Brokers’ Call: Yoma Strategic Holdings

Despite some disappointment on Myanmar’s economic growth, we believe Yoma remains the best proxy of a potential economic turnaround in Myanmar with the new government in place.

With its diversified portfolio in property, consumer and automotive sectors, Yoma is well placed to tap into the growth.

Potential catalysts include recovery in Myanmar’s property market and its non-real estate businesses turning profitable.

Yoma’s FY2018 net profit fell 26 per cent year on year to $27 million, largely due to lower profit contribution from its real estate business, and lower fair value gains, mitigated by a $28 million gain from the sale of its tourism business and currency translation gains of $10 million versus $3 million loss in FY2017.

The non-real estate business recorded strong revenue growth of 33 per cent year on year. Yoma has entered new business ventures – franchisor of Little Sheep Hot Pot and a joint-venture with Pernod Ricard on whisky.

We remain positive on the group’s prospects and see it as a beneficiary of an improved economic outlook with the new Myanmar government.

Source : The Straits Times

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