Uni-Asia

Uni-Asia: Latest featured on next insight on how Grp is largely a play on a potential recovery in chartering income and asset values of cargo ships that have plummeted following the global financial crisis and the overbuilding of vessels. The co made a net profit of US$3.25m from its ship-owning and chartering business last year, up from US$1.1m in 2011. It owns 4 handysize bulkers, one of which operated for only half a year in 2012. A fifth handysize vessel will join the fleet in 2Q or 3Q this year and the profit for this business segment is likely to be higher yoy. Its 4 handysize vessels accounted for the bulk of the US$3.6m net profit made last year by the entire group, and in the next few years, Uni-Asia targets to increase its fleet size to 10 with each vessel hopefully earning US$800K-US$1m net profit a year. Add that the supply-demand equation is expected to achieve a better balance going forward, leading to prices of handysize bulkers to rise perhaps next year. Briefly, the other businesses of Uni-Asia Finance are property investment and development in HK, China and Japan, and hotel investment and operations in Japan. Yamasa is the largest shareholder of Uni-Asia with a 33.46% stake which was boosted largely by its subscription of excess rights shares which amounted to 41.8% of the rights issue in 2011. Yamasa is a private Japanese manufacturer of amusement-related hardware and software.