- Uni-Asia Group (SGX:CHJ)'s FY22 revenue and PATMI beat expectations at 118%/116% respectively of our forecast. Charter rates locked in during 1H22 offset the current sluggish environment. Dividends more than doubled to 14.5 cents.
- - Read this at SGinvestors.io -
- We lower our FY23e earnings forecast for Uni-Asia by 9% to US$17.4mil. Charter rates for bulk ships remain sluggish. The Baltic Exchange handysize index has declined by around 60% y-o-y in 1Q23. The company is coping with the softer environment by fixing more charters on a shorter-term basis.
- - Read this at SGinvestors.io -
- Supply of handysize dry bulk vessels is expected to decline over the next two years due to uncertainty on future fuel type for vessels and a tighter financing environment.
The Positives
Growth in charter revenue.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Phillip Research Team Phillip Securities Research | https://www.stocksbnb.com/ 2023-03-30
Read also Phillip's most recent report:
2023-06-16 Uni-Asia Group - Waiting For Supply To Bite.
Price targets by other brokers at Uni-Asia Group Target Prices.
Listing of research reports at Uni-Asia Group Analyst Reports.
Relevant links:
Uni-Asia Group Share Price History,
Uni-Asia Group Announcements,
Uni-Asia Group Dividends & Corporate Actions,
Uni-Asia Group News Articles
