|
狮城理财 LV13
发表于 31-1-2013 08:48:03
|
显示全部楼层
Yoma Strategic Holdings: No surprises in 3QFY13 numbers
Yoma Strategic Holdings (Yoma) reported 3QFY13 PATMI of S$3.7m, increasing by S$2.3m YoY mostly due to higher sales of residences and land development rights. This brings 9MFY13 PATMI to S$1.9m, which is mostly in line with our expectations but below consensus estimates. Topline for the quarter came in at S$13.0m, up 32.1% YoY, again driven by stronger property sales. Yoma reports that residential sales during the quarter increased by more than three times YoY, and is mainly attributable to multiple projects in Pun Hlaing Golf Estate (Ivory Court Residences II, Bamboo Grove Garden Villa, Lakeview Apartments) and also apartments in Star City. We expect key catalysts for the stock ahead to be the proposed approval and acquisition of the prime site in Yangon and a proposed 1-for-4 rights issue for S$0.38 per share ahead. We would speak further with management regarding the latest results and, in the meantime, put our Hold rating and fair value estimate of S$0.52 UNDER REVIEW. |
|