Yoma's profits soared 42% to $5.2m

Boosted by land development rights sales.

According to OCBC Investment Research, Yoma reported 3QFY14 PATMI of S$5.2m – up 42% YoY mostly due to a boost from land development rights (LDR) sales and a maiden contribution from their tourism business “Balloons Over Bagan”.

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Overall, we judge 3QFY14 results to be above expectations as profit recognition from LDRs came in stronger than anticipated. In terms of the top-line, 3QFY14 revenues rose 132.5% YoY to S$30.2m, again boosted by real estate segment sales; we note that only S$14.8m out of a total S$60.6m from units sold in Star City to date has been booked, which points to S$45.9m of progress billings over the next 4 to 6 quarters.

Management continues to report a fairly healthy rate of sales conversion - 526 out of 528 units in Buildings A3 and A4 and 474 out of 1,043 units in Zone B has been sold as end of Dec 2013. We would speak with management regarding these results later today and, in the meantime, we put our fair value estimate of S$0.84 and hold rating under review.

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