Broker Name: CGS International
Date of Report: May 28, 2025

Trendspotter: Bullish Trends in Valuetronics Holdings Ltd and Pan-United Corp Ltd

Global Market Recap

• Bonds experienced a worldwide rally following indications from Japan that it intends to stabilize its debt market after a period of sell-offs. [[1]]
• The U.S. dollar rebounded, and Japan’s 20-year bond yield decreased by 19.5 basis points after reports that the nation’s finance ministry sought input on the appropriate level of government debt issuance. [[1]]
• Treasuries rallied as lower Japanese yields and reduced supply diminished competition for dollar-denominated assets. [[1]]
• The Japanese yen weakened following the report. [[1]]
• Equity-index futures for both the S&P 500 and Nasdaq 100 saw a 1% increase, maintaining gains from a previous holiday, as President Donald Trump extended a deadline on aggressive Euro-area tariffs. [[1]]
• European shares showed a slight decrease, while Asian shares edged higher, recovering earlier losses. [[1]]
• Japan’s actions suggest an attempt to stabilize its market amid relentless selling that had previously driven bond yields to record highs. [[1]]
• A recent sale of 20-year debt experienced the weakest demand in over a decade, leading to trader apprehension ahead of an auction of 40-year bonds. [[1]]
• Increased Japanese yields have intensified competition for Treasuries, according to Deutsche Bank AG’s George Saravelos. [[1]]
• Strategist Michael Brown from Pepperstone Group noted that potentially lower issuance could provide a boost to Treasuries, potentially compelling those seeking long-term debt to invest in the Treasury complex. [[1]-[2]]

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

• Revenue growth is expected for FY26F-28F, supported by increased institutional & civil engineering construction demand in 2025F (approximately 50% of 2025F demand versus 42% in 2024). [[2]]
• Pan-United Corp Ltd (PANU) is well-positioned to benefit from Singapore’s ongoing infrastructure upgrades due to its strength in institutional and civil engineering projects. [[2]]
• A “Add” rating is reiterated based on PANU’s strong positioning to capitalize on construction tailwinds. [[2]]

Valuetronics Holdings Ltd: Technical Buy – Bullish Trends Remain Intact

• Last Price: 0.700 [[2]]
• Entry Prices: 0.700, 0.660, 0.620 [[2]]
• Support Levels:
  • Support 1: 0.640 [[2]]
  • Support 2: 0.575 [[2]]
• Stop Loss: 0.560 [[2]]
• Resistance Levels:
  • Resistance 1: 0.710 [[2]]
  • Resistance 2: 0.830 [[2]]
• Target Prices:
  • Target price 1: 0.780 [[2]]
  • Target price 2: 0.815 [[2]]
  • Target price 3: 0.840 [[2]]
  • Target price 4: 0.900 [[2]]

Company Overview

• Valuetronics Holdings Ltd. provides original equipment manufacturing (OEM) and original design manufacturing (ODM) services. [[2]]
• The company serves clients in telecommunications, industrial, commercial electronic products, and consumer electronic products industries. [[2]]

Technical Analysis

• Valuetronics’ price action indicates a strong uptrend that is likely to continue. [[2]]
• The price rebounded at the bottom of the uptrend channel support, which has been in place since October 2022. [[2]]
• Prices are trending above all Ichimoku Cloud indicators. [[2]]
• The MACD line continues to rise and remains elevated above the zero line, with a positive histogram. [[2]]
• The Stochastic Oscillator is rising above the 50-midpoint level. [[2]]
• The 23-period ROC has risen above the zero line. [[2]]
• The Directional Movement Index (DMI) indicates a strong uptrend signal. [[2]]
• Volume has increased above the 20-period average, signaling sustained bullish strength. [[2]]

Analyst Information

• Analyst: CHUA Wei Ren, CMT [[2]]
• Phone: (65) 6210 8612 [[2]]
• Email: weiren.chua@cgsi.com [[2]]

Disclaimer

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The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue. CGS International may or may not issue regular reports on the subject matter of this report at any frequency and has no obligation to update this report in the event of a material change to the information contained herein. [[3]]

CGS International, its affiliates, and related corporations shall not be liable for any consequences of any reliance on the views, opinions, and information set out in this report. [[3]]

Unless otherwise specified, this report is based upon sources which CGS International considers to be reasonable. While every effort is made to ensure the accuracy of statements of facts, all estimates, projections, forecasts, and expressions of opinion are based on assumptions considered to be reasonable as of the date of the document and must not be construed as a representation that the matters referred to therein will occur. [[3]-[4]]

Past performance is not a reliable indicator of future performance. The value of investments may go down as well as up. No report shall constitute an offer or an invitation by or on behalf of CGS International or any of its affiliates to any person to buy or sell any investments. [[4]]

CGS International, its affiliates, and related corporations and/or their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities. [[4]]

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The analyst responsible for the production of this report certifies that the views expressed accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analyzed in this report and were prepared independently and autonomously. [[5]]

Other Significant Financial Interests

As of May 26, 2025, CGS International does not have a proprietary position in the securities of the companies covered in this report. [[4]]

As of May 28, 2025, the analyst(s) who prepared this report, and the associate(s), do not have an interest in the securities of the companies covered in this report. [[4]]

This report is general in nature and has been prepared for information purposes only, without regard to the specific investment objectives, financial situation, and the particular needs of any specific person. Investors are advised to make their own independent evaluation of the information contained in this research report and consult their own professional and financial advisers before participating in any transaction. [[4]-[5]]

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Recommendation Framework

Stock Ratings Definition:

• 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]]

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 quarter ended on 31 March 2025. 551 companies under coverage for quarter ended on 31 March 2025. [[7]-[8]]