Shares in Yoma Strategic Holdings Ltd jumped as much
as 6 percent to a three-month high of S$0.88 on Tuesday, after
brokerages upgraded the property developer on upbeat business
prospects in Myanmar.
"The booming property sector, accelerated construction and
Landmark's progress lead us to raise FY14/15F earnings by 60
percent/40 percent," said DBS Vickers Securities in a note. It
said its target price on Yoma to S$0.92 from S$0.80.
Yoma reported a net profit of S$11.5 million for the quarter
ended March 31, up from S$2.1 million a year earlier, boosted by
an increase in sales of residences and land development rights
Yoma's involvement in Myanmar's telecommunication and
agriculture industries could propel its share prices higher,
analysts also said. The shares have risen nearly 22 percent so
far this year, beating a 6.7 percent gain in the sector index
OCBC Investment Research upgraded its call on the stock to
"hold" from "sell", and increased the fair value estimate to
S$0.87 from S$0.71.
Yoma, in partnership with Digicel and Quantum Strategic
Partners, is bidding for one of the two telecommunication
licenses that Myanmar is expected to be awarded later this year.