Yoma

Yoma: DBSV notes the Yoma telco consortium has made a compelling bid for the Myanmar telco license. Believes, a telco win would be positive for Yoma to evolve into a conglomerate and would add earnings/value to the stock over the long term. Nevertheless, the house has not factored in a telco license win for Yoma. If the consortium is successful, it could boost sentiment towards Yoma. However, the actual earnings impact may be immaterial, and possibly negative, in the first years because of aggressive initial capital investment. The house maintains its Buy call with TP $0.96