Yoma’s results were marred by a one-time non-cash payment, but results were mostly in line with expectations, OCBC says. It notes Yoma posted a fiscal-2Q13 net loss of $4.2 million, mostly on a $5.4 million share-based payment to the CEO, which was partly offset by increased sales of residences and land-development rights.
1H13 net profit excluding the non-operating expenses was 61% of the house’s FY13 forecast, which it keeps unchanged, OCBC notes. Yoma’s management says the Star City project’s sales pace remains strong, the house notes, adding Myanmar’s foreign investment law should be finalised soon, marking a significant milestone in the country’s liberalisation.
“We continue to be positive on the long term outlook of Yoma as the Myanmar economy continues to open up, but view Yoma’s shares to be fairly priced at current levels based on its fundamental valuation.” It keeps a Hold call with $0.51 fair value. The stock is down 3.5% at $0.56, but remains up around 222% year-to-date.
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