Yoma

Yoma: OCBC initiates at Buy with TP $0.45, based on a scenario weighted RNAV methodology. Says Yoma is the only publicly listed company globally today providing almost pure exposure to Myanmar with an avg daily liquidity over US$7m. Believes the long term outlook for Myanmar is positive, with the process of economic liberalization meaningful and sustainable. Notes Yoma is also an affiliate of the SPA Group, an established conglomerate in Myanmar with a track record in acquiring and developing large residential projects. This gives Yoma a clear competitive edge and a first mover advantage in the Myanmar real estate sector.