PanU is the market leader in Singapore’s RMC industry with a 40% share. It is well positioned to ride on the current multi-year construction upcycle. As a leader in specialised high-grade green concrete for Co2 emission reduction, PanU should benefit from Singapore’s low-carbon economy trend. Initiate coverage with Add and TP of S$0.56. Ramp-up in share buybacks (0.6% of shares since Dec 21) is a positive indicator of the group’s outlook.