Pan United Corporation

[orangetea]

RMC players and site location

Alliance Concrete Singapore Pte Ltd
Plant ID : AC/07/09
Lot 6860 PT Mukim 25 at Marina East Plant 1

Alliance Concrete Singapore Pte Ltd
Plant ID : AC/03/09
No. 7 Tampines Industrial Street 62 Plant 1

Alliance Concrete Singapore Pte. Ltd
Plant ID : AC/02/09
72 Sungei Kadut Street 1 Plant 1

Alliance Concrete Singapore Pte. Ltd
Plant ID : AC/08/09
Lot 3026 PT (Plot 24) MK 20 at No.16 Seletar North Link Plant 1

Alliance Concrete Singapore Pte. Ltd.
Plant ID : AC/09/09
Lot 229 PT TS 30 at Marina Grove Plant 1

Elite Concrete Pte Ltd
Plant ID : EC/01/11
Lot 01997P(PT) MK 21 at Anchorvale Cresent Plant 1

ELITE CONCRETE PTE LTD
Plant ID : EC/03/13
Lot 01997P(PT) MK 21 at Anchorvale Cresent Plant 3

ELITE CONCRETE PTE LTD
Plant ID : EC/02/12
Lot 01997P(PT) MK 21 at Anchorvale Cresent Plant 2

G & W READY-MIX PTE LTD
Plant ID : GW/05/12
: Lot 1893C Mukim 29, Tampines Industrial Street 61 Plant 2

G & W READY-MIX PTE LTD
Plant ID : GW/04/09
65 Sungei Kadut Drive Plant 1

G&W READY-MIX PTE LTD
Plant ID : GW/02/06
Lot 1893C Mukim 29, Tampines Industrial Street 61 Plant 1

Holcim Singapore Ltd
Plant ID : HC/02/08
MK29 Lot 1944K PT ( Plot 6c ) Tampines Industrial Street 62 Plant 1

Holcim Singapore Ltd
Plant ID : HC/01/06
Private Lot A244 at 16 Jalan Tepong Plant 1

Holcim Singapore Ltd
Plant ID : HC/04/11
Lot 1753PT & 1997PT MK 21 at Anchorvale Cresent Plant 1

Island Concrete (Pte) Ltd
Plant ID : IS/13/12
Lot 06860A Mukim 25 at Marina East Plant A & B

Island Concrete (Pte) Ltd
PLANT ID: IS/04/99
43/45 Sungei Kadut Street 4 (Plant A & B )

Island Concrete (Pte) Ltd
Plant ID : IS/11/09 :
Lot 03026 PT (Plot 30) MK 20 at No. 26 Seletar North Link Plant A & B

Island Concrete (Pte) Ltd
PLANT ID: IS/05/03
17C Pandan Road( Plant A & B )

Island Concrete (Pte) Ltd
PLANT ID: IS/09/08
7A Tuas Avenue 13 ( Plant 1 )

Island Concrete (Pte) Ltd
Plant ID : IS/07/06
Lot 2422 PT TS, 17 Kallang Avenue, Lavender Plant 1 & 2

PAN UNITED CONCRETE PTE LTD
Plant ID : PU/04/01
15 Sungei Kadut Street 3 Plant 1

PAN UNITED CONCRETE PTE LTD
PLANT ID: PU/02/99
9 Tampines Industrial Street 62 (Plant 1 & 2)

PAN UNITED CONCRETE PTE LTD
PLANT ID: PU/22/11
Lot 3026 MK20 ( Plot 28 ) at Seletar North Link Plant 1

PAN UNITED CONCRETE PTE LTD
Plant ID : PU/25/13
Lot 3026 MK20 ( Plot 25 ) 14 Seletar North Link, Punggol East Plant 2

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/09/06
Lot A1703109 Jalan Bahar Plant 1

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/26/13
MK25-06860A at Marina East (Via fort road) East Coast Plant 3

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/27/13
Lot A3002075 at 8201304019 off Tuas West Road ( Tuas west plant 1 )

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/20/10
MK21-02997P (PT) & MK21-02600K (PT) at Anchorvate Cresent Plant 1 - Sengkang Plant

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/19/10
Lot MK 25-06860A (PT) at Marina East Coast Plant 1

PAN-UNITED CONCRETE PTE LTD
Plant ID : PU/08/06
Lot A1703103 at Tuas Basin Close Plant 1

PAN-UNITED CONCRETE PTE LTD Plant ID : PU/24/12
: Lot 98072 MK 23 @ Hougang Avenue 3 / Bartley Road Plant 1

RAFFLES CONCRETE PTE LTD
Plant ID : RC/02/12
Lot 98072 MK 23 @ Hougang Avenue 3 / Bartley Road Plant 2

RAFFLES CONCRETE PTE LTD
Plant ID : RC/03/12
Lot 3026 MK20 ( Plot 25 ) 14 Seletar North Link, Punggol East Plant 1

RAFFLES CONCRETE PTE LTD
Plant ID : RC/06/13
9 Tampines Industrial Street 62 Plant 3

RAFFLES CONCRETE PTE LTD
Plant ID : RC/07/13
MK25-06860A at East Coast Plant 2

RAFFLES CONCRETE PTE LTD
Plant ID : RC/01/12:
Lot 3026 MK20 ( Plot 28 ) at Seletar North Link Plant 2:

RAFFLES CONCRETE PTE LTD
Plant ID : RC/04/13
15 Sungei Kadut Street 3 Plant 2

SAMWOH READY MIX PTE LTD
Plant ID : SP/03/10
Lot 3026 PT (Plot 23) MK 20 at 18 Seletar North Link Plant 1

Samwoh Ready Mix Pte Ltd
PLANT ID: SP/01/08
51 Kranji Crescent Plant 1

Samwoh Ready Mix Pte Ltd
Plant ID : SP/03/10
Lot 3026 PT (Plot 23) MK 20 at 18 Seletar North Link Plant 2

Samwoh Ready Mix Pted Ltd
Plant ID : SP/02/09
MK20-03773X ( PT ) & MK20-04172W ( PT ) Seletar west farmway 6 plant 1

Sinmix Pte Ltd
Plant ID : SM/01/10
10 & 12 Seletar North Link Plant 1 (Pulau Punggol Timor Plant 1)

Star Ready-Mix Pte Ltd
PLANT ID: TR/03/11
1C, Tampines Industrial Street 61, Plant 1 & 2

STAR READY-MIX PTE LTD
Plant ID : TR/02/99
49 Sungei Kadut Street 6 Plant 1

Top-Mix Concrete Pte Ltd
Plant ID : TM/02/14
Lot MK25-06860A(PT) at Marina East ( Marina East plant 1 )

Topmix Concrete Pte Ltd
PLANT ID: TM/01/08
No.5 Tampines Industrial Street 62 ( Plant 1 )

YTL Concrete (S) Pte Ltd
Plant ID : YC/01/09
Lot 6860 PT MK 25 at Fort Road Marina East Plant 1

[orangetea]

Summary on number of site, but no data on the area or size of projects

PAN-UNITED & Raffles CONCRETE ...... 17 sites
Island Concrete ................................... 6 sites
Alliance Concrete ................................. 5 sites
SAMWOH READY MIX ........................... 4 sites
ELITE CONCRETE ................................. 3 sites
G & W READY-MIX ............................... 3 sites
Holcim Singapore ................................. 3 sites
Top-Mix Concrete ................................. 2 sites
YTL Concrete ....................................... 1 site
Sinmix ................................................. 1 site

[greengiraffe]

http://infopub.sgx.com/FileOpen/PUCAGMsl...eID=292513

Pan U has certainly made Macquarie Bankers look Mickeys. I think they have sold part of CXP to MIIF at good gains and bought back at an equally attractive prices. So much about professional fun managers... better stay with real businessmen.

So much about deal making capabilities of the Aussie Blokes - nothing really happen until Pan U made their gracious returns to CXP.

Pan U appears to be in for the long haul with the new bolt on acquisitions - no worries with short term losses on the bolt on target and very likely has good plans for the future.

Once turnaround, the enlarged port could be well timed for another flip to another infrastructure fund.

Odd Lots
Vested
GG

[random85]

Stock price falling and falling. Time to pick up some more?

Vested

[GreedandFear]

Stock price falling and falling. Time to pick up some more?

Vested

Stock price has corrected quite a bit. However, there is a reason for this. Despite PUC maintaining its market share in cement and maintaining volumes, the margins have shrunk a lot. This has come through over the past 2 - 3 quarters but, IMO, will continue to show in the coming quarters - in particular when comparing to the prior year's margins. That will put pressure on the share price.

I like the company. Like the China port story but ultimately, the Singapore cement business is the major driver and it needs to stabilise / revert to growth. So far, what I underestimated, was the impact of the private residential construction slow down. I thought the slack would be fully taken up by all the major public projects. Although this has, to some extent, happened, competition and rising costs (labour and raw materials) keep squeezing the margins. Unless we see a monetisation event of the China ports (ie listing) I don't see any catalyst for the stock until residential construction starts picking up again which, probably, is a couple of years away at least.

Divested but monitoring,

[random85]

Stock price falling and falling. Time to pick up some more?

Vested

Stock price has corrected quite a bit. However, there is a reason for this. Despite PUC maintaining its market share in cement and maintaining volumes, the margins have shrunk a lot. This has come through over the past 2 - 3 quarters but, IMO, will continue to show in the coming quarters - in particular when comparing to the prior year's margins. That will put pressure on the share price.

I like the company. Like the China port story but ultimately, the Singapore cement business is the major driver and it needs to stabilise / revert to growth. So far, what I underestimated, was the impact of the private residential construction slow down. I thought the slack would be fully taken up by all the major public projects. Although this has, to some extent, happened, competition and rising costs (labour and raw materials) keep squeezing the margins. Unless we see a monetisation event of the China ports (ie listing) I don't see any catalyst for the stock until residential construction starts picking up again which, probably, is a couple of years away at least.

Divested but monitoring,

Agree the near term does not look bright. Personally, I suspect the downside to PUC is capped though. Being a big RMC player, I would think PUC has an economies of scale advantage against its competitors. I do not see competitors undercutting them to the extent of negative margins. Squeezed margins, yes.

The hopeful catalyst is the Chinese port story. But the Chinese economy does not seem to be firing atm from what I have read.

Feel the price is fair at the moment, especially if dividends are sustained. Hoping to take dividends for a year or two and hope for Chinese port catalyst down the road.

[sykn]

I think the port business will become the rising star in a couple of years. Port's revenue is 1/8 of the cement business, but the gross earnings are almost identical. Port's net earnings and ROE have been brought down by recent acquisition's interest expense and depreciation of acquired assets, but I suspect that the ramp-up in port earnings should take care of that after a while. Have to go a bit long on this one as I see lots of potential especially when HK ports are not doing so well. Just my two cents worth. (vested)

[opmi]

If you love PRC ports, you should look into this HK listed company PYI Corp 498 HK.

[hh488]

Another HK counter Cosco Pacific 01199 can be looked at too.

Share price has been bashed down the past week.

Valuation not expensive - PE about 13 times.

Problem is it has operation in Greece!

[cyclone]

Request for Trading Halt : Pending release of announcements.