Yoma Strategic ( former Sea View Hotel )

Re: Yoma Strategic ( former Sea View Hotel )

Postby behappyalways » Mon Oct 24, 2016 4:56 pm

Yoma to divest tourism business through a reverse takeover
http://sbr.com.sg/hotels-tourism/news/y ... e-takeover
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Wed Oct 26, 2016 9:21 am

Yoma Strategic Holdings: Spinning off tourism businesses

The group announced that it plans to spin off its tourism-related businesses as part of a Reverse-Take-Over of SHC Capital Asia Limited (SHC) which is listed on the Catalist Board of the SGX.

A conditional sale and purchase agreement has been signed for the proposed sale of its tourism-related businesses.

After the exercise, Yoma is expected to be issued 167m shares valued at an aggregate of S$43.9m which gives the group a shareholding of 53.5% in SHC before taking in account any shareholding effects arising from any proposed compliance placement of SHC.

The group envisions that SHC will be transformed into a Myanmar-focused tourism company to acquire, develop and operate new tourism assets in the emerging economy.

We highlight that the proposed exercise is subject to condition precedents and further approvals from relevant authorities.

Source: OCBC
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Tue Nov 08, 2016 10:43 am

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Yoma Strategic Holdings: Buoyed by FV gains from telco towers stake

Yoma Strategic Holdings’ 2QFY17 PATMI increased YoY to S$8.5m from S$0.3m mainly due to S$14.7m of fair value gains on its stake in its telecommunications tower investment and stronger contributions from the sale of residences/LDR and real estate rental and services.

In terms of the topline, group revenues similarly increased 25.2% given growth across the group’s real estate, automotive and equipment, and consumer businesses.

We judge this quarter’s results to be broadly within expectations.

To recap, Yoma is currently in the midst of spinning off its tourism-related business as part of an RTO of SHC Capital Asia Ltd. After the exercise, Yoma is expected to be issued 167m shares valued at an aggregate of S$43.9m which gives the group a shareholding of 53.5% in SHC before taking into account any shareholding effects arising from any proposed compliance placement of SHC.

We highlight that the proposed exercise is subject to condition precedents and further approvals from relevant authorities.

Source: OCBC
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Fri Nov 18, 2016 9:24 am

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MYANMAR'S ECONOMY TAKES FLIGHT; HERE'S HOW TO PLAY IT

By PC Lee

SINGAPORE (Nov 17): Daiwa Capital Markets is initiating coverage of Yoma Strategic with a “buy” call with 73 cents target price, as the stock offers investors a way to ride Myanmar’s expanding economy, while featuring multiple growth drivers.

In a Wednesday report, lead analyst Shane Goh says a new political party, an influx of foreign investments, and the lifting of sanctions by Europe and the US is propellling Myanmar’s economy on an upward trajectory.

One big attraction is Yoma’s residential land bank, which was acquired during low-cost periods, and offers healthy margins of 30-50%.

Clarity on the Condominium Law, which enables foreigners to buy homes in the country, would provide a key impetus to drive residential sales, says Goh.

“We forecast sales of 150 units in FY17E, before accelerating to 305-315 units per year in FY18-19E,” adds Goh, who says they will come from three projects: Star City, Pun Hlaing Estate and Landmark Residences.

Consequently, Daiwa forecasts PBT to rise at a 22% CAGR for FY16-19E, with the real-estate segment contributing more than 85% of PBT over this period.

Yoma aims to diversify its earnings base and derive 50% of revenue from non-property sources by FY20. Goh believes its KFC business is set to attain critical mass and break even at the EBIT level from FY17E onwards, with a target of 12 outlets by end-FY17.

As for the automotive busines, increased adoption of mechanisation in the agriculture segment and growth in the construction sector should boost revenue from agriculture and equipment vehicle sales.

Goh says key catalyst for the stock would be further clarity on the Condo Law while the government is also expected to unveil a raft of detailed regulations and procedures by December. Other catalysts include signing up new franchisee or distributorship licences in its F&B and automotive businesses.

“We initiate coverage with a 12-month TP of SGD0.73, based on a 30% discount to our SOTP valuation of SGD1.04,” says the analyst,

“Our SOTP includes the present value of residential sales, the revaluation of its undeveloped land bank and investment properties, as well as ascribing earnings multiples to its other businesses. Notably, Landmark, which contributes 30% of our SOTP valuation, would only generate revenue from FY21 onwards.”

Shares of Yoma are up 0.5 cent to 52.5 cents.

Source: The Edge

http://smr.theedgemarkets.com/article/m ... e-87358173
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Fri Nov 18, 2016 9:24 am

not vested

MYANMAR'S ECONOMY TAKES FLIGHT; HERE'S HOW TO PLAY IT

By PC Lee

SINGAPORE (Nov 17): Daiwa Capital Markets is initiating coverage of Yoma Strategic with a “buy” call with 73 cents target price, as the stock offers investors a way to ride Myanmar’s expanding economy, while featuring multiple growth drivers.

In a Wednesday report, lead analyst Shane Goh says a new political party, an influx of foreign investments, and the lifting of sanctions by Europe and the US is propellling Myanmar’s economy on an upward trajectory.

One big attraction is Yoma’s residential land bank, which was acquired during low-cost periods, and offers healthy margins of 30-50%.

Clarity on the Condominium Law, which enables foreigners to buy homes in the country, would provide a key impetus to drive residential sales, says Goh.

“We forecast sales of 150 units in FY17E, before accelerating to 305-315 units per year in FY18-19E,” adds Goh, who says they will come from three projects: Star City, Pun Hlaing Estate and Landmark Residences.

Consequently, Daiwa forecasts PBT to rise at a 22% CAGR for FY16-19E, with the real-estate segment contributing more than 85% of PBT over this period.

Yoma aims to diversify its earnings base and derive 50% of revenue from non-property sources by FY20. Goh believes its KFC business is set to attain critical mass and break even at the EBIT level from FY17E onwards, with a target of 12 outlets by end-FY17.

As for the automotive busines, increased adoption of mechanisation in the agriculture segment and growth in the construction sector should boost revenue from agriculture and equipment vehicle sales.

Goh says key catalyst for the stock would be further clarity on the Condo Law while the government is also expected to unveil a raft of detailed regulations and procedures by December. Other catalysts include signing up new franchisee or distributorship licences in its F&B and automotive businesses.

“We initiate coverage with a 12-month TP of SGD0.73, based on a 30% discount to our SOTP valuation of SGD1.04,” says the analyst,

“Our SOTP includes the present value of residential sales, the revaluation of its undeveloped land bank and investment properties, as well as ascribing earnings multiples to its other businesses. Notably, Landmark, which contributes 30% of our SOTP valuation, would only generate revenue from FY21 onwards.”

Shares of Yoma are up 0.5 cent to 52.5 cents.

Source: The Edge

http://smr.theedgemarkets.com/article/m ... e-87358173
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Thu Dec 15, 2016 8:13 am

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Yoma making all the right strategic moves

By Gwyneth Yeo

SINGAPORE (Dec 14): Yoma Strategic Holdings has been taking steps to increase its residential sales, while continuing to grow its automotive and food and beverage businesses.

According to Shane Goh and Ramakrishna Maruvada, Daiwa Capital Markets’ analysts, the group’s residential business remains on track, selling 10 units of its landed residential development Pun Hlaing Estate in the recent quarter 2QFY17, compared with the 2 units sold in the previous corresponding quarter, 2QFY16.

In its condominium development Star City’s Galaxy Towers, the group has not launched any additional units beyond the initial 334 units, as it plans to resize the units to include more of the smaller 1- and 2-bedroom units.

Goh and Maruvada noted that the smaller units have had “more receptive demand from local buyers due to their lower price quantum”.

For Yoma’s automotive business, the group has recently been awarded a government tender contract for the sale of New Holland tractors in 3QFY17.

It is also participating in another government contract for 4QFY17 and is about to start selling JCB construction equipment in January.

In F&B, Yoma has also opened three additional KFC outlets in Yangon in November, increasing its outlet network to 10, and is set to achieve its target of 12 outlets by end March. It also added that it may expand into Mandalay in 2017.

“We expect revenue from its consumer segment to double year-on-year in FY17 to $9.7million due to store-count expansion. Further ahead, we expect Yoma to open another 10 outlets per annum in FY18 and FY19,” said the pair.

“Management noted that its KFC business may benefit from an increase in patronage by overseas visitors during the country’s tourist season [from] October to March.”

Goh and Maruvada believe that the developments allows the group to be on target to meet their FY17 forecasts, so the brokerage has maintained its “buy” recommendation and target price of 73 cents.

Shares in Yoma Strategic are trading unchanged at 59 cents on Wednesday.

Source: The Edge

http://smr.theedgemarkets.com/article/y ... up-content
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Re: Yoma Strategic ( former Sea View Hotel )

Postby behappyalways » Fri Feb 10, 2017 3:41 pm

Yoma Strategic 3Q earnings fall 98.7% for 3Q17 on lower fair value gain of telco tower business
http://www.theedgemarkets.com.sg/articl ... r-business
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Mon Feb 13, 2017 1:31 pm

Yoma Strategic Holdings (YOMA SP): BUY
Market Cap: US$710m
Average Daily Value: US$1.52m
Last Traded Price: S$0.58; Price Target: S$0.80 (Upside 37.9%) (Prev S$0.80)

Look beyond the surface
3Q17 results hit by currency translation losses, mitigated by investment gains
KFC opened four new stores in 3Q17
Landmark approved by MIC
Government to purchase 600 New Holland tractors

BUY, TP maintained at S$0.80. We continue to like Yoma Strategic Holdings (Yoma) on the back of an improved operating outlook post the new government in Myanmar.

We believe the consistent delivery of the group’s real estate sales, coupled with the continued scaling up of its operations for its non-real estate segments, will represent upside to earnings and TP.

9M17 net profit hit by currency translation losses, mitigated by investment gains. 9M17 net profit fell 60% y-o-y to S$11m on net currency translation losses of S$4m, mitigated by higher investments gains (17% y-o-y). Excluding currency losses, the estimated net profit fell 39% y-o-y to S$14m, 48% of our FY17 estimates.

Key updates:
i) Yoma opened four new KFC stores in 3Q17, on track to meet FY17F target,
ii) Landmark development has been approved by Myanmar Investment Commission (MIC), and
iii) the government has chosen Yoma to facilitate the purchase of 600 New Holland tractors.

Revival of property sales post condominium law a catalyst for real estate. Management remains optimistic on the longer-term outlook for the real estate market in Yangon.

Looking ahead, the establishment of the framework of the condominium law which promotes and facilitates foreign investment in Myanmar’s real estate market is expected to boost volumes going forward.

Valuation:
Maintain BUY, TP maintained at S$0.80. We remain positive on the group's prospects and see it as a beneficiary of an improved economic outlook with the new Myanmar government.

Key Risks to Our View:
Political and economic risk. Myanmar is still a developing country and its real estate and infrastructure sectors are in the nascent stage of the cycle. As such, continued supportive government policies on foreign investments are key to improving sentiment within the real estate space.

Source: DBS

https://researchwise.dbsvresearch.com/R ... fcdbkfdhjg
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Wed May 24, 2017 9:22 am

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Yoma Strategic Holdings: Diversification efforts bearing fruit

Yoma’s 4QFY17 PATMI increased to S$24.1m from S$8.9m in the same period last year mostly due to higher fair value gains on investment properties and improved gross profit margins driven by the sales of residences and LDRs in 4QFY17 (as compared to mostly sale of buyback units in StarCity in 4QFY16).

Full year FY2017 PATMI now cumulates to S$35.9m, down marginally by 3.5% versus S$37.2m in FY2016 and we deem this set of results to be mostly within expectations.

In terms of the topline, FY2017 revenues increased 11.0% to S$124.2m.

Notably, about 47% of revenues were attributed to the Yoma’s non real estate business which points to management’s diversification efforts bearing fruit.

Specifically, revenues from the automotive and heavy equipment business increased 27% in FY2017 to S$38.1m due to the growth in its New Holland tractor business.

The group’s consumer business, which comprises its KFC operations, also saw its revenues more than double to S$10.9m in FY2017 versus S$4.6m last financial year.

For its real estate segment, however, Yoma reports that the property market in Myanmar continues to see softness and revenues generated from the sales of residences and LDRs decreased by S$4.0m to S$46.5m in FY2017; that said, this decline was partially offset by a S$1.5m increase in contributions from the real estate and services segment.

Source: OCBC
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Re: Yoma Strategic ( former Sea View Hotel )

Postby winston » Thu May 25, 2017 9:44 am

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Yoma Strategic Holdings: Diversification efforts bearing fruit

Yoma’s 4QFY17 PATMI increased to S$24.1m, up from S$8.9m in the same period last year mostly due to higher fair value gains on investment properties and improved gross profit margins driven by the sales of residences and LDRs in 4QFY17 (as compared to mostly sale of buyback units in StarCity in 4QFY16).

In terms of the topline, FY2017 revenues increased 11.0% to S$124.2m. Notably, about 47% of revenues were attributed to the Yoma’s non real estate businesses which points to management’s diversification efforts bearing fruit.

Looking ahead, while the property market in Myanmar saw some softness over the year, management reports that the Yangon property market is showing mild signs of recovery and they remain cautiously optimistic about the sector.

In addition, the group will be opening its first KFC store in Mandalay in Jun 2017 and will increase its store count nationwide to 22 by the end of FY2018.

A final and final cash dividend of 0.25 S-cents per share has been proposed.

Source: OCBC
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