Yoma

Yoma: Yoma reported 1QFY14 PATMI of $0.4m, which decreased 80.6% y/y mostly due to higher staff costs as the group continues to build up its management team in anticipation of future activity. OCBC judge 1QFY14 PATMI to be below view – forming only 3.7% of its full year forecast – due to a slower than anticipated pace of recognition at Star City and higher staff costs. The key catalyst ahead would be regarding the development of the Landmark Project in Yangon. This was previously extended previously to 31 Dec 2013. OCBC understand that this project is currently a key item of focus for management. OCBC maintain HOLD with TP of $0.87 (20% premium to RNAV).