Broker: Lim & Tan Securities
Date of Report: 10 June 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Pan-United Corporation Ltd (SGX: P52)
- AiR Digital Solutions (subsidiary) achieved ISO/IEC 27001:2022 certification for its AI-powered operations management platform.
- Continues regional and global expansion, focusing on AI-driven automation for ready-mix concrete (RMC) producers and logistics companies.
- Action: HOLD
- Target Price: S\$1.60 (approx. 10% upside)
- Dividend yield: 3%, with a continued share buy-back program supporting share price.
- Valuation: Trading at 17x forward PE and 3.6x price to book, above industry average.
- Manulife US REIT (SGX: BTOU)
- Completed sale of Figueroa property for US\$92.5 million to repay outstanding loans and strengthen liquidity.
- Action: HOLD
- Target Price: US\$0.0615 (16% upside)
- Currently does not pay a dividend. Key focus: debt repayment, stabilizing the REIT, and potential diversification beyond US office assets.
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