Broker: iFAST Financial Pte Ltd
Date of Report: 13 Feb 2026
Excerpt from iFAST Financial Pte Ltd report.
Report Summary
- Stock: Pan-United Corporation (SGX: P52)
- Action: BUY (Implied by positive outlook and upside potential)
- Target Price: SGD 1.37 (15.9% upside from current price of SGD 1.18)
- Key Idea: Pan-United is positioned as the only provider of carbon-mineralised concrete in Singapore, benefiting from surging carbon taxes and regulatory shift towards “Whole Life Carbon” in construction.
- Highlights:
- PanU CMC+ technology reduces carbon footprint by up to 60%, already contributing over half of group local revenue.
- Increasing carbon taxes and new building standards are driving structural demand for Pan-United’s low-carbon solutions, putting the company ahead of competitors.
- Pan-United has shown consistent improvement in margins, with EBITDA margin rising from 6.7% to 10.3% over five years.
- Stock offers defensive cash flows, growth potential, and a dividend yield of up to 2.93% (FY27E).
- Implications: Pan-United is a clear beneficiary of Singapore’s green transition and carbon tax regime, with strong competitive advantage, margin expansion, and potential further upside catalysts such as index inclusion and institutional interest.
above is an excerpt from a report by iFAST Financial Pte Ltd. Clients of iFAST Financial Pte Ltd can be the first to access the full report from the iFAST Financial Pte Ltd website : https://secure.fundsupermart.com/fsmone/
