Thursday, September 26, 2013

Pan-United Corp

Pan-United Corp: Completed its $112.2m purchase for a 40% stake in Changshu Xinghua Port (CXP), raising its effective stake in CXP to 85.5%. CXP is an integral part of Pan-United , being its second-largest source of earnings. CXP contributed 9% to group revenue and 16% to group net profit in FY12. Its operating momentum is expected to continue in the next few yrs. Latest brokers' recommendations: CIMB has Outperform with TP $1.08 Voyage has a Buy with TP $0.965 PhillipCapital has a Buy with TP $1.27 DBSV has a Buy with TP $1.21

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