Tuesday, January 21, 2014

Yoma Strategic -Good progress (DBSV)

Yoma Strategic Holdings:    
STI : 3,140.44
BUY S$0.73
Price Target : 12-month S$ 1.02
Good progress
 
•3QFY14 results in line, driven by sale of more LDR at Star City and tourism income
•Property sales healthy, construction progressing
•Star City, Landmark to underpin future earnings  

 
Highlights  
3QFY14 net profit of S$5.2m in line. Headline net profit grew 42% y-o-y led by a 132% jump in revenue. In 9M FY14, Yoma has met 61% of our FY14F earnings. Gross margin fell by a notch to 44.3% from 49% a year ago because of a smaller share of sales from higher-margin Pun Hlaing Golf Estate. But margin was stable against 44.9% in the previous quarter.  
 
Property sales healthy, construction progressing. In 3QFY14, Yoma booked S$14.6m from the sale of Land Development Rights for the remaining blocks B3 and B4 in Zone B of Star City. We estimate Yoma sold 200 units in Star City last quarter, including bookings for 55 units. This is a notch below an estimated 265 units sold in 2Q FY14 but much stronger than the 117 units moved in the year ago quarter. ASP was stable at US$150 psf. Construction of Star City is progressing as Yoma recognised S$3.2m from the sale of development properties, but momentum has slowed compared to S$4m booked in 2Q FY14.
 
Our View  
Star City remains key driver as Landmark faces more delays. Given that Yoma has completed the sale of LDRs for all the blocks in Zone B, there should be incentive fees related to the sale of the respective buildings in the coming quarters. Yoma is hopeful that the official commencement of the Thilawa Special Economic Zone development will spur demand for Star City apartments given the project’s proximity to this SEZ. Meanwhile, Yoma has again extended the longstop date for the Landmark deal to Jun 2014. We remain convinced Landmark will accelerate Yoma’s growth but it remains a wildcard at this juncture. Also, with Myanmar experiencing the high season for tourism, we expect tourism income to remain robust.  
 
Recommendation
Maintain BUY rating and S$1.02 TP. This quarter, Yoma has seen continued momentum in property sales and additional income from tourism. We expect non-property income to grow going forward.


Source/Extract/Excerpts/来源/转贴/摘录: DBSV-Research,
Publish date: 17/01/14

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock