Uni-Asia Group Limited

Uni- Asia Group Limited

UNI-ASIA GROUP LIMITED and its subsidiaries (the “Group”) is an alternative investment group specialising in creating alternative investment opportunities and providing integrated services relating to such investments. The Group’s alternative investment targets are mainly handy dry bulk ships and properties. The Group also has extensive know-how and network relating to such alternative investments and provides services relating these investments. The two main alternative asset classes the Group focuses in are Shipping and Property.

The business strategy employed by the Group towards shipping is to offer a one-stop integrated ship-related service solutions for clients, including ship investments, ship asset management services, ship chartering, ship management, ship brokerage and ship finance arrangement solutions. The strategy of offering a wide array of maritime related services would ensure the Group is resilient regardless of the market conditions and allow for growth in the long term. The Group currently owns 10 wholly-owned ships and 8 joint-investment ships.

Property investment business enhances Group’s asset base as well as the Group’s asset management business. Outside of Japan, the Group focuses on investment in Hong Kong office development projects and office investment in Guangzhou, China. Within Japan, the Group has a Japan licensed property asset management subsidiary which specialises in areas of property asset management as well as development of trademark small residential properties, the “ALERO” series.

Listed on the Main Board of the Singapore Exchange in August 2007, their offices are located in Hong Kong, Singapore, Tokyo, Shanghai and Guangzhou

1QFY2023  Results Announcement
15 May 2023

Recent Developments
Investment Merits
  • Attractively valued at 0.4x P/B
  • Steady dividend compounder- Uniasia has been consistently paying dividends since 2012.Uni-asia’s strong cashflow generation and low net debt position, suggests that they have more than enough cashflow to continue
    paring down debt while paying (or even increase dividend). – (Not to mention the lower finance expenses vs pre-COVID with the lower gross debt position)
  • Potential for recovery in 2024? According to Clarksons January report, it expects the bulkcarrier market to improve through the course of 2023 due to (i) China’s reopening, (ii) potential demand support from impacts from stimulus, (iii) global macroeconomic headwinds to start easing later in 2023. Clarksons was also positive of further improvements in the bulker market in 2024, on the back of a more positive supply demand fundamentals, with dry bulk tonne-mile trade projected to grow while underlying fleet growth is minimal, with impacts from the introduction of new environmental emission regulations to also continuing absorbing some supply
In The News


Brokerages Report Analysts Recommendation TP
SAC Capital

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Lim Qiuni Nicole
Matthias Chan
BUY S$ 1.14
Phillip Capital

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Phillip Research Team ACCUMULATE S$ 0.940

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Alfie Yeo
Lim & Tan

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Research Team Non-rated



18 April 23  – SAC Capital: Resilient business amid tough times

16 June 23  – Phillip Securities: Waiting for supply to bite

16 May 23  – RHB: 20 Jewels 2023 Editon

30 March 2023 – Philip Securities: Shorter term leases in the downturn

22 February 2023 – Philip Securities: Good Dividend Track Record


23 November 2022 – Phillip Securities: Locked in attractive freight rates

19 August 2022 – Phillip Securities: Earnings spike in 1H22 

1 July 2022 – Phillip Securities: A new and higher plateau

21 March 2022 – UOB KayHian: Company Results

3 March 2022 – KGI: Significantly undervalued amid the ongoing bulk shipping upcycle


22 November 2021 – KGI: Bumper year ahead for Handysize

16 November 2021 – UOB KayHian: Company Update

1 November 2021 – Maybank Kim Eng: Full steam ahead

28 October 2021 – UOB KayHian: Initiate Coverage

3 September 2021 – SGX Research: Uni-Asia Seeks Resilient Returns in Alternative Investments Growing 

17 August 2021 – KGI: Strong 1H2021 beat, even better year ahead

7 July 2021 – KGI: Stronger than expected dry bulk shipping market

24 May 2021 – KGI: Shipping upcycle; rates at multi-year highs


18 April 2023 – SAC Capital: Resilient business amid tough times

Stock Information
Price 0.97
Market Cap (SGDm) 76.2
YE 31 Dec
Free Float % 45.9%


Key financial highlights
  2020 2021 2022
Total income               46               69               86
EBITDA               17               32               43
Net Profit*            (14)               18               27
Adjusted Net Profit**                (1)               17               27
Adjusted Net Profit Margin -1.9% 24.0% 32.0%
Net profit to owners of the parent               (8)               18               27
Net Asset Value per share (US cents)      150.72      168.11      191.00