External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.</li><li>From April, the Baltic Handysize continued to weaken into June, a decline of around 30%.</li><li>New orders for Handysize vessels continue to be weak with industry supply expected to shrink 2.7% in 2023.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.From April, the Baltic Handysize continued to weaken into June, a decline of around 30%.New orders for Handysize vessels continue to be weak with industry supply expected to shrink 2.7% in 2023.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uni-Asia Group - Waiting For Supply To Bite

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-09/Uni-Asia-CEO.jpg" class="editor-image img-responsive"></figure>
<div class="content-caption">Uni-asia CEO</div>

Growing up in Kagoshima city on Japan’s Kyushu island, finance veteran Kenji Fukuyado was encouraged to cultivate the principles of integrity, responsibility and altruism. “I was taught by my parents, teachers, relatives and neighbours that you have to be honest, you must be a responsible person, and you should always think of how others would feel if you were to do something,” recalled the Chief Executive Officer of SGX-listed alternative investments company Uni-Asia Group Ltd. “After entering the business world, I realised that such values are critical in successfully leading your team, dealing with clients, and making day-to-day decisions for the organisation.” Fukuyado, who has more than three decades of experience in the finance industry, including structured finance, asset finance, loan syndication, corporate finance and asset management, graduated with a Bachelor's degree in Law from Waseda University in 1987. He joined the Uni-Asia Group in 2001, holding various senior finance and investment roles before being appointed Executive Director in 2018,&nbsp; and taking on the Group CEO position in April 2020. Fukuyado is also Chairman of Uni-Asia Shipping and Uni-Asia Capital (Japan), as well as a director of the company’s subsidiaries, including Uni-Asia Holdings, Uni-Ships and Management, Uni-Asia Capital, and Uni-Asia Investment. Over the years, pursuing stakeholder satisfaction has become his passion. “I make it a point to communicate honestly with employees, investors and shareholders, and in decision-making, I take into account not only the company’s profitability, but also ESG and compliance regulations,” he pointed out. “As CEO, the most important issue is to ensure the business is able to survive in difficult times, and remains sustainable over the longer term. I will make every effort to achieve this goal, no matter how big a challenge we face, and will not hesitate to make tough decisions, such as divestments, if circumstances so warrant. My commitment is to all stakeholders, including shareholders, employees and our management team.” Listed on SGX Mainboard in 2007, Uni-Asia Group is an alternative investment company that performs a variety of roles, including asset owner and manager, operator, co-investor, ship finance arranger, broker and fund manager.&nbsp; Uni-Asia’s investments are focused on cargo vessels and properties in Hong Kong and Japan. To improve investment returns, Uni-Asia also provides integrated services for the invested assets, including acting as operator for commercial maritime vessels and invested real estate, which comprises commercial and residential properties. By having a diversified portfolio of alternative investments, and capabilities to provide services pertaining to different alternative investment assets, the Group is less susceptible to downside risks of a particular asset class and more resilient over the long run.&nbsp; Balance Sheet Strength&nbsp; “With over 24 years of operations, Uni-Asia’s mission is to be a producer of alternative investment opportunities, and an integrated service provider relating to alternative investments, both in the shipping and property businesses,” Fukuyado noted.&nbsp; And with this aim in mind, the 57-year-old has been focused on strengthening the Group’s balance sheet since 2018. “I firmly believe this will be instrumental to our long-term sustainable growth,” he added. His efforts include deleveraging and boosting the Group’s liquidity position by gradually paring all short-term debt to zero, as well as channelling cash and human resources into more profitable projects in the Group’s shipping and property businesses. Overall, Fukuyado remains sanguine about Uni-Asia’s prospects, based on the fact that the Group’s shipping and property businesses offer diversification as well as complement each other.&nbsp; “Shipping is an international operation, while property is a domestic business, so the business cycles are different,” he added. “These two divisions are also complementary - for example, following the 2008-2009 financial crisis, Uni-Asia’s property business did not perform well,&nbsp;but the shipping operations contributed to our bottom line. After 2013, the shipping business’s performance was volatile, but property made steady contributions.” Following the COVID-19 pandemic, Fukuyado expects more cross-border&nbsp;opportunities to emerge in the property sector. “We’re seeing keen interest from Asian investors in Japan property assets,” he added. However, the Hong Kong office real estate market has been impacted by COVID-19 travel restrictions between China and the territory, as more than half the buyers of those assets come from the Mainland.&nbsp; “The Hong Kong office market will be inactive or slow until these travel restrictions are eased. We plan to delay the pre-sale of projects until the situation improves.” In terms of the Group’s shipping operations, the market has since rebounded from the slump in the first half of 2020, when the pandemic severely disrupted supply chains and trade volumes plummeted.&nbsp; “The recovery in China’s industrial output this year has also helped to boost the dry bulk market. I believe it’s better to take advantage of the strong market by utilising our bulk fleet and enjoying the higher charter rates,” he said. “For now, we’re not planning new investments in ships, except perhaps, through a joint venture with other investors, which would provide Uni-Asia with attractive returns and fee incomes.” Boosting Income Streams Uni-Asia will leverage its expertise across the shipping and property sectors to explore new business opportunities and products so as to increase the Group’s income streams. “We want to encourage the younger employees to identify and/or develop a new business to drive the Group’s long-term sustainable growth,” he said. “At the same time, we are drawing up a plan for the next-generation of leaders.” Apart from its day-to-day operations, the Group is also focused on managing its Environmental, Social and Governance (ESG) policies, one of the key elements of which is reducing greenhouse gas (GHG) emissions from ships, he noted. “Uni-Asia has 10 wholly owned or chartered vessels as well as eight jointly owned vessels, so GHG emission regulations have impacted our shipping business. We have complied with the regulations imposed by the International Maritime Organisation, and remain committed to doing so.” Outside of the office, however, there is much to keep Fukuyado awake till the wee hours. “I hope COVID-19 will be under control in the next six to 12 months following the vaccine rollouts, if not, it may negatively affect some of our operations,” he said. “In addition, I am concerned about the timing of tapering by the US Federal Reserve and other developed countries, which would impact the interest rate environment, the commodities market, and investor sentiment in general.” Nonetheless, this father of a 28-year-old son and 29-year-old daughter makes it a priority to spend time with family. “I enjoy shopping with my wife, and having meals at home,” he said with a grin. As for his children, he wants them to adopt the attitude of continuous learning and relentless pursuit of excellence. “I always tell them, ‘Why not try?’ and ‘Please do not make the same mistake so that you will improve, continuously and without fail’.” Uni-Asia Group Ltd Listed on SGX Mainboard in 2007, Uni-Asia Group is an alternative investment company that performs a variety of roles, including asset owner and manager, operator, co-investor, ship finance arranger, broker and fund manager.&nbsp; Uni-Asia’s investments are focused on cargo vessels and properties in Hong Kong and Japan. To improve investment returns, Uni-Asia also provides integrated services for the invested assets, including acting as operator for commercial maritime vessels and invested real estate, which comprises commercial and residential properties. The company website is: <a href="http://www.uni-asia.com/" target="_blank" rel="noopener">www.uni-asia.com</a> Click&nbsp;<a href="https://www.sgx.com/securities/equities/CHJ" target="_blank" rel="noopener">here&nbsp;</a>for the company's StockFacts page. For the half year ended 30 June 2021 financial results, click&nbsp;<a href="https://links.sgx.com/1.0.0/corporate-announcements/6EXKH9Y6FPY47PJG/678742_Uni-Asia%202021-08-13%20-%201H2021%20Results%20Press%20Release.pdf" target="_blank" rel="noopener">here</a>. &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;<a href="https://www.sgx.com/research-education/market-dialogues" target="_blank" rel="noopener">here</a>. &nbsp; For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;<a href="https://www.sgx.com/jennifer.t@sgx.com" target="_blank" rel="noopener">jennifer.t@sgx.com</a>.


Uni-asia CEO

Growing up in Kagoshima city on Japan’s Kyushu island, finance veteran Kenji Fukuyado was encouraged to cultivate the principles of integrity, responsibility and altruism.  “I was taught by my parents, teachers, relatives and neighbours that you have to be honest, you must be a responsible person, and you should always think of how others would feel if you were to do something,” recalled the Chief Executive Officer of SGX-listed alternative investments company Uni-Asia Group Ltd.  “After entering the business world, I realised that such values are critical in successfully leading your team, dealing with clients, and making day-to-day decisions for the organisation.”  Fukuyado, who has more than three decades of experience in the finance industry, including structured finance, asset finance, loan syndication, corporate finance and asset management, graduated with a Bachelor's degree in Law from Waseda University in 1987.  He joined the Uni-Asia Group in 2001, holding various senior finance and investment roles before being appointed Executive Director in 2018,&nbsp; and taking on the Group CEO position in April 2020.  Fukuyado is also Chairman of Uni-Asia Shipping and Uni-Asia Capital (Japan), as well as a director of the company’s subsidiaries, including Uni-Asia Holdings, Uni-Ships and Management, Uni-Asia Capital, and Uni-Asia Investment.  Over the years, pursuing stakeholder satisfaction has become his passion. “I make it a point to communicate honestly with employees, investors and shareholders, and in decision-making, I take into account not only the company’s profitability, but also ESG and compliance regulations,” he pointed out.  “As CEO, the most important issue is to ensure the business is able to survive in difficult times, and remains sustainable over the longer term. I will make every effort to achieve this goal, no matter how big a challenge we face, and will not hesitate to make tough decisions, such as divestments, if circumstances so warrant. My commitment is to all stakeholders, including shareholders, employees and our management team.”  Listed on SGX Mainboard in 2007, Uni-Asia Group is an alternative investment company that performs a variety of roles, including asset owner and manager, operator, co-investor, ship finance arranger, broker and fund manager.&nbsp;  Uni-Asia’s investments are focused on cargo vessels and properties in Hong Kong and Japan. To improve investment returns, Uni-Asia also provides integrated services for the invested assets, including acting as operator for commercial maritime vessels and invested real estate, which comprises commercial and residential properties.  By having a diversified portfolio of alternative investments, and capabilities to provide services pertaining to different alternative investment assets, the Group is less susceptible to downside risks of a particular asset class and more resilient over the long run.&nbsp;  Balance Sheet Strength&nbsp;  “With over 24 years of operations, Uni-Asia’s mission is to be a producer of alternative investment opportunities, and an integrated service provider relating to alternative investments, both in the shipping and property businesses,” Fukuyado noted.&nbsp;  And with this aim in mind, the 57-year-old has been focused on strengthening the Group’s balance sheet since 2018. “I firmly believe this will be instrumental to our long-term sustainable growth,” he added.  His efforts include deleveraging and boosting the Group’s liquidity position by gradually paring all short-term debt to zero, as well as channelling cash and human resources into more profitable projects in the Group’s shipping and property businesses.  Overall, Fukuyado remains sanguine about Uni-Asia’s prospects, based on the fact that the Group’s shipping and property businesses offer diversification as well as complement each other.&nbsp;  “Shipping is an international operation, while property is a domestic business, so the business cycles are different,” he added.  “These two divisions are also complementary - for example, following the 2008-2009 financial crisis, Uni-Asia’s property business did not perform well,&nbsp;but the shipping operations contributed to our bottom line. After 2013, the shipping business’s performance was volatile, but property made steady contributions.”  Following the COVID-19 pandemic, Fukuyado expects more cross-border&nbsp;opportunities to emerge in the property sector. “We’re seeing keen interest from Asian investors in Japan property assets,” he added.  However, the Hong Kong office real estate market has been impacted by COVID-19 travel restrictions between China and the territory, as more than half the buyers of those assets come from the Mainland.&nbsp;  “The Hong Kong office market will be inactive or slow until these travel restrictions are eased. We plan to delay the pre-sale of projects until the situation improves.”  In terms of the Group’s shipping operations, the market has since rebounded from the slump in the first half of 2020, when the pandemic severely disrupted supply chains and trade volumes plummeted.&nbsp;  “The recovery in China’s industrial output this year has also helped to boost the dry bulk market. I believe it’s better to take advantage of the strong market by utilising our bulk fleet and enjoying the higher charter rates,” he said.  “For now, we’re not planning new investments in ships, except perhaps, through a joint venture with other investors, which would provide Uni-Asia with attractive returns and fee incomes.”  Boosting Income Streams  Uni-Asia will leverage its expertise across the shipping and property sectors to explore new business opportunities and products so as to increase the Group’s income streams.  “We want to encourage the younger employees to identify and/or develop a new business to drive the Group’s long-term sustainable growth,” he said. “At the same time, we are drawing up a plan for the next-generation of leaders.”  Apart from its day-to-day operations, the Group is also focused on managing its Environmental, Social and Governance (ESG) policies, one of the key elements of which is reducing greenhouse gas (GHG) emissions from ships, he noted.  “Uni-Asia has 10 wholly owned or chartered vessels as well as eight jointly owned vessels, so GHG emission regulations have impacted our shipping business. We have complied with the regulations imposed by the International Maritime Organisation, and remain committed to doing so.”  Outside of the office, however, there is much to keep Fukuyado awake till the wee hours. “I hope COVID-19 will be under control in the next six to 12 months following the vaccine rollouts, if not, it may negatively affect some of our operations,” he said.  “In addition, I am concerned about the timing of tapering by the US Federal Reserve and other developed countries, which would impact the interest rate environment, the commodities market, and investor sentiment in general.”  Nonetheless, this father of a 28-year-old son and 29-year-old daughter makes it a priority to spend time with family. “I enjoy shopping with my wife, and having meals at home,” he said with a grin.  As for his children, he wants them to adopt the attitude of continuous learning and relentless pursuit of excellence. “I always tell them, ‘Why not try?’ and ‘Please do not make the same mistake so that you will improve, continuously and without fail’.”   Uni-Asia Group Ltd  Listed on SGX Mainboard in 2007, Uni-Asia Group is an alternative investment company that performs a variety of roles, including asset owner and manager, operator, co-investor, ship finance arranger, broker and fund manager.&nbsp;  Uni-Asia’s investments are focused on cargo vessels and properties in Hong Kong and Japan. To improve investment returns, Uni-Asia also provides integrated services for the invested assets, including acting as operator for commercial maritime vessels and invested real estate, which comprises commercial and residential properties.  The company website is: www.uni-asia.com  Click&nbsp;here&nbsp;for the company's StockFacts page.  For the half year ended 30 June 2021 financial results, click&nbsp;here.  &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;here. &nbsp;  For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;jennifer.t@sgx.com.

Uni-Asia Seeks Resilient Returns in Alternative Investments

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

<ul>
<li>
Higher and stronger. UAG reported a 1H2021 profit of US$7.0mn, reversing from the US$3.9mn loss in 1H2020. The reversal was mainly on the back of the 49% YoY surge in charter income. Its balance sheet continues to improve, such that UAG was able to declare a 2.0 Sing cents dividend for 1H2021 (vs no interim dividend last year).</li>
<li>
Maintain Outperform and raise TP to S$1.56 (from S$1.42). Valuations are attractive amid the stronger-than-expected bulk carrier upcycle. Our TP implies a 0.7x FY2021F P/B, which is still a conservative 30% discount to international peers who are trading above 1.0x P/B.</li>
</ul>
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>



Higher and stronger. UAG reported a 1H2021 profit of US$7.0mn, reversing from the US$3.9mn loss in 1H2020. The reversal was mainly on the back of the 49% YoY surge in charter income. Its balance sheet continues to improve, such that UAG was able to declare a 2.0 Sing cents dividend for 1H2021 (vs no interim dividend last year).

Maintain Outperform and raise TP to S$1.56 (from S$1.42). Valuations are attractive amid the stronger-than-expected bulk carrier upcycle. Our TP implies a 0.7x FY2021F P/B, which is still a conservative 30% discount to international peers who are trading above 1.0x P/B.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Singapore

Uni-Asia Group Limited operates as an alternative investment company. The Company offers structured finance, ship charter arrangement, shipping and maritime asset management, real estate investment, and other related services. Uni-Asia Group serves customers in Asia.

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Uni-Asia Group (UAG SP)

Uni-Asia Group - Waiting For Supply To Bite

The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.

RHB Invest

Uni-Asia Group - Waiting For Supply To Bite

The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.

UOB Kay Hian

Uni-Asia Seeks Resilient Returns in Alternative Investments

Growing up in Kagoshima city on Japan’s Kyushu island, finance veteran Kenji Fukuyado was encouraged to cultivate the principles of integrity,...

Singapore Exchange Ltd (SGX)

Uni-Asia Group Limited (UAG SP)

Higher and stronger. UAG reported a 1H2021 profit of US$7.0mn, reversing from the US$3.9mn loss in 1H2020. The reversal was mainly on the back of...

KGI Securities

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