KGI Securities analyst Joel Ng has upped his target price for Uni-Asia Group to $1.42 from 91 cents previously in view of “favourable supply-demand dynamics” for handysize dry bulk carriers.

He has maintained his “outperform” rating for the counter, with the higher target price predominantly underpinned by a higher FY2021 P/B multiple of 0.8 times used to value Uni-Asia’s shipping business, up from 0.5 times previously.

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