Fund Manager, Privium Funds

Privium Fund Management

Fund Manager

Privium Funds

Privium Fund Management (Singapore) Pte Ltd is an MAS regulated Fund Manager holding a CMS License with a proven track record in providing Fund Management solutions for traditional and alternative asset portfolios.

Equity Bottom-Up

<ul><li>We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.</li><li>As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.</li><li>PanU is no longer simply a low growth Singapore construction materials supplier.</li></ul>

We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle.As the country's largest ready-mixed concrete supplier, it converts a steady domestic construction pipeline into volume growth, and it has re-rated on rising earnings, a net cash balance sheet and a growing dividend.PanU is no longer simply a low growth Singapore construction materials supplier.

Pan-United Corporation (SGX: P52) Initiation Research 23 September 2026

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul>
<li>The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%.</li>
<li>As a leading producer of “carbon mineralised concrete” and with a technology arm called AiR Digital, the company has positioned itself as a green construction technology company.</li>
<li>Riding on the construction upcycle post pandemic, coupled with the government’s decarbonization drive, the company has done well.</li>
</ul>


The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%.
As a leading producer of “carbon mineralised concrete” and with a technology arm called AiR Digital, the company has positioned itself as a green construction technology company.
Riding on the construction upcycle post pandemic, coupled with the government’s decarbonization drive, the company has done well.


Pan-United Initiation Coverage: Fully Valued, but Be Part of a Well- Balanced Portfolio

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.</li><li>DBS lowers target price for UltraGreen.ai to 65 US cents.</li><li>SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.</li></ul>

CGS International starts coverage of All-Link Air &amp; Sea with a 92-cent target.DBS lowers target price for UltraGreen.ai to 65 US cents.SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

<ul><li>SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.</li><li>UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.</li><li>CGS International stays positive on Pan-United’s prospects.</li></ul>

SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.UOBKH keeps 'buy' on Singtel, values Nxera at up to $4.5 billion for listing.CGS International stays positive on Pan-United’s prospects.

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Pan United is Singapore's largest ready-mix concrete (RMC) supplier, holding an estimated 40% market share, and is well-positioned to benefit from the nation's robust construction pipeline.</li>
 <li>The company is a leader in sustainable concrete solutions, with over half of its Singapore sales coming from low-carbon and carbon-mineralised products, aligning with the growing demand for green construction materials.</li>
 <li>A strategic shift towards a technology-driven, asset-light model, including the licensing of its proprietary digital platforms and sustainable concrete IP, presents a new avenue for higher-margin growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Pan United is Singapore's largest ready-mix concrete (RMC) supplier, holding an estimated 40% market share, and is well-positioned to benefit from the nation's robust construction pipeline.
  The company is a leader in sustainable concrete solutions, with over half of its Singapore sales coming from low-carbon and carbon-mineralised products, aligning with the growing demand for green construction materials.
  A strategic shift towards a technology-driven, asset-light model, including the licensing of its proprietary digital platforms and sustainable concrete IP, presents a new avenue for higher-margin growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Pan United Corp (PAN SP) - Apr 2026

Singapore

Pan-United is a technology company specializing in concrete solutions and logistics, and is Singapore's largest supplier of ready-mix concrete and cement. It provides a wide range of sustainable concrete products, aggregates, and refined petroleum products to the construction industry. The company was founded in 1958 and is headquartered in Singapore.

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Pan-United (PAN SP)

Pan-United Corporation (SGX: P52) Initiation Research 23 September 2026

We think Pan-United (PanU) is a high-quality, cash-generative play on Singapore's construction upcycle. As the country's largest ready-mixed...

Privium Fund Management

Pan-United Initiation Coverage: Fully Valued, but Be Part of a Well- Balanced Portfolio

The company is the market leader in ready-mix concrete in Singapore, with an estimated market share of 40%. As a leading producer of “carbon...

Wealth Management Alliance

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

CGS International sets All-Link Air & Sea target at 92 cents; DBS lowers UltraGreen.ai to 65 cents; SAC Capital cuts ISOTeam to 7.1 cents after...

Singapore Market Roundup

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SAC Capital cuts ISOTeam target to 7.1 cents post-FY2026 results; UOBKH maintains 'buy' on Singtel, valuing Nxera at $4.5B; CGS International...

Singapore Market Roundup

Primer: Pan United Corp (PAN SP) - Apr 2026

Pan United is Singapore's largest ready-mix concrete (RMC) supplier, holding an estimated 40% market share, and is well-positioned to benefit...

αSK Primers

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