Myanmar Industrials 16 November 2016 Myanmar Capital Goods Sector Set to fly higher Myanmar’s growth prospects are looking up, with a new democratic government and the implementation of reformative policy Serge Pun’s “banks to burgers” business portfolio seen as best-in- class assets for investors now eyeing Myanmar exposure Jame Osman (65) 6321 3092 We initiate coverage of First Myanmar Investment and affiliated Yoma
[email protected] Strategic Holdings with Buy (1) ratings Shane Goh (65) 6499 6546
[email protected] See important disclosures, including any required research certifications, beginning on page 106 Myanmar Industrials 16 November 2016 Myanmar Capital Goods Sector Set to fly higher Myanmar’s growth prospects are looking up, with a new democratic government and the implementation of reformative policy Serge Pun’s “banks to burgers” business portfolio seen as best-in- class assets for investors now eyeing Myanmar exposure Jame Osman (65) 6321 3092 We initiate coverage of First Myanmar Investment and affiliated Yoma
[email protected] Strategic Holdings with Buy (1) ratings Shane Goh (65) 6499 6546
[email protected] What's new: Myanmar has seen big changes since the West lifted Key stock calls sanctions in 2012, most notably in its telecoms and property sectors, and New Prev. we believe the transition of power to a new democratic government will First Myanmar Investment (FMI) Rating Buy catalyse the next leg of growth and take the country and its leading Target 22,500.00 companies to new heights. Upside p 40.6% Yoma Strategic (YOMA SP) The recent implementation of reform policies such as the Myanmar Rating Buy Investment Law and Financial Institutions Law indicates the government is Target 0.730 Upside p 28.1% taking a balanced approach — welcoming foreign investment while being mindful of the interests of local businesses.