Yoma hit by sluggish residence sales

SINGAPORE (July 28): CIMB is keeping its “reduce” call on Yoma Strategic Holdings with a lower target price of 40 cents from its previous price target of 45 cents.

The Myanmar-focused business conglomerate on Tuesday reported a 28.6% drop in 1Q17 earnings on softer property-related sales.

Revenue fell 22.4% y-o-y due to a 75% y-o-y fall in revenue in sales of residences and land development rights. The bulk of this quarter’s revenue was driven by the group’s consumer and automotive & equipment businesses, as well as from investment properties.

---

Related Stories

• Yoma Strategic faces currency and other challenges: PhillipCapital
• Yoma refutes report’s allegations relating to StarCity project
• Serge Pun facing communication device restrictions: Yoma

---