Uni-Asia Group - Phillip Securities 2023-03-30: Shorter Term Leases In The Downturn

• 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 an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

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 Dividend Payout Dates & Corporate Actions,
Uni-Asia Group News