Yoma

Yoma: CLSA reiterates Buy with TP $0.97. Highlights recently announced deals lends credence to Yoma’s aspirations to be a diversified conglo (ie. Jardine-in-waiting). Yoma has announced partnerships with world renowned Dulwich College and Harrow School, to develop education facilities near its Star City and PHGE residential developments. The branded schools will boost the attractiveness of these projects and underpin future sales. Yoma will also restructure its agri business, with the IFC to invest up to 20% equity and debt to its agri unit, Yoma Agricultural and Logistics (YALH). YALH has lined by deals including: i) partnership with ED&F Man to plant robusta in Maw Tin Estate, with guaranteed crop off-take, ii) investment in Tetrapack equipment to product UHT milk in Myanmar, iii) establishing cold storage / logistics business to fill gap in demand, and iv) leasing contracts worth more than US$1.5m in Yoma fleet. Meanwhile, CLSA looks forward to confirmation of the Landmark deal, backed by Chairman Serge Pun’s commitment, and the house expects an announcement to be made soon regarding a lease extension.