Pan-United's Earnings Set to Gain From Strong Construction Demand -- Market Talk

Dow Jones06-24

0342 GMT - Pan-United's earnings stand to benefit from strong construction demand in Singapore, given it is the largest domestic supplier of ready-mix concrete, UOB Kay Hian analysts say in a research report. Singapore's Building and Construction Authority has forecast construction demand at S$32 billion-S$38 billion in 2024 and construction output at S$34 billion-S$37 billion, which should drive demand for concrete, the analysts note. The key driver of construction demand will probably be a substantial pipeline of projects in the public and private sectors, the analysts add. The brokerage initiates stock coverage with a buy rating and a target price of S$0.710. Shares are 6.0% higher at S$0.530. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 23, 2024 23:42 ET (03:42 GMT)

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The key driver of construction demand will probably be a substantial pipeline of projects in the public and private sectors, the analysts add. The brokerage initiates stock coverage with a buy rating and a target price of S$0.710. Shares are 6.0% higher at S$0.530. 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