Yoma

Yoma: CS has an unrated report on the co. House met with Yoma management for an update on the company. Note that Yoma believes they are well placed to partner global enterprises now looking to start businesses in Myanmar, but also say real estate will continue to dominate their business mix near term. Yoma suggests they will continue development of their three existing property projects, but are also looking to the development of "Landmark" – a mixed use project in Yangon – for near term growth. SPA, a 20% partner in the project is yet to obtain a revised Master Lease Agreement from the govt., post which Yoma may issue a $100m rights at 38c a share to finance the project.While the grp has been unsuccessful in the recent telecom license bids, it is hopeful of participating in the telecom infrastructure space.