Uni-Asia: recent 2Q10 net profit improved qoq, and turned around from last year’s net loss, suggesting that the worst could be over. Main catalyst for rerating would be further improvement in profits at subsequent results. Stock needs to show good profit growth, to justify the current 20.1x annualized 2Q10 PE that it is trading at…
Going forward, mgt will focus on expanding its ship investment and chartering business, and is also making headway in property investment and development. We note that Uni-Asia recently established a new 51/49 JV named UNI SALA to invest in properties in HK. Its first project will be to develop an industrial and office building.
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