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YOMA
Entropy72
Master
05-Dec-2020 20:05     
 
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 Alert Admin 		https://www.mmtimes.com/news/myanmar-investment-commission-approves-five-investments-including-fmi-yomas-city-loft-west

New City Loft West project at Hliangthaya Township approved.
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OngBak
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02-Dec-2020 23:58     
 
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 Alert Admin 		Find the suitable stocks for your ownself, not all stock suit your taste. If u are looking for dividend investment u r in wrong place. But if u r looking for growth stock , Yoma definitely is 1 of them.. Pls don't shoot me if it's not suitable for your taste, I just trying out my own taste bud
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Entropy72
Master
02-Dec-2020 23:17     
 
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 Alert Admin 		With Yoma Central annual revenues projected at USD100m, Yoma's 48% stake translates to additional USD48m per year. This is almost 50% upside from current USD100m annual revenues with corresponding decrease in CAPEX that it has carried over the past 4 years. Operating cash flow will be very positive and dividends can finally materialise. That is when we can expect major revaluation of Yoma.

But this is a game for patient investors. Not for traders.

Entropy72      ( Date: 02-Dec-2020 19:51) Posted:

PhillipCapital ' cautiously optimistic' on Yoma Strategic Holdings on ' mildly positive' mid-term outlook

Felicia Tan  Published on Wed, Dec 02, 2020 / 2:16 PM GMT+8 / Updated 5 hours ago


 
 
PhillipCapital analyst Tan Jie Hui has maintained her &ldquo buy&rdquo call on Yoma Strategic Holdings and target price of 46 cents after the group&rsquo s 2HFY2020 and FY2020 topline met expectations at 98% and 100% of her forecasts respectively.

Despite the impact of the Covid-19 pandemic, 2HFY2020 revenue saw a 25% increase y-o-y, mainly contributed by real-estate development and automotive and heavy equipment, which saw y-o-y increases of 117% and 34% respectively.

While core operating EBITDA remained positive, Yoma Strategic registered lower gross profit margins and net fair value losses from its properties in Myanmar and China, which led to a net loss that was 15x more than expected, says Tan.

  In addition, the group saw losses due to its subsidiaries&rsquo conversion of the US dollar (USD) to the Myanmar kyat (MMK). Yoma also booked its share of losses from Memories Group, whose tourism operations were affected by Covid-19 and translation losses on borrowings.

Gross profit margins in FY2020 plunged to 32% from FY2019&rsquo s 50%, which was attributable to lower real-estate service revenue, which contributes one of the highest gross profit margins to the group.Other culprits were lower-margin products at Star City and lower consumer margins following higher packaging and delivery costs.

Looking ahead, Tan estimates Yoma&rsquo s F& B segment and Yoma Motors be remain &ldquo weak&rdquo in the near-term, but expects FY2021 group topline to be supported by &ldquo significant unrecognised revenue&rdquo at Yoma Land and Yoma Motors.

Tan is also looking at a turnaround in FY2022 when Yoma Central and Star Hub will be completed.
Upon its completion in mid-FY2022, Yoma Central is expected to generate US$90-US$110 million ($120.5-$147.3 million) of recurring revenue.

For Star Hub, it is expected to be completed by end-2021, where prominent companies in the technology and finance sectors have already committed to over 50% of the office space.
&ldquo Rental yields here are estimated in the mid-teens, to be generated from FY2022,&rdquo says Tan.

&ldquo Our valuation metrics and target price remain largely unchanged, including our 20% holding-company discount. Yoma Land constitutes 86% of its total valuation after net debt and overheads,&rdquo she adds.
As at 2.17pm, shares in Yoma Strategic are trading 0.5 cent higher or 1.8% up at 28 cents.
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Entropy72
Master
02-Dec-2020 19:51     
 
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 Alert Admin

PhillipCapital ' cautiously optimistic' on Yoma Strategic Holdings on ' mildly positive' mid-term outlook

Felicia Tan  Published on Wed, Dec 02, 2020 / 2:16 PM GMT+8 / Updated 5 hours ago


 
 
PhillipCapital analyst Tan Jie Hui has maintained her &ldquo buy&rdquo call on Yoma Strategic Holdings and target price of 46 cents after the group&rsquo s 2HFY2020 and FY2020 topline met expectations at 98% and 100% of her forecasts respectively.

Despite the impact of the Covid-19 pandemic, 2HFY2020 revenue saw a 25% increase y-o-y, mainly contributed by real-estate development and automotive and heavy equipment, which saw y-o-y increases of 117% and 34% respectively.

While core operating EBITDA remained positive, Yoma Strategic registered lower gross profit margins and net fair value losses from its properties in Myanmar and China, which led to a net loss that was 15x more than expected, says Tan.

  In addition, the group saw losses due to its subsidiaries&rsquo conversion of the US dollar (USD) to the Myanmar kyat (MMK). Yoma also booked its share of losses from Memories Group, whose tourism operations were affected by Covid-19 and translation losses on borrowings.

Gross profit margins in FY2020 plunged to 32% from FY2019&rsquo s 50%, which was attributable to lower real-estate service revenue, which contributes one of the highest gross profit margins to the group.Other culprits were lower-margin products at Star City and lower consumer margins following higher packaging and delivery costs.

Looking ahead, Tan estimates Yoma&rsquo s F& B segment and Yoma Motors be remain &ldquo weak&rdquo in the near-term, but expects FY2021 group topline to be supported by &ldquo significant unrecognised revenue&rdquo at Yoma Land and Yoma Motors.

Tan is also looking at a turnaround in FY2022 when Yoma Central and Star Hub will be completed.
Upon its completion in mid-FY2022, Yoma Central is expected to generate US$90-US$110 million ($120.5-$147.3 million) of recurring revenue.

For Star Hub, it is expected to be completed by end-2021, where prominent companies in the technology and finance sectors have already committed to over 50% of the office space.
&ldquo Rental yields here are estimated in the mid-teens, to be generated from FY2022,&rdquo says Tan.

&ldquo Our valuation metrics and target price remain largely unchanged, including our 20% holding-company discount. Yoma Land constitutes 86% of its total valuation after net debt and overheads,&rdquo she adds.
As at 2.17pm, shares in Yoma Strategic are trading 0.5 cent higher or 1.8% up at 28 cents.
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OngBak
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02-Dec-2020 08:56     
 
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 Alert Admin 		Yoma Strategic Holdings ? Cautiously optimistic Recommendation: BUY (Maintained), Last Done: S$0.28 Target Price: S$0.46, Analyst: Tan Jie Hui ? 6M-Sep 20 and FY20 topline met expectations, at 98%/100% of our forecasts. Core operating EBITDA remained positive. FY20 double whammy from lower gross profit margins and net fair value losses for investment properties in Myanmar and China. As a result, net loss was 15x more than expected. ? Mid-term outlook remains mildly positive, underpinned by unrecognised real-estate revenue and new projects. ? Maintain BUY and SOTP TP at S$0.46.
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Entropy72
Master
01-Dec-2020 09:22     
 
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 Alert Admin 		Yoma has Land Development Rights placed as USD150m on their books. According to Serge, these LDR are valued at USD800m today. Why is there no recognition on fair value gain for these?

Seems like the board likes to keep the headline results bad so that they need not pay out dividend and can channel cash to further investments eg. New suburban project.

Entropy72      ( Date: 30-Nov-2020 16:52) Posted:

Wonder if any more financially savvy brothers can advise why Yoma recognises fair value losses (on investment properties) but not fair value gains (on their landbank)?
Is it because the fair value losses have been realised (ie. sold)? Makes the headlines painful to watch, even though the company does all the right things strategically.

The announcement today on plans to develop another integrated sub-urgan residential commercial project is obviously a rather lame means timed to offset the ugly headlines with some positive news (its quite standard Yoma practice ....).  While I agree it is a good project since City Loft has sold very well, I also wonder if it will mean more capital sinking into yet another multi-year real estate project .... especially since they cannot tap on existing land bank for the project.

Chairman Serge has assured shareholders in past few months about how Yoma is doing well and even hinted at restarting dividends.  But again, we are not impressed by the bottomline.  He often gets grilled by shareholders at AGM - I think he will get it again :)

Entropy72      ( Date: 30-Nov-2020 16:42) Posted:

Yoma Strategic reports US$60.5 mil loss in FY2020 due to fair value losses

Felicia Tan  Published on Mon, Nov 30, 2020 / 3:36 PM GMT+8 / Updated 1 hours ago


 
 
For the FY2020 ended September, Yoma Strategic has reported a net loss of US$60.5 million ($80.9 million), sinking deeper into the red from its US$36.8 million net loss in FY2019.

This was due mainly to net other losses of US$11.6 million compared to gains of US$9.0 million in FY2019. The losses included a fair value loss of US$12.1 million on the group&rsquo s investment properties in Myanmar, which were affected by the depreciation of the US dollar (USD) against the Myanmar kyat (MMK) during the period.

The fair value and impairment losses were offset by a gain on disposal of US$3.6 million in relation to the group&rsquo s investment in edotco and a fair value gain of US$1.4 million on the Group&rsquo s investment in a private equity fund.

During the FY2020, Yoma Strategic also reported higher share of losses of joint ventures of US$1.8 million compared to US$0.9 million in FY2019, mainly due to the higher losses recorded at Yoma Micro Power and BYMA.

In the 2HFY2020, Yoma Strategic saw slight improvement with a net loss of US$44.6 million, 22.4% up from its previous loss of US$57.5 million in 2HFY2019.

This translates to basic and diluted loss per share of 2.01 US cents for the period, compared to the loss per share of 3.06 US cents in 2HFY2019.

During the 2HFY2020, revenue grew 25.3% y-o-y to US$51.2 million due mainly to the increase in revenue generated by the real estate development and automotive and heavy equipment segments.

Revenue for the group&rsquo s real estate development segment more than doubled to US$18.6 million in 2HFY2020 from US$8.5 million during the same period last year. This was primarily attributable to the higher sale of units from City Loft at StarCity. As at Sept 30, 646 units were sold compared to the 382 units sold in Sept 30, 2019.

The group&rsquo s automotive and heavy equipment segment saw slight growth in its FY2020 revenue of US$23.8 million compared to the US$20.7 million reported in FY2019. This was due to the higher number of higher value tractors sold during the period and high sales of Volkswagen vehicles and Ducati motorbikes during the period.

Financial services revenue, which was generated by Yoma Fleet, stood slightly higher at US$3.8 million compared to US$3.4 million in 2HFY2019.

Gross profit margin for the 2HFY2020 stood at 32.3%, down five percentage points compared to 37.3% in 2HFY2019. The decrease was mainly due to the lower consumer revenue, which usually generates higher gross profit margins compared to other segments.

For the 2HFY2020, the group recorded other losses of US$16.5 million compared to other losses of US$23.6 million in 2HFY2019, mainly due to the fair value losses related to its properties in Myanmar. These were offset by other gains such as interest income and currency translation differences.

The group also reported share of losses of joint ventures of US$1.2 million in 2HFY2020 compared to share of profit of US$0.2 million in 2HFY2019. This was due mainly to the higher losses in BYMA where construction works at Yoma Central were impacted by Covid-19.

As at Sept 30, cash and cash equivalents stood at US$35.4 million.

Looking ahead, the group says it is &ldquo cautiously optimistic&rdquo on the outlook for Myanmar&rsquo s economy as the government is expected to focus on various growth initiatives and attracting foreign investments during its next five-year term.

&ldquo Furthermore, the impact of the Covid-19 response is expected to provide the catalyst for a more rapid pace of economic transformation, which bodes well for the group' s businesses,&rdquo it says in a statement released via SGX.

The board and the group&rsquo s senior management says they have voluntarily extended the 25% reduction in directors&rsquo fees and salaries for another six months amid the uncertainties arising from the Covid-19 pandemic.

No dividend has been recommended for the period in light of the uncertain operating environment due to Covid-19.

As at 3.36pm, shares in Yoma Strategic are trading 2 cents lower or 6.6% down at 28.5 cents.


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Joelton
Supreme
01-Dec-2020 09:16     
 
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Yoma Land to develop suburban offices, more apartments in Yangon
 
MYANMAR-FOCUSED conglomerate Yoma Strategic Holdings' real estate arm, Yoma Land, plans to develop its first suburban commercial property at StarCity, and a second residential project under the City Loft brand in another part of Yangon.
 
The City Loft brand was first launched in November 2018 at StarCity, one of Yoma Land' s flagship developments in the east of Yangon.
 
The two new projects are in line with Yoma Strategic' s mission to deliver a " sustainable urban lifestyle and vibrant master planned communities" , Yoma Strategic said on Monday.
 
The apartments at StarCity cater to the " underserved" middle-income population in Yangon, the company added. It said CityLoft @ StarCity continued to attract buying interest from first-time home buyers due to its " competitive price point paired with mortgage repayment terms of up to 25 years" .
 
As such, Yoma Land saw a need to develop a second City Loft project in another part of the city " to bring work closer to home" for potential buyers.
 
Yoma Land is in the process of procuring the second City Loft site in a " well-developed township" . The project is expected to house more than 3,000 units with communal, recreational and commercial areas, subject to finalisation.
 
Separately, Yoma Land intends to expand the development plan for StarCity.
 
To this end, it will develop its first suburban commercial workspace called Star Hub, to provide long-term, community-driven solutions for people to work and live in closer proximity.
 
The first phase of the Star Hub development will likely comprise a low-rise office facility that can yield a gross floor area of about 290,000 square feet upon its targeted completion at the end of 2021.
 
The project has received long-term leasing commitments from " prominent technology and financial services companies for more than 50 per cent of the office space" , Yoma Strategic noted.
 
Serge Pun, executive chairman of Yoma Strategic, said: " With the pandemic, the importance of the environment where you live, work or invest has been magnified significantly. Whilst we expect the economy to bounce back from the effects of Covid-19, we take a long-term view of market trends and will continue to develop communities that reap the benefits of long-term investment."
 
The targeted sites for both projects are not part of Yoma Strategic' s existing landbanks.
 
Over the weekend, Yoma Strategic announced that its full-year net loss had widened to US$60.5 million, from US$36.9 million a year ago. This comes amid a higher share of losses of joint ventures, an increase in the cost of sales, administrative expenses, as well as income tax expenses.
 
Yoma Strategic has businesses in real estate, food and beverage, automotive, financial services, as well as investments.
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Andrew123
Master
30-Nov-2020 19:41     
 
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 Alert Admin 		be patient and will pay off
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Entropy72
Master
30-Nov-2020 19:05     
 
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 Alert Admin 		Brother OngBak, if Yoma have done very well from Oct-Nov, you can be sure the father and son will blow trumpet when they announce full year results. 
Truth is Oct and Nov in Myanmar had elections uncertainty plus surge in COVID infections.  It would have dampened purchase in property, vehicles and food.

OngBak      ( Date: 30-Nov-2020 18:51) Posted:

Result is end September. Now already another 2 months passed. How are yoma doing. Do some homework.

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Entropy72
Master
30-Nov-2020 19:02     
 
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 Alert Admin 		You are right. Weakening USD should help buffer loss in fair value, assuming property has been paid up.

Property A was valued at MMK 1 billion (or USD 660k) in 2019 when 1 USD = MMK 1,500.
Property A now valued at MMK 900 million (because of COVID-19), a 10% loss in MMK.  But now 1 USD = MMK 1,300.  So it is valued at USD 690k, a loss of 5% vs USD 660k in 2019.

Unless the property has not been paid up and they have been servicing interest for that property in MMK.  This would mean higher outlay in USD.

 

tunmyintaung      ( Date: 30-Nov-2020 18:39) Posted:

Loss from investment properties due to annual valuation exercise:
Other loss included fair value loss adjustments of US$12.1 million from the Group& rsquo s annual valuation exercise for its investment properties driven by the currency translation effects of US$ depreciating against MMK.  Can turn around later :  If it is due to weakening of USD against MMK, then it should be gain in fair value because asset are held in MMK. Isn' t it?

Entropy72      ( Date: 30-Nov-2020 18:09) Posted:

Loss from associate company:
Primarily due to the share of losses from Memories Group as a result of the impairment losses on its operating assets due to severe impact of COVID-19 on the tourism sector and currency translation losses on its borrowings.  COVID-19 linked

Loss from investment properties due to annual valuation exercise:
Other loss included fair value loss adjustments of US$12.1 million from the Group&rsquo s annual valuation exercise for its investment properties driven by the currency translation effects of US$ depreciating against MMK. Can turn around later

Loss from JV:
Share of losses of joint ventures was from the BYMA construction joint venture as a result of the COVID-19 delays at Yoma Central. COVID-19 linked
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OngBak
Veteran
30-Nov-2020 18:51     
 
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 Alert Admin 		Result is end September. Now already another 2 months passed. How are yoma doing. Do some homework.
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Entropy72
Master
30-Nov-2020 18:42     
 
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 Alert Admin 		Spot on. " Buying on their prospects" but " No dividend and lose money" .  Yoma shareholders have a love-hate relationship with the company.  Traders should cut loss and look elsewhere. Come back (at a higher price) when Yoma can deliver financially.

However, its fundamentals are not poor although execution has been weak in areas where Serge / Melvin have not put their attention at.
The bosses focus on the big ticket items (Yoma central, Wave Money, KFC etc) and then results get swaye negative by (1) macro risks of Rohingya (2) associate companies (3) investment properties. 

shadow11      ( Date: 30-Nov-2020 16:57) Posted:

Poor fundemental. Buying on their prospect.
No dividend.
Lose money.

Better stock out there.
Yum gong lo
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tunmyintaung
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30-Nov-2020 18:39     
 
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 Alert Admin 		Loss from investment properties due to annual valuation exercise:
Other loss included fair value loss adjustments of US$12.1 million from the Group& rsquo s annual valuation exercise for its investment properties driven by the currency translation effects of US$ depreciating against MMK.  Can turn around later :  If it is due to weakening of USD against MMK, then it should be gain in fair value because asset are held in MMK. Isn' t it?

Entropy72      ( Date: 30-Nov-2020 18:09) Posted:

Loss from associate company:
Primarily due to the share of losses from Memories Group as a result of the impairment losses on its operating assets due to severe impact of COVID-19 on the tourism sector and currency translation losses on its borrowings.  COVID-19 linked

Loss from investment properties due to annual valuation exercise:
Other loss included fair value loss adjustments of US$12.1 million from the Group&rsquo s annual valuation exercise for its investment properties driven by the currency translation effects of US$ depreciating against MMK. Can turn around later

Loss from JV:
Share of losses of joint ventures was from the BYMA construction joint venture as a result of the COVID-19 delays at Yoma Central. COVID-19 linked

Entropy72      ( Date: 30-Nov-2020 18:03) Posted:

  • Revenue increased 25.3% driven by a strong recovery in Yoma Land&rsquo s development business and Yoma Motors despite the strict government measures to limit the spread of COVID-19 in April, May and September 2020.
  • Gross profit margins declined by 5.0 ppt to 32.3% mainly due to lower Yoma F& B revenue as the business generates higher gross profit margins than other segments
  • Other losses &ndash net was mainly due to the (i) fair value losses relating to the Group&rsquo s annual valuation exercise for its investment properties as a result of the weakening of USD against MMK* and (ii) impairment losses from the Group&rsquo s agriculture investments.
  • Expenses declined by 19.6% mainly due to cost control measures taken since the onset of the COVID-19 pandemic and a meaningful reduction in overall finance expenses.
  • Higher losses of joint ventures/associated companies was driven by BYMA, Memories Group and Yoma Micro Power, which was partially offset by an improvement in the Mitsubishi Motors.
  • Excluding fair value losses/(gains) and impairment losses, core operating EBITDA would have improved to US$2.9 million.

*In accordance with the fair value model that the Group has adopted under SFRS(I) 1-40, investment properties are remeasured at the end of each financial year end. Historically, an annual valuation exercise was performed on 31 March and fair value adjustments were taken in the fourth quarter of each financial year. Given the change in financial year end for FYSept2020, the Group&rsquo s annual valuation exercise was performed on 30 September 2020 for audit and reporting purposes.
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Entropy72
Master
30-Nov-2020 18:14     
 
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 Alert Admin 		Updates on Wave Money&rsquo s transactions
  • In May 2020, Ant Financial Services Group announced that it plans to invest US$73.5 million in Wave Money to become a substantial minority shareholder.
  • In June 2020, Yoma Strategic announced that it plans to take a controlling stake of Wave Money and become the largest controlling shareholder in Wave Money. The Group will lead a consortium of investors to acquire the entirety of Telenor Group&rsquo s stake in Wave Money for US$76.5 million through Yoma MFS Holdings, a newly established company.
  • In November 2020, Yoma Strategic announced that the long stop date for the completion of the proposed acquisition of Wave Money from the Telenor Group has been extended to 31 January 2021.
Ant Group is facing some headwinds on microloans in China.  So lucrative a business that Chinese regulators are concerned about systemic risk.  Question is whether Ant Group will KIV its overseas expansion to focus on Chinese market and whether its microloans business model needs to change with more capital adequacy requirement.  But if Ant Group overcomes the headwinds and lends its expertise to Wave Money, this is a major gain for Yoma.

Update on allotment and issuance of the second tranche of the Ayala investment
  • The Group is working with Ayala Corporation to complete its subscription of the second tranche placement shares c. US$46 million of primary shares at S$0.45 per share within the next six months.
  • The Group had placed out the first tranche of c. US$109 million of primary shares at S$0.45 per share to Ayala on 02 December 2019
If Ayala is still purchasing more shares at $0.45, it will give assurance to other shareholders on Yoma' s valuation.
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Entropy72
Master
30-Nov-2020 18:09     
 
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 Alert Admin 		Loss from associate company:
Primarily due to the share of losses from Memories Group as a result of the impairment losses on its operating assets due to severe impact of COVID-19 on the tourism sector and currency translation losses on its borrowings.  COVID-19 linked

Loss from investment properties due to annual valuation exercise:
Other loss included fair value loss adjustments of US$12.1 million from the Group&rsquo s annual valuation exercise for its investment properties driven by the currency translation effects of US$ depreciating against MMK. Can turn around later

Loss from JV:
Share of losses of joint ventures was from the BYMA construction joint venture as a result of the COVID-19 delays at Yoma Central. COVID-19 linked

Entropy72      ( Date: 30-Nov-2020 18:03) Posted:

  • Revenue increased 25.3% driven by a strong recovery in Yoma Land&rsquo s development business and Yoma Motors despite the strict government measures to limit the spread of COVID-19 in April, May and September 2020.
  • Gross profit margins declined by 5.0 ppt to 32.3% mainly due to lower Yoma F& B revenue as the business generates higher gross profit margins than other segments
  • Other losses &ndash net was mainly due to the (i) fair value losses relating to the Group&rsquo s annual valuation exercise for its investment properties as a result of the weakening of USD against MMK* and (ii) impairment losses from the Group&rsquo s agriculture investments.
  • Expenses declined by 19.6% mainly due to cost control measures taken since the onset of the COVID-19 pandemic and a meaningful reduction in overall finance expenses.
  • Higher losses of joint ventures/associated companies was driven by BYMA, Memories Group and Yoma Micro Power, which was partially offset by an improvement in the Mitsubishi Motors.
  • Excluding fair value losses/(gains) and impairment losses, core operating EBITDA would have improved to US$2.9 million.

*In accordance with the fair value model that the Group has adopted under SFRS(I) 1-40, investment properties are remeasured at the end of each financial year end. Historically, an annual valuation exercise was performed on 31 March and fair value adjustments were taken in the fourth quarter of each financial year. Given the change in financial year end for FYSept2020, the Group&rsquo s annual valuation exercise was performed on 30 September 2020 for audit and reporting purposes.
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Entropy72
Master
30-Nov-2020 18:03     
 
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 Alert Admin
  • Revenue increased 25.3% driven by a strong recovery in Yoma Land&rsquo s development business and Yoma Motors despite the strict government measures to limit the spread of COVID-19 in April, May and September 2020.
  • Gross profit margins declined by 5.0 ppt to 32.3% mainly due to lower Yoma F& B revenue as the business generates higher gross profit margins than other segments
  • Other losses &ndash net was mainly due to the (i) fair value losses relating to the Group&rsquo s annual valuation exercise for its investment properties as a result of the weakening of USD against MMK* and (ii) impairment losses from the Group&rsquo s agriculture investments.
  • Expenses declined by 19.6% mainly due to cost control measures taken since the onset of the COVID-19 pandemic and a meaningful reduction in overall finance expenses.
  • Higher losses of joint ventures/associated companies was driven by BYMA, Memories Group and Yoma Micro Power, which was partially offset by an improvement in the Mitsubishi Motors.
  • Excluding fair value losses/(gains) and impairment losses, core operating EBITDA would have improved to US$2.9 million.

*In accordance with the fair value model that the Group has adopted under SFRS(I) 1-40, investment properties are remeasured at the end of each financial year end. Historically, an annual valuation exercise was performed on 31 March and fair value adjustments were taken in the fourth quarter of each financial year. Given the change in financial year end for FYSept2020, the Group&rsquo s annual valuation exercise was performed on 30 September 2020 for audit and reporting purposes.
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shk363
Elite
30-Nov-2020 17:12     
 
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 Alert Admin 		wait till covid over then re enter
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shadow11
Veteran
30-Nov-2020 16:57     
 
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 Alert Admin 		Poor fundemental. Buying on their prospect.
No dividend.
Lose money.

Better stock out there.
Yum gong lo
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Entropy72
Master
30-Nov-2020 16:52     
 
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 Alert Admin 		Wonder if any more financially savvy brothers can advise why Yoma recognises fair value losses (on investment properties) but not fair value gains (on their landbank)?
Is it because the fair value losses have been realised (ie. sold)? Makes the headlines painful to watch, even though the company does all the right things strategically.

The announcement today on plans to develop another integrated sub-urgan residential commercial project is obviously a rather lame means timed to offset the ugly headlines with some positive news (its quite standard Yoma practice ....).  While I agree it is a good project since City Loft has sold very well, I also wonder if it will mean more capital sinking into yet another multi-year real estate project .... especially since they cannot tap on existing land bank for the project.

Chairman Serge has assured shareholders in past few months about how Yoma is doing well and even hinted at restarting dividends.  But again, we are not impressed by the bottomline.  He often gets grilled by shareholders at AGM - I think he will get it again :)

Entropy72      ( Date: 30-Nov-2020 16:42) Posted:

Yoma Strategic reports US$60.5 mil loss in FY2020 due to fair value losses

Felicia Tan  Published on Mon, Nov 30, 2020 / 3:36 PM GMT+8 / Updated 1 hours ago


 
 
For the FY2020 ended September, Yoma Strategic has reported a net loss of US$60.5 million ($80.9 million), sinking deeper into the red from its US$36.8 million net loss in FY2019.

This was due mainly to net other losses of US$11.6 million compared to gains of US$9.0 million in FY2019. The losses included a fair value loss of US$12.1 million on the group&rsquo s investment properties in Myanmar, which were affected by the depreciation of the US dollar (USD) against the Myanmar kyat (MMK) during the period.

The fair value and impairment losses were offset by a gain on disposal of US$3.6 million in relation to the group&rsquo s investment in edotco and a fair value gain of US$1.4 million on the Group&rsquo s investment in a private equity fund.

During the FY2020, Yoma Strategic also reported higher share of losses of joint ventures of US$1.8 million compared to US$0.9 million in FY2019, mainly due to the higher losses recorded at Yoma Micro Power and BYMA.

In the 2HFY2020, Yoma Strategic saw slight improvement with a net loss of US$44.6 million, 22.4% up from its previous loss of US$57.5 million in 2HFY2019.

This translates to basic and diluted loss per share of 2.01 US cents for the period, compared to the loss per share of 3.06 US cents in 2HFY2019.

During the 2HFY2020, revenue grew 25.3% y-o-y to US$51.2 million due mainly to the increase in revenue generated by the real estate development and automotive and heavy equipment segments.

Revenue for the group&rsquo s real estate development segment more than doubled to US$18.6 million in 2HFY2020 from US$8.5 million during the same period last year. This was primarily attributable to the higher sale of units from City Loft at StarCity. As at Sept 30, 646 units were sold compared to the 382 units sold in Sept 30, 2019.

The group&rsquo s automotive and heavy equipment segment saw slight growth in its FY2020 revenue of US$23.8 million compared to the US$20.7 million reported in FY2019. This was due to the higher number of higher value tractors sold during the period and high sales of Volkswagen vehicles and Ducati motorbikes during the period.

Financial services revenue, which was generated by Yoma Fleet, stood slightly higher at US$3.8 million compared to US$3.4 million in 2HFY2019.

Gross profit margin for the 2HFY2020 stood at 32.3%, down five percentage points compared to 37.3% in 2HFY2019. The decrease was mainly due to the lower consumer revenue, which usually generates higher gross profit margins compared to other segments.

For the 2HFY2020, the group recorded other losses of US$16.5 million compared to other losses of US$23.6 million in 2HFY2019, mainly due to the fair value losses related to its properties in Myanmar. These were offset by other gains such as interest income and currency translation differences.

The group also reported share of losses of joint ventures of US$1.2 million in 2HFY2020 compared to share of profit of US$0.2 million in 2HFY2019. This was due mainly to the higher losses in BYMA where construction works at Yoma Central were impacted by Covid-19.

As at Sept 30, cash and cash equivalents stood at US$35.4 million.

Looking ahead, the group says it is &ldquo cautiously optimistic&rdquo on the outlook for Myanmar&rsquo s economy as the government is expected to focus on various growth initiatives and attracting foreign investments during its next five-year term.

&ldquo Furthermore, the impact of the Covid-19 response is expected to provide the catalyst for a more rapid pace of economic transformation, which bodes well for the group' s businesses,&rdquo it says in a statement released via SGX.

The board and the group&rsquo s senior management says they have voluntarily extended the 25% reduction in directors&rsquo fees and salaries for another six months amid the uncertainties arising from the Covid-19 pandemic.

No dividend has been recommended for the period in light of the uncertain operating environment due to Covid-19.

As at 3.36pm, shares in Yoma Strategic are trading 2 cents lower or 6.6% down at 28.5 cents.

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Yoma Strategic reports US$60.5 mil loss in FY2020 due to fair value losses

Felicia Tan  Published on Mon, Nov 30, 2020 / 3:36 PM GMT+8 / Updated 1 hours ago


 
 
For the FY2020 ended September, Yoma Strategic has reported a net loss of US$60.5 million ($80.9 million), sinking deeper into the red from its US$36.8 million net loss in FY2019.

This was due mainly to net other losses of US$11.6 million compared to gains of US$9.0 million in FY2019. The losses included a fair value loss of US$12.1 million on the group&rsquo s investment properties in Myanmar, which were affected by the depreciation of the US dollar (USD) against the Myanmar kyat (MMK) during the period.

The fair value and impairment losses were offset by a gain on disposal of US$3.6 million in relation to the group&rsquo s investment in edotco and a fair value gain of US$1.4 million on the Group&rsquo s investment in a private equity fund.

During the FY2020, Yoma Strategic also reported higher share of losses of joint ventures of US$1.8 million compared to US$0.9 million in FY2019, mainly due to the higher losses recorded at Yoma Micro Power and BYMA.

In the 2HFY2020, Yoma Strategic saw slight improvement with a net loss of US$44.6 million, 22.4% up from its previous loss of US$57.5 million in 2HFY2019.

This translates to basic and diluted loss per share of 2.01 US cents for the period, compared to the loss per share of 3.06 US cents in 2HFY2019.

During the 2HFY2020, revenue grew 25.3% y-o-y to US$51.2 million due mainly to the increase in revenue generated by the real estate development and automotive and heavy equipment segments.

Revenue for the group&rsquo s real estate development segment more than doubled to US$18.6 million in 2HFY2020 from US$8.5 million during the same period last year. This was primarily attributable to the higher sale of units from City Loft at StarCity. As at Sept 30, 646 units were sold compared to the 382 units sold in Sept 30, 2019.

The group&rsquo s automotive and heavy equipment segment saw slight growth in its FY2020 revenue of US$23.8 million compared to the US$20.7 million reported in FY2019. This was due to the higher number of higher value tractors sold during the period and high sales of Volkswagen vehicles and Ducati motorbikes during the period.

Financial services revenue, which was generated by Yoma Fleet, stood slightly higher at US$3.8 million compared to US$3.4 million in 2HFY2019.

Gross profit margin for the 2HFY2020 stood at 32.3%, down five percentage points compared to 37.3% in 2HFY2019. The decrease was mainly due to the lower consumer revenue, which usually generates higher gross profit margins compared to other segments.

For the 2HFY2020, the group recorded other losses of US$16.5 million compared to other losses of US$23.6 million in 2HFY2019, mainly due to the fair value losses related to its properties in Myanmar. These were offset by other gains such as interest income and currency translation differences.

The group also reported share of losses of joint ventures of US$1.2 million in 2HFY2020 compared to share of profit of US$0.2 million in 2HFY2019. This was due mainly to the higher losses in BYMA where construction works at Yoma Central were impacted by Covid-19.

As at Sept 30, cash and cash equivalents stood at US$35.4 million.

Looking ahead, the group says it is &ldquo cautiously optimistic&rdquo on the outlook for Myanmar&rsquo s economy as the government is expected to focus on various growth initiatives and attracting foreign investments during its next five-year term.

&ldquo Furthermore, the impact of the Covid-19 response is expected to provide the catalyst for a more rapid pace of economic transformation, which bodes well for the group' s businesses,&rdquo it says in a statement released via SGX.

The board and the group&rsquo s senior management says they have voluntarily extended the 25% reduction in directors&rsquo fees and salaries for another six months amid the uncertainties arising from the Covid-19 pandemic.

No dividend has been recommended for the period in light of the uncertain operating environment due to Covid-19.

As at 3.36pm, shares in Yoma Strategic are trading 2 cents lower or 6.6% down at 28.5 cents.
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