SINGAPORE (June 1): OCBC is maintaining its “buy” call on Singapore Myanmar Investco (SMI) with a fair value of 97 cents, thanks to its dominance in airport duty-free retail at Yangon International Airport.

“We continue to believe SMI’s duty-free business will gain compelling profit traction,” says lead analyst Jodie Foo in a Wednesday report.

Foo says the group continues to develop and expand its five core businesses. Recall that since Apr-17, the group started the supply of retail merchandise and F&B products in Junction City, an integrated development in Yangon, Myanmar. With a five-year lease here, SMI aims to open up to 10 retail brands and F&B concepts.

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