Yoma Strategic Holdings: 1Q19 Results Marred by Translation Losses

Date: 24/07/2018

Source  :  OCBC
Stock  :  Yoma Strategic       Price Target  :  0.51      |      Price Call  :  BUY
        Last Price  :  0.335      |      Upside/Downside  :  +0.175 (52.24%)

Yoma’s 1Q19 revenue rose 13.9% YoY to S$29.4m, with the real estate development business increasing 63.7% YoY to S$10.2m, mainly from sales of completed houses and land plots in Pun Hlaing Estate. The group also recognized revenue from the sale of uncompleted development properties over the construction period, in Pun Hlaing Estate, StarCity Zone C and Yoma Central.

Revenue from the group’s automotive & heavy equipment segment fell 26.9% YoY to S$7.51m, due mainly to the delay in buyers taking delivery of the second 500-tractor order secured under the Ministry of Agriculture and Irrigation’s nationwide mechanization programme.

The group recorded a currency translation loss of ~S$10.1m on its borrowings on the back of a strengthening USD, in which the majority of its borrowings are denominated.

Share of losses of associated companies and JVs came up to S$3.2m in the quarter, which was primarily due to losses incurred by Memories Group Limited and Access Myanmar Distribution Company Limited.

We maintain our BUY rating, but place our fair value of S$0.51 under review.

Source: OCBC Research - 24 Jul 2018

Share this

Related Stocks

Chart Stock Name Last Change Volume 
Yoma Strategic 0.335 +0.015 (4.69%) 1,806 

  Be the first to like this.


177  80  155  689 

Top 10 Active Counters
 HSI26000MBePW.. 0.091-0.009 
 YZJ Shipbldg SGD 1.37-0.01 
 ISR Capital^ 0.0020.00 
 Golden Agri-Res 0.265-0.01 
 AA 0.01-0.003 
 Genting Sing 0.87-0.005 
 CapitaCom Trust 1.920.00 
 Asian Pay Tv Tr 0.177+0.004 
 Rex Intl 0.063+0.001 
 SingTel 3.15+0.03 
Partners & Brokers