Yoma

Yoma: Timing of the recent fund raising that Yoma did was earlier than UBS expected, although the dilution impact is lower. Medium term, UBS remain positive on Yoma, and think its investments in certain non-property businesses such as dairy and luxury tourism could have significant upside potential if executed well. With Yoma's near term financing requirements largely laid on the table, house think investor attention will turn to home sales momentum at Star City, where Zone C (940 units) is scheduled for launch in H214. Other key catalysts include: (1) approval of the Condo Law to allow foreign ownership, and (2) the Landmark site lease extension. UBS maintains Buy rating, but lowers TP to $0.88 (from $0.90).