Yoma Strategic Holdings - OCBC Investment 2016-11-08: Buoyed by FV gains from telco towers stake

Yoma Strategic Holdings - OCBC Investment 2016-11-08: Buoyed by FV gains from telco towers stake YOMA STRATEGIC HOLDINGS LTD Z59.SI

Yoma Strategic Holdings - Buoyed by FV gains from telco towers stake

  • Yoma Strategic Holdings’ 2QFY17 PATMI increased YoY to S$8.5m from S$0.3m mainly due to S$14.7m of fair value gains on its stake in its telecommunications tower investment and stronger contributions from the sale of residences/LDR and real estate rental and services. 
  • In terms of the topline, group revenues similarly increased 25.2% given growth across the group’s real estate, automotive and equipment, and consumer businesses. 
  • We judge this quarter’s results to be broadly within expectations. 
  • To recap, Yoma is currently in the midst of spinning off its tourism-related business as part of an RTO of SHC Capital Asia Ltd. After the exercise, Yoma is expected to be issued 167m shares valued at an aggregate of S$43.9m which gives the group a shareholding of 53.5% in SHC before taking into account any shareholding effects arising from any proposed compliance placement of SHC. 
  • We highlight that the proposed exercise is subject to condition precedents and further approvals from relevant authorities. 
  • Maintain HOLD with an unchanged fair value estimate of S$0.54.




Eli Lee OCBC Investment | http://www.ocbcresearch.com/ 2016-11-08
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 0.540 Same 0.540




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