Of the 4 Bursa stationery companies, UPA had the worst gross profit margins. If you are going to hunt in this sector, I would focus on Pelikan or Asia File. https://www.i4value.asia/2023/11/is-asia-file-still-value-trap-as-of-nov.html#more

The other feature of UPA is that its ROE had dropped by about half, its market price seemed to be holding. Does it meant that it is overpriced? https://i.postimg.cc/MpHddwLc/UPA.png