Pan United

Pan United: stock is up 11% at $0.705 , and on above avg volume, on virtually no news flow. The stock is now at a multi year high. We note the co has been recently conducting share buy backs, which only partially explains the recent share price strength, not today's price surge. The Ng family owns ~67% of shares out. In the wake of the recent privatisation furor, we do not rule out Pan United as a possible candidate. The recent 2Q results were good, with revenue +41% yoy at $181.8m and net profit +51% qoq at $13.2m. The stock trades at 10.4x P/E, 1.3x P/B.