Yoma Strategic Holdings Ltd. 3Q2026 Trading Update: In-Depth Investor Analysis

Key Highlights & Financial Performance

• Group Revenue Growth: Yoma Strategic Holdings reported a robust group revenue increase of 17.1% year-on-year, rising from US\$48.6 million in 3Q2025 to US\$56.9 million in 3Q2026. This reflects broad-based momentum across its core businesses.
• Yoma Land: The real estate segment delivered standout growth, with revenues up 22.1% year-on-year. Key drivers included new projects—Sandakuu (launched January 2025) and Wisteria (launched September 2025)—which jointly contributed 52.9% of real estate development revenue. The pipeline of unrecognised revenue from ongoing projects stands at US\$83.8 million, expected to be realised over the next 18-24 months as construction progresses. The healthy order book across residential projects suggests sustained future earnings.
• Yoma F&B: The Food & Beverage segment achieved record quarterly sales, with revenues up 12.1% year-on-year. This was supported by reopening stores after the March 2025 earthquake, stabilising supply chain conditions, and multiple pricing adjustments that resulted in 13.4% same-store sales growth (SSSG). As of 31 December 2025, Yoma operated 37 KFC and 42 YKKO outlets in Myanmar, plus 3 outlets in Thailand.
• Mobile Financial Services – Wave Money: Revenue declined by 27.3% year-on-year, but this was partially offset by soaring interest income (up 81.8% to US\$2.0 million) due to higher trust account balances. Despite intermittent network and power outages, transaction volumes surged 30.4% year-on-year, with digital transactions rising 37%. Unique users reached 7.4 million and the merchant base expanded to 217,000, with an active rate of 32.6%.
• Leasing – Yoma Fleet: Revenue grew 9.1% year-on-year, driven by higher contract rates on new leases and renewals, increased daily rental pricing, ancillary charges, and demand for intercity travel. The lease-to-buy program expanded its corporate customer base. As of 31 December 2025, third-party assets under management (AUM) stood at US\$25.5 million, with a fleet size of 794 vehicles.
• Yoma Motors: This segment saw exceptional growth, with revenue up 123.8%, buoyed by heavy equipment sales (Hino trucks and New Holland tractors) and a sharp increase in passenger vehicle sales (47 vehicles sold in 3Q2026 vs. none in 3Q2025). The segment leveraged Yoma’s showroom and sales network to drive third-party brand sales.

Important Shareholder Considerations & Potential Price-Sensitive Information

• Pipeline of Unrecognised Revenue: The US\$83.8 million in unrecognised real estate revenue, expected within 18-24 months, may significantly support Yoma’s future earnings and cash flows, making the real estate segment a key lever for share price appreciation.
• New Project Launches: The successful roll-out and sales of Sandakuu and Wisteria, as well as robust bookings at Evergreen Residences, reinforce Yoma’s market position and revenue visibility.
• Rebound in F&B Operations: The reopening of YKKO stores post-earthquake and expansion into Thailand signal resilience and growth prospects for the F&B business—potentially supporting further expansion and margin improvement.
• Digital Transformation at Wave Money: While headline revenue declined, strong digital wallet growth, interest income, and increased transaction volumes suggest a business pivot towards higher-margin digital financial services. This could be a long-term positive for investors, especially if digital payments penetration continues to rise.
• Margin Pressures & Cost Management: Management flagged margin pressures and a focus on prudent cost management. Investors should monitor these efforts closely, as sustained margin compression or unexpected expenses could impact profitability.
• Political & Macro Uncertainties: The Myanmar election period and broader macroeconomic factors may introduce short-term uncertainty, potentially affecting sales, construction progress, and consumer demand. The company’s continued focus on execution and domestic markets may help mitigate risks, but these remain price-sensitive issues.
• Heavy Equipment & Motors Expansion: The sharp rise in Motors segment revenue, particularly passenger vehicles, hints at successful diversification and a growing contribution to group earnings. This trend, if sustained, could materially impact future valuations.

Additional Details for Investors

• Residential Project Sales: As at 31 December 2025, high sales rates across launched units: Estella (689/690), ARA (650/874), City Loft West (690/715), Sandakuu (179/182), Evergreen Residences (37/64), and Pun Hlaing Estate (37/45).
• Real Estate Services: Leasing revenue doubled to US\$0.6 million, driven by occupancy growth and commissions from third-party unit resales. Estate operations revenue rose 5.9% to US\$1.8 million, supported by improved golf and country club performance and more events at StarCity.
• Heavy Equipment Sales: Hino trucks (16 sold vs. 10 prior year), New Holland tractors (25 vs. 12), and YHE generators (1, unchanged).
• Corporate Awards & Governance: Yoma Strategic ranks in the top 10% of the Governance and Transparency Index 2024, and has won multiple Singapore Corporate Awards, reflecting strong governance and transparency practices.

Conclusion

Yoma Strategic Holdings’ 3Q2026 trading update presents a compelling picture of growth and resilience across its diversified businesses. The real estate segment’s robust pipeline, F&B platform expansion, digital wallet gains at Wave Money, and a surge in Motors sales are all potentially price-sensitive developments for shareholders. However, investors should remain vigilant regarding margin pressures, cost management, and macro-political uncertainties in Myanmar. Overall, the company appears well-positioned for sustained growth, but developments in the coming quarters will be crucial for share price direction.

Disclaimer

This article is based on publicly available information from Yoma Strategic Holdings Ltd.’s 3Q2026 trading update and is intended for informational purposes only. It does not constitute investment advice. Investors should conduct their own due diligence and consult with professional advisors before making any investment decisions, especially given the forward-looking statements, risks, and uncertainties affecting the business.

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