in this country relative to benchmark. [[7]]
• Underweight: Investors should be positioned with a below-market weight in this country relative to benchmark. [[7]]

Rating Distribution (%)

Distribution of stock ratings and investment banking clients for the quarter ended on 31 March 2025. [[7]] 551 companies under coverage for the quarter ended on 31 March 2025. [[7]]

• Add: 71.0%, Investment Banking clients: 1.3% [[7]]
• Hold: 20.9%, Investment Banking clients: 0.7% [[7]]
• Reduce: 8.2%, Investment Banking clients: 0.4% [[7]]