Monday, November 11, 2013

Yoma : No surprises from 2QFY14 earnings (OCBC)

Yoma Strategic Holdings:
Fair value S$0.84
add: 12m dividend forecast S$0.01
versus: Current price S$0.77

No surprises from 2QFY14 earnings
Yoma reported 2QFY14 PATMI of S$3.3m versus a loss of S$4.2m in 2QFY13. The return to profitability was mainly due to the sale of two buildings in Zone B of Star City, for which Yoma recognized S$15.1m of revenue and an incentive fee of S$2.3m, and lower staff costs. YTD PATMI now cumulates to S$3.76m and is judged to be mostly within expectations, making up 48.0% of our full year forecast for FY14. We note, however, that the gross margin has slipped 2.4 ppt YoY to 44.9% over the quarter due to a lower contribution from Pun Hliang Golf Estate (a higher margin project). In terms of the topline, 2QFY14 revenues increased 132.4% YoY to S$27.0m, again mostly due to recognition of residential sales and LDR sales at Star City. Maintain HOLD with an unchanged fair value estimate of S$0.84.


2QFY14 earnings mostly in line
Yoma reported 2QFY14 PATMI of S$3.3m versus a loss of S$4.2m in 2QFY13. The return to profitability was mainly due to the sale of two buildings in Zone B of Star City, for which Yoma recognized S$15.1m of revenue and an incentive fee of S$2.3m, and lower staff costs. YTD PATMI now cumulates to S$3.76m and is judged to be mostly within expectations, making up 48.0% of our full year forecast for FY14. We note, however, that the gross margin has slipped 2.4 ppt YoY to 44.9% over the quarter due to a lower contribution from Pun Hliang Golf Estate (a higher margin project).

Revenue boost from LDR sales from Star City Zone B
As at end Sep-13, 523 (out of 528 total units) at Star City’s Building A3 and A4 were sold, up marginally from 513 units sold as at end Jun-13. We understand that Building 5 is expected to be retained for rental purposes and that going forward management would focus on selling Zone B, for which it would receive incentive fees if certain sales targets to end buyers are met. As of end Sep 14, the LDRs for three out of five buildings in Star City have been sold. Building B1 was launched in April and is currently 90% sold; in addition, Buildings B2 – B5, both launched in July, are more than 65% sold.

Longstop deadline for Landmark Project ahead
Recall that the long stop deadline for the completion of the Landmark Project acquisition in Yangon falls on 31 Dec 2013, which means we would likely obtain an update regarding this issue over the next two months. As this development is a key driver for the company currently, we believe there could be some volatility ahead, in terms of the share price, as we get more color shortly. Maintain HOLD with an unchanged fair value estimate of S$0.84.


Source/Extract/Excerpts/来源/转贴/摘录: OCBC-Research,
Publish date: 08/11/13

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