Uni-Asia Group - SAC Capital 2023-04-18: Resilient Business Amid Tough Times

• Uni-Asia Group (SGX:CHJ) is an alternative investment company engaged in 2 key segments: shipping and property.
• Established in 1997 with an initial focus on structured finance and distressed asset investments, Uni-Asia Group has since evolved to include ship and property investments and asset management services. It has offices in Hong Kong, Tokyo, Singapore and China.
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• Uni-Asia’s shipping segment is further divided into 3 sub-segments:
  1. Ship Owning & Chartering: This sub-segment consists of a portfolio of 10 wholly-owned handysize dry bulk carriers providing recurring charter income. Their capacities range from 29k to 38k DWT. Subsidiary Uni-Asia Shipping holds 8 bulk carriers, while subsidiaries Joule Asset Management and Fulgida Bulkship S.A. own the remaining 2 bulk carriers.
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  3. Maritime Services: This sub-segment consists of 2 subsidiaries: Uni Ships and Management Limited, and Wealth Ocean Ship Management (Shanghai) Co. Ltd. They offer shipping related brokerage services, sale and purchase of ships services and commercial / technical management of ships services for a fee. They engage both the company’s ships and external clients.
• Uni-Asia’s property segment consists of sub-segments outside Japan and within Japan.
  1. Property Investment (Ex Japan): The company invests in Hong Kong office and industrial property projects, earning a profit upon completion and sale. It has effective ownership in 8 projects, with 3 fully sold. The remaining properties include:
  2. Property Investment (In Japan): This sub-segment consists of 2 subsidiaries: Uni-Asia Capital (Japan) Ltd – asset management, and Uni-Asia Investment Ltd – investment holding. UACJ offers investment advisory and asset management services, construction management and brokerage services. It has its own brand of small residential property projects in Tokyo, “ALERO”, which it develops and invest on occasion under UAI. It purchases land and develops 4-5 storey buildings with 10-30 units of studio or maisonette type flats before selling them en bloc or renting them out. As of end FY22, UACJ has JPY 36.9bn assets under management.

Uni-Asia Group – Key Investment Highlights

Well-positioned to capitalize on the growing shipping market.

• Read more at SGinvestors.io.

Lim Qiuni Nicole SAC Capital Research | Matthias Chan SAC Capital | https://www.saccapital.com.sg/ 2023-04-18 SGinvestors.io

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