Yoma Strategic    Last:0.071    -0.001

YOMA

What does that mean? Up or down?

Immortal      ( Date: 11-Nov-2013 19:45) Posted: Still playing in triangle.

 

Still playing in triangle.

 

Ocbc: Yoma Strategic Holdings:
Hold TG0.84. 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 2QFY14 gross margin has slipped 2.4 ppt YoY to 44.9% due to a lower contribution from Pun Hliang Golf Estate which is a higher margin project. In terms of the 2QFY14 topline, it increased 132.4% YoY to S$27.0m, again mostly due to recognition of residential sales and LDR sales at Star City. 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. Maintain HOLD with an unchanged fair value estimate of S$0.84. (Eli Lee)

 

DBS analyst still recommending a 82x PE stock.. even if u account for 2014 forecast revenue recognition it's 60x.. doesn't look like a value investment.. a pure speculative play..

Price Target : S$ 1.02

Analyst

TAN Ai Teng +65 6398 7967

AiTeng@dbsvickers.com

Result Summary

FY Mar (S$ m) 2Q

2014

2Q

2013

1Q

2014

yoy chg qoq chg

P& L Items

Turnover 27.0 11.6 15.2 132.4 77.4

Gross Profit 12.1 5.5 6.0 121.2 102.7

Opg Profit 6.2 1.7 2.1 274.4 198.2

EBITDA 6.1 1.8 2.0 236.8 200.1

Net Profit 3.3 (4.1) 0.4 nm 696.2

Other Data

Gross Margin (%) 44.9 47.2 39.3

Opg Margin (%) 22.9 14.2 13.6

Net Margin (%) 12.4 (35.4) 2.8

Financial Summary

FY Mar (S$ m) 2012A 2013A 2014F 2015F

Turnover 39 60 99 141

Operating Profit 6 12 35 50

EBITDA 8 13 29 43

Net Pft (Pre Ex.) 6 11 15 23

EPS (S cts) 1.1 1.3 1.3 2.0

EPS Pre Ex. (S cts) 1.1 0.9 1.3 2.0

EPS Gth (%) 117 10 3 53

EPS Gth Pre Ex (%) 142 (17) 37 53

PE Pre Ex. (X) 68.1 82.3 60.2 39.4

EV/EBITDA (X) 50.9 64.2 31.7 17.8

Net Div Yield (%) 0.6 0.6 0.6 0.6

P/Book Value (X) 3.0 2.5 2.4 2.3

Net Debt/Equity (X) CASH CASH CASH CASH

ROAE (%) 4.5 5.9 4.1 6.0

At A Glance

Issued Capital (m shrs) 1,157

Mkt. Cap (S$m/US$m) 903 / 726

Avg. Daily Vol.(?000) 8,408

Price Relative

58

258

458

658

858

1058

1258

0.0

0.2

0.4

0.6

0.8

1.0

Nov-09 Nov-10 Nov-11 Nov-12 Nov-13

S$ Relative Index

Yoma Strategic Holdings (LHS) Relative STI INDEX (RHS)

Source: Company, DBS Vickers

DBS Group Research . Equity 7 Nov 2013

Singapore Result Snapshot

Yoma Strategic Holdings

Bloomberg: YOMA SP EQUITY | Reuters: YOMA.SI Refer to important disclosures at the end of this report

Strong results, positive outlook

?

sales and pick up in construction2Q14 earnings slightly ahead, driven by brisk property

?

progressStar City is still the bright spot as Landmark awaits

? Maintain BUY and S$1.02 TP

Highlights

Net profit of S$3.3m was slightly ahead

S$4.1m in 2Q13 and net profit of S$0.4m in 1Q14. Excluding S$0.8m

of forex losses, core profit would have been S$4m vs our S$3.2m

estimate. Revenue surged 132% y-o-y and 77% q-o-q to S$27m., compared to net loss of

Property sales remains brisk, construction picks up pace.

reported S$15.1m of Land Development Rrights for block B2 and B5 in

Star City and S$2.25m incentive fees for meeting the sales target of

block B1. In 2Q14, Yoma sold 10 units in blocks A3 and A4. Together

with Zone B sales for the LDR investor, we estimated Yoma sold c.265

units this quarter, up from 174 units in 1Q14. ASP was stable at

US$150 psf. Meanwhile, construction pace has improved markedly as

Yoma recognised S$4m from sale of development properties in just

this quarter compared to a total of S$7.2m recognised in previous

periods.Yoma

Staff costs continued to expand

increase in staff strength to meet business expansion.to S$2.4m from S$0.8m due to

Our View

Star City continues to shine

so far, we expect Yoma to sell LDRs of the two remaining blocks soon.

The company would also receive more incentive fees accordingly.

Furthermore, Yoma has c.S$49m of unrecognized revenue in Star City

to be recognised over the next 15-21months as construction

progresses.. Given the strong take up rate of Zone B

Landmark still awaiting green light.

new 70 years Master Lease for Landmark, development on the ground

appears active. Yoma recently inked a MOU with Mitsubishi Group to

invest and jointly develop Landmark. This is Yoma's second tie-up with

an established corporation, after an earlier agreement with The

Hongkong and Shanghai Hotels Limited (HSH) to develop a Peninsula

hotel in Yangon. We believe the completion of this purchase would

accelerate development and unveil more opportunities for Landmark.Despite the delay in securing a

Maintain Buy, TP unchanged at S$1.02

quarter with improvement in property sales and construction. We

expect Star City to continue to provide earnings visibility and growth

while the Landmark project remains a wildcard.. This is overall a good

ozone2002      ( Date: 07-Nov-2013 10:35) Posted: Results Looking better..however still very high PE.. how to justify as a value investment? Yoma Strategic Holdings recorded S$3.3m net profit for 2Q14, from a loss in 2Q13, on the back of a 132.4% increase in revenue to S$27.0m. Revenue growth was driven by continued strong performance of the Real Estate Division. More updates to follow.

 

Have patient....

 

Results Looking better..however still very high PE.. how to justify as a value investment?

Yoma Strategic Holdings recorded S$3.3m net profit for

2Q14, from a loss in 2Q13, on the back of a 132.4%

increase in revenue to S$27.0m. Revenue growth was

driven by continued strong performance of the Real Estate

Division. More updates to follow.

 

nvm lah...so long result better than last qtr ok liao...

 

NOL loss money also $1+ mah....isn't it?

 

3.3m only. Too little. Should make 30m instead with current share price.

 

Yoma Strategic 2Q2014 net profit hits S$3.3M

Peter_Pan      ( Date: 07-Nov-2013 06:56) Posted: Positive earnings result

 

Positive earnings result

 

Possibly of clearing 80 today???

fulson      ( Date: 01-Nov-2013 11:59) Posted: Same here :) bishan22      ( Date: 01-Nov-2013 11:58) Posted:   Clear 80 would be nice for me. hahaha.

 

If so, let's see how far this baby can fly before selling comes in.

 

base on last  minutes vol looks like a possible break up beyond 80cts tomorrow....

 

 

Will Yoma break through or retreat?

 

Yoma stuck in the current rut. Converging still in place.

 

Looks like swimming at the original position....up or down?

 

Same here :)

bishan22      ( Date: 01-Nov-2013 11:58) Posted:   Clear 80 would be nice for me. hahaha.   Immortal      ( Date: 01-Nov-2013 11:26) Posted: anything above $1 is always nice :-)

 

  Clear 80 would be nice for me. hahaha.

 

Immortal      ( Date: 01-Nov-2013 11:26) Posted: anything above $1 is always nice :-)

 

anything above $1 is always nice :-)