Yoma

Yoma: Seeing quite a few houses reiterating their Buy call on Yoma after their recent FY14 results. After CIMB and UBS buy calls yesterday, CLSA this morning also reiterated its Buy call with a $0.97 TP. The house believes that while there are no there are no new updates on the approval for Landmark Development project, believe this approval will be obtained eventually given management’s strong track record. Management has also reiterated their confidence in getting the approval with no change to the current long stop date of 30 June 2014. Also note that operating results are healthy. Yoma remains as one of the best proxy for Myanmar property play where housing demand continues to be robust with the condominium Act to provide as the next catalyst for future housing demand.