Uni-Asia Finance

Uni-Asia Finance: Sias initiates at Overweight with TP $24. Highlights the stock trades at only 0.5x P/B, having shed two-thirds of its share price over the past two years. Believes the worst has passed, and expects operating results to improve from 2H12, driven by i) fee income from structured finance, and ii) higher charter income from a new vessel delivery in late Jun ’12. Uni-Asia is a structured finance arrangement and alternative assets direct invmt firm. The co’s main activities are the finance arrangement of transportation related assets and the provision of ship charter arrangements and the direct investing in alternative assets such as ships, distress assets and real estate.