PhillipCapital analyst Tan Jie Hui has maintained her “buy” call on Yoma Strategic Holdings and target price of 46 cents after the group’s 2HFY2020 and FY2020 topline met expectations at 98% and 100% of her forecasts respectively.

Despite the impact of the Covid-19 pandemic, 2HFY2020 revenue saw a 25% increase y-o-y, mainly contributed by real-estate development and automotive and heavy equipment, which saw y-o-y increases of 117% and 34% respectively.

While core operating EBITDA remained positive, Yoma Strategic registered lower gross profit margins and net fair value losses from its properties in Myanmar and China, which led to a net loss that was 15x more than expected, says Tan.


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