“We maintain our multiple-based valuation for the shipping business at 0.8x FY2022 P/B and 0.6x FY2021 P/B for the Japan & HK property business,” adds Ng. “Despite the 100% rally of its shares over the past year, Uni-Asia’s valuations remain attractive amid the stronger-than-expected bulk carrier upcycle.”
KGI Securities analyst Joel Ng has maintained an “outperform” rating on Uni-Asia while raising the target price to $1.66 from $1.56 after the company reported its highest ever net profit since its initial public offering (IPO) for the FY2021.
Despite the higher target price, Ng writes that it implies a “very conservative 0.67x FY2022 P/B, which is more than 30% discount to international peers who are trading over 1.0x P/B”.
