UPP Holdings was founded in 1967 and is headquartered in Singapore. The company operates two business segments: 1) pulp and paper mill and 2) Ywama power plant. The pulp and paper mill is its core business, but it has been facing poor profitability, with 2013 net margins at 3.1%. The segment is based in Malaysia and produces corrugated carton boxes and brown paper products for Malaysia’s manufacturing sector. As of 9M2015, revenue from the segment accounts for about 80% of total revenue. Investment Thesis The value of UPP lies in its power plant business which only commenced operations in February 2014. The company operates a 50MW gas-fired generating plant in Ywama, Myanmar. Under the Power Purchase Agreement with Myanma Electric Power Enterprise, UPP will sell electrical energy at a rate of US$0.034 per kWH and the guaranteed annual minimum off-take amount is 350 million kWH. That is US$11.......