Uni-Asia is maintaining its ‘outperform’ call on Uni-Asia at a higher target price of $1.56. This is up 14 cents from its previous $1.42 cent call and is expected to give the counter a 47% upside from it $1.09 price, analyst Joel Ng writes in an Aug 17 note.

“Valuations are attractive amid the stronger-than expected bulk carrier upcycle. Our target price implies a 0.7x FY2021 P/B (price-to-book), which is still a conservative 30% discount to international peers who are trading above 1.0x P/B,” he explains.

Ng’s move follows the – in his words – higher and stronger profits of US$7.0 million ($9.5 million) in 1HFY21, a reversal from the $3.9 million loss seen in the year before.

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