SPH – Dividend Projection
Data for EPS, DPS and Payout Ratio
|
EPS (ct) |
DPS (ct) |
Payout Ratio |
|||||||
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
1H |
2H |
Total |
||
|
FY10 |
9 |
? |
? |
||||||
|
FY09 |
5 |
5 |
8 |
8 |
26 |
7 |
18 |
25 |
96.2% |
|
FY08 |
7 |
6 |
8 |
6 |
27 |
8 |
19 |
27 |
100.0% |
|
FY07 |
7 |
7 |
10 |
8 |
32 |
7 |
19 |
26 |
81.3% |
|
FY06 |
6 |
5 |
11 |
5 |
27 |
7 |
17 |
24 |
88.9% |
Note : FY is End-Aug
Observation
– 1H DPS is 7ct or 8ct for the past 4 years
– Q110 EPS is the highest for the past 5 years
Projection
– Q210 EPS is not expected to differ too much from Q110 EPS (likely 8-10ct)
= Revenue continues to be recognized for Sky@Eleven
= Business condition continues to improve as our economy recovers (double dip nowhere in sight)
– Projected DPS for 1H10 to be at least 8ct with a very high chance of an even higher payout
Caution
– Share price had gone up in tandem with market from a low of ~ $2.80
– At $3.80 and using FY09 results, PE = 14.62 and Yield = 6.579%
– EPS to drop once revenue ceases from Sky@Eleven
– Fear due to SPH high bid for Clementi Mall may return 😉