KGI Research analyst Joel Ng has upgraded alternative investment firm Uni-Asia Group to “outperform” as Ng deems valuations for the group to be “attractive” amid the bulk carrier upcycle and resilient property markets in Japan and Hong Kong.

On that, Ng has also upped his target price estimate on the counter to 91 cents from 54 cents previously, based on sum-of-the-parts (SOTP) valuations.

To Ng, Uni-Asia Group could see “brighter days ahead” in 2021 after a “challenging” year in 2020, which saw a net loss of US$7.5 million ($10.0 million) in the FY2020 ended December.

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