Yoma

Yoma: CLSA initiated on Yoma, touting the group as a Jardine-in-the-making, has a BUY rating with $0.97 TP. The rejuvenation of Myanmar both politically and economically has set the wheel in motion for significant asset reflation, while the liberalisation of the banking sector are further catalysts for property demand. The Thilawa SEZ is the centre piece for development and growth which will boost demand for Yoma’s Star City project. With more than 90% of earnings from property sales in Myanmar and securing another major integrated development in downtown Yangon, Yoma is the clear beneficiary of the most exciting frontier markets in ASEAN. Further, Yoma’s strong relationship with SPA group and FMI offers unique access to new businesses in Myanmar, given the strategic need of strong local partners for business development.