- We are providing an update on PAN following our last report, dated November 4, 2022. 

- Aquaculture is PAN’s primary source of revenue, accounting for 46% of total revenue in 2022, followed by agriculture (36%), and packaged food (18%).

- PAN experienced a difficult 9M 2023 with NPAT-MI declining 13% YoY. However, we believe Q4 earnings should improve, given better Q3 results and our expectation of stronger Q4 demand. 

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