Yoma Strategic Holdings Ltd. · SGX:Z59
Yoma Strategic — Investor Presentation (April 2013)
27 slides from Yoma Strategic's investor presentation, Apr 22, 2013
Slide 1: Disclaimer
22/4/2013 Investor Presentation | April 2013 Disclaimer The material presented herein is for your general information only and nothing herein shall be considered to be business or legal advice. No representation, warranty or recommendation whatsoever as to the merits of investing in any company, ent
Slide 2: Contents
22/4/2013 Contents Business Environment in Myanmar SPA Group About Yoma Strategic Business Overview Latest Developments Financial Highlights Investment Merits Questions & Answers 3 Business Environment in Myanmar Last emerging frontier market 2
Slide 3: Myanmar Developments & Reforms
22/4/2013 Myanmar Developments & Reforms 2011 Historic visit made by Hillary Clinton, US Secretary of State then (Dec) Aung San Suu Kyi stating intention to work with President Thein Sein (Mar) 2012 Appointment of Derek Mitchell as the first US Ambassador to Myanmar since 1990 (Jul) Aung San
Slide 4: SPA Group
22/4/2013 SPA Group Founded in 1991 by Serge Pun Over 4,500 employees in 6 businesses: Real Estate Agriculture Automobile Financial Manufacturing Services Services (inc. retail) Over 30 operating companies including the Group's local flagship company – First Myanmar Investment Co. Ltd. (“FMI”)
Slide 5: Yoma at a Glance
22/4/2013 About Yoma Strategic SGX-listed Myanmar-centric company Yoma at a Glance Listed on SGX Mainboard (SGX code Z59) in Aug 2006 Businesses incl. Real Estate, Agriculture, Automotive Dealership and Retail 100% Myanmar revenue contribution Affiliated to SPA Group Myanmar via common major
Slide 6: Experienced Management Team
22/4/2013 Experienced Management Team Serge Pun Executiv e Chairman Andrew Rickards CEO Group level Cyrus Pun Elmar Busch Michael Rudenmark Jeremy Westmore E xecutiv e Director (Real E state) M anaging Director (Real E state) M anaging D irector (A utomotiv e) G roup G eneral M anager • Take charge
Slide 7: Real Estate: Land Development Rights
22/4/2013 Business Overview Real Estate Land Development Rights SPA /Serge Pun Myanmar First Myanmar Yoma Strategic Property Buyer Government Investment Co. Holdings The only land ow ner in M y anmar public-listed company F oreign public-listed company A M y anmar national M y anmar LAND ECONOMIC LA
Slide 8: FMI City and Pun Hlaing Golf Estate
22/4/2013 FMI City Myanmar’s first gated community, complete with its own sports and recreation centre, supermarket and wet market, bank and food stalls. Situated on 465 acres of land, it is nine miles from the centre of Yangon and two miles from Yangon International Airport. Sales of land lots Of
Slide 9: Pun Hlaing Golf Estate: LDRs and Lakeview Apartments
22/4/2013 Pun Hlaing Golf Estate LDRS Still hold approx 5m sq ft of LDRs as at 31 Dec 2012 Land cost of LDRs in 2006 - approx Ks.7,000/sq ft and held at cost Last selling price - approx Ks. 40,000/sq ft 17 Pun Hlaing Golf Estate Lakeview Apartments Self-contained low rise condominium develop
Slide 10: Pun Hlaing Golf Estate: Ivory Court and Bamboo Grove
22/4/2013 Pun Hlaing Golf Estate Ivory Court Residences 20 modern townhouses located in PHGE with prime views of 18th fairway 10 units of first phase (ICR I) all sold 8 out of 10 units of second phase (ICR II) sold as at 31 Dec 2012 19 Pun Hlaing Golf Estate Bamboo Grove 4 modern landed hous
Slide 11: Star City
22/4/2013 Star City Approx. 135 acres to comprise > 9,000 units of apartments and houses, shopping and commercial areas, targeted at middle-class population. Located in Thanlyin Township, approx. 6 miles south-east of downtown Yangon • Envisaged to have bus, taxi, and ferry line services to downtown
Slide 12: Star City and Project Management & Design
22/4/2013 Star City Total of 139 units available as at 31 Dec 2012 – Additional 32 units sold and booking deposits for 38 units received in Jan 2013 Total sales of S$46.3m as at 31 Dec 2012 – Only S$2.6m out of the S$46.3m recognised (percentage-on-completion basis) Remaining balance of approx
Slide 13: Business Overview: Agriculture
22/4/2013 Business Overview Agriculture Agriculture 100,000 acres of contiguous agricultural land located on the Maw Tin estate in Ayerwaddy Division of Myanmar, situated 260 km west of Yangon Jatropha Curcas currently main agricultural product – accounting for approx. 2,000 acres Started plan
Slide 14: Business Overview: Automotive
22/4/2013 Business Overview Automotive Automotive Exclusive dealership to import Dongfeng Light Trucks from China Established 70:30 Singapore JV with FMI called Myanmar Motors Pte. Ltd Acquisition of German Car Industries Company Limited (GCI) for US$700,000 completed in March 2013 – Establish
Slide 15: Business Overview: Retail
22/4/2013 Business Overview Retail Retail Signed JV Agreement in November 2012 with Parkson Myanmar & FMI to establish JVCo to operate department stores in Myanmar Interest in JVCo – Parkson Myanmar (70%) – Yoma Strategic (20%) – FMI (10%) First store expected to be located in FMI Centre, Pabe
Slide 16: Latest Developments: Landmark Development Project
22/4/2013 Latest Developments Realising golden opportunities Landmark Development Project Signed S&P agreement with SPA Group 19 Nov 2012 to acquire 80% Landmark Development Project Acquisition cost of approx. S$99.16m to be funded by 1 for 4 rights issue Development cost may be partially fund
Slide 17: Landmark Project, Share Placement and Rights Issue
22/4/2013 Landmark Development Project Mixed-use development comprising: 5-star hotel in iconic heritage building 5-star luxury condominium building Business hotel Executive serviced apartment Grade-A office towers Retail podium Acquisition approved by shareholders at EGM on 28 Feb 2
Slide 18: Real Estate and Luxury Tourism
22/4/2013 Real Estate Appointment of Mr Elmar Busch as Managing Director (Real Estate) Received notice from SPA Myanmar regarding 12-acre Riverside Residential Development Project On Hlaing River next to FMI City Target : 1000+ apartment units (subject to change) Luxury Tourism Opportunity
Slide 19: Luxury Tourism
22/4/2013 Luxury Tourism To acquire approx 20 acre prime site in Bagan to develop high-end boutique hotel Agreed land valuation is US$5m with expected construction cost of US$15m YSH & FMI to form JVCo to acquire 75% of Balloons over Bagan (BOB) for US$10.8 m BOB currently operates 7 balloon
Slide 20: Telecommunication
22/4/2013 Telecommunication Part of consortium bidding for one of two mobile phone licenses expected to be awarded by the Myanmar Government in 2013 Consortium includes: – Digicel Group (leading global communications provider in 31 markets in the Caribbean, Central America and Asia Pacific) – Qu
Slide 21: Strategy & Business Model
22/4/2013 Strategy & Business Model Steadily building a conglomerate Strategy & Business Model Retail Hotels Real Estate Agriculture Automotive Travel & Tourism Expand existing businesses Conglomerate approach to build a diversified portfolio of businesses in Myanmar Seek new areas of business Other
Slide 22: 3Q FY2013 Financial Overview
22/4/2013 3Q FY2013 Financial Overview 3Q FY2013 P&L Highlights Revenue 32.1% to S$13.0m 14 13 – Real estate contributed 93.4% of total revenue 12 – Sale of houses increased threefold 9.8 10 Gross profit 152.9% to S$6.4m 8 6.4 Gross profit margin 23.4%pts 6 – Selling price of LDRs and re
Slide 23: 3Q FY2013 Revenue Breakdown
22/4/2013 3Q FY2013 Revenue Breakdown 3Q FY2013 3Q FY2012 Sales of Housing Houses S$5.2m S$1.4m and LDRs LDRs S$6.9m S$7.7m Construction related services* S$0.5m S$0.5m Agriculture - S$0.04m Automobile S$0.3m S$0.2m Total S$13.0m S$9.8m 3Q FY2013 3Q FY2012 Construction Automobile Automobile Agricult
Slide 24: 9M FY2013 Revenue Breakdown
22/4/2013 9M FY2013 Revenue Breakdown 9M FY2013 9M FY2012 Sales of Housing Houses S$14.7m S$15.9m and LDRs LDRs S$19.6m S$5.8m Construction related services* S$2.1m S$0.9m Agriculture - S$0.04m Automotive S$1.8m - Total S$38.2m S$6.1m 9M FY2013 9M FY2012 Construction Automobile Agriculture Automobil
Slide 25: P&L Statement
22/4/2013 P&L Statement In S$’million unless 3Q 3Q Change 9M 9M Change otherwise stated FY2013 FY2012 (%) FY2013 FY2012 (%) Revenue 13.0 9.8 32.1 38.2 23.0 65.6 Cost of sales (6.6) (7.3) (9.7) (21.5) (16.9) 27.3 Gross profit 6.4 2.5 152.9 16.6 6.1 171.1 Other operating gains 0.08 0.1 (27.8) 0.3 0.6
Slide 26: Conclusion: Investment Merits
22/4/2013 Conclusion Investment Merits Myanmar is the last emerging frontier market with huge growth potential Yoma is currently the only Myanmar-centric internationally listed company Partnering SPA Group Myanmar—a leading business conglomerate in Myanmar Strong track record in real estate
Slide 27: Questions & Answers
22/4/2013 Questions & Answers Thank you 27
Yoma Strategic Holdings — Investor Presentation (April 2013) on 6ix