We visited Yoma Strategic (SGX:Z59)’s impressive office campus at Pun Hlang Estate in Yangon, which housed major business units such as Yoma Land, Wave Money and Yoma Fleet. The malls we visited had the usual traffic jams in the city centre. We also saw new infrastructure underway that will improve connectivity to their flagship StarCity project.
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Operating challenges in the current environment include the long delivery time to import building materials, constant power disruptions, rising inflation, and availability of foreign currency. These challenges also meant opportunities. Demand for real estate for projects such as Yoma Land with quality materials and reliable power supply jumped as households hedged rising inflation and depreciating local currency.
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Company Background
Listed on the SGX since 2006, Yoma Strategic is a leading conglomerate in Myanmar, with businesses spanning real estate, mobile financial services, leasing, F&B, automotive & heavy equipment and investments.
In November 2019, Ayala Corporation acquired a 14.9% stake in Yoma Strategic at S$0.45 per share, valuing the company at S$1,055mil.
In December 2022, Yoma Strategic, together with a consortium of investors, completed the acquisition of Telenor's 51% interest in Wave Money, raising Yoma's effective stake in Wave Money to 65%.
In terms of EBITDA in 1H24, the key divisions are real estate (67%), wave money (18%) and food and beverage (13%).
Site visit day 1 - 8 Jan 24: Pun Hlaing (North of Yangon) / Wave Money / City Loft West
Pun Hlaing
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Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
