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

KGI Securities

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

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External broker reports(aggregated public sources)

Equity Bottom-Up

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<strong>Higher and stronger. </strong>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>
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<strong>Maintain Outperform and raise TP to S$1.56 (from S$1.42).</strong> 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>
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<div class="content-highlight"><em>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.</em></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.

Uni-Asia Group

Uni-Asia Group Limited (UAG SP)