Yoma's profits soared 452% to S$11.5m

Thanks to a S$9.1m onetime gain.

According to OCBC Investment research, Yoma reported 4QFY13 PATMI of S$11.5m, up 452% YoY mostly due to a S$9.1m onetime gain (negative goodwill recognized from the consolidation of a subsidiary in Dalian, China).

Here's more:

FY13 PATMI cumulates to S$14.4m and, excluding one-time gains, is judged to be generally in line with our forecast. Full year top-line is S$60.5m, which increased 54% and is again within expectations, but we note much of the gross profit uplift was offset by administrative costs rising S$13.9m, mostly due to employee share compensation schemes.

Management proposed a final dividend of 0.5 S-cent.

All eyes on the Landmark Project acquisition. We believe the completion of the Landmark Project acquisition in downtown Yangon is a key catalyst for the share price ahead but note that management has raised the possibility of another extension for the deadline.

That said, the signing of a Heads of Agreement with the Hong Kong and Shanghai Hotels Group and other preparations by Yoma for site development points to a good level of confidence that they would acquire the site eventually, in our view.

Management has also reported that they have received verbal assurance from relevant authorities that a new lease would be granted.

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