A brighter 4Q for Pan-United?

SINGAPORE (7 Nov): NRA Capital is maintaining its “overweight” call on Pan-United with a fair value of 70 cents, citing its 3Q16 results exceeded expectations.

(See also: Pan-United posts 21% rise in 3Q earnings to $7.3 mil)

Analyst Liu Jinshu notes in a Friday report that earnings were boosted by a one-off exchange gain of $3.1 million despite revenue dropping 16% to $175 million. Without the one-off foreign exchange gain, earnings still came in at $4.15 million, higher than the $2.53 million in 4Q15 or $1.73 million in 1Q16.

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