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Yoma Strategic (SGX:Z59)'s FY26 EBITDA grew 18% y-o-y to US$45.9mil despite the 5% depreciation in currency. Property development remained the core earnings driver, rising 22% to US$38mil. The motor and financial divisions have returned to growth. F&B continue its steady rise in earnings with strong 20% same-store sales growth and store expansion.
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The recovery in operating earnings is broadening. The momentum in residential property development is backed by a healthy backlog and pipeline of launches. Motor distribution sales are rebounding strongly as passenger cars and trucks are restocked. Finance (or Wave Money) is transitioning away from remittance fees toward interest income float that jumped ~80% in FY26. F&B is growing through store expansion and price increases.
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The company's book value is currently S$0.193 per share. Net debt (excl. cash in trust) has declined to US$132mil (FY25: US$136mil).
The Positives
(+) Property demand is still robust.
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