Dividend Watch List – Q110
The table below is a watch list of Yield Stocks which either pays dividend on a semi-annual basis or a higher last quarterly payout (SingPost) for Q1.
|
Stock |
Reporting |
Last Year Payout |
My Expectation |
Share Price (31-Mar) |
|
SPH |
1H (Feb) |
7ct |
7-9ct |
$3.82 |
|
Thomson |
1H (Feb) |
1ct |
1-1.5ct |
$0.71 |
|
SPAusNet |
2H (Mar) |
A4ct (1H) |
A4ct |
S1.17 |
|
SingTel |
2H (Mar) |
6.9ct |
6.9ct |
$3.17 |
|
SingPost |
Q4 (Mar) |
2.5ct |
2.5-3ct |
$1.05 |
|
SMRT |
2H (Mar) |
6ct |
6-6.5ct |
$2.04 |
|
FCOT |
1H (Mar) |
0.24ct (Q1 – Not Paid) |
0.48-0.52ct |
$0.15 |
|
a-iTrust |
2H (Mar) |
1.85ct (Q1 – Not Paid) |
3.7-3.9ct |
$0.97 |
Thomson Medical Q210 Results (Share Price $0.695)
EPS 1.21ct – Flat, same as Q110
DPS 1.2ct – Better than last year (1ct) ; Within my expected range of 1-1.5ct
Comments
1. EPS is flat for 4Qs now. I hope to see bigger earnings impact from their new areas of biz (Women Cancer, Paediatrician and Vietnam) in the coming quarters. Share price may weaken due to flat earnings.
2. Long Term Debts continue to be reduced and likely to be fully paid off by Nov-10 quarter. I wonder if they have any plan for this debt headroom. Someone in a forum mentioned the possibility of TMC acquiring another site to expand in Singapore as their current facilities are bursting at the seams.
3. For now, I’d re-classify Thomson as a cash cow (4% Yield) rather than a growth stock (unless I start to see profit jumps from their new biz). As their current payout policy is 50% of Net Profit, the yield could potentially double to 8% once they clear their debts and assuming they have no plan for biz expansion.
SPH Q210 Results (Share Price $3.93)
EPS 7ct – Dropped from 9ct (Q1)
DPS 7ct – Same as last year ; At the lower end of my expected range of 7-9ct
Comments
1. Looking at their past 4 years’ results, Q2 does appear to be usually weaker in EPS (perhaps due to Dec year end bonus payout).
2. The impact from pay cut restoration and reduction in govt subsidy will eat into the EPS in the coming months.
3. Contribution from Sky@Eleven is likely to end by Nov-10.
4. Big reduction in cash likely due to payment for Clementi Mall which’ll only start to contribute to their bottomline only in 2011.
FCOT 1H10 Results (Share Price $0.14)
DPU 0.5619ct – A lot higher than my expectation!
Comments
1. If we use the Q2 DPU = 0.3219ct, the Annualised Yield is 9.197% @ $0.14!
2. Main concern is still the high Gearing of 40.1%
a-iTrust 2H10 Results (Share Price $0.995)
DPU 3.64ct – Lower than my expectation!
SingPost Q410 Results (Share Price $1.09)
EPS 2.123ct – Lower than Q3 (2.291ct)
DPS 2.5ct – Same as Last Year
Comments
1. FY10 Payout = 73%. I must admit I was disappointed as I was expecting them to stick to their previous dividend policy of 80%-90% Payout.
2. Together with the recent issue of new debts ($200M), SingPost is retaining the extra cash for New Acquisitions. Hopefully, it'll add to their earnings in the longer run (but bigger debts may be a concern).
3. The change in CEO (I think replacement not found yet) may be a cause for concern.
SMRT Q410 Results (Share Price $2.28)
EPS 1.5ct – Much Lower than Q3 (2.6ct)
DPS 6.75ct – Higher than Last Year (6ct) ; Also higher than my expectation.
Comments
Price had run up a lot for the past weeks. I wonder how the market will react to the drop in EPS (may be overcome by higher payout).
SPAusNet 2H10 Results (Share Price $1.11)
DPS A4ct – As per their guidance
Comments
A$ had been weakening against S$ in the past weeks. The share price and dividend payout in S$ is looking bad. 🙁
SingTel Q410 Results (Share Price $3)
EPS 6.38ct – Better than Q3 (6.22ct) ; FY10 = 24.55ct vs FY09 = 21.67ct
DPS 8ct – Higher than last year (6.9ct) ; Also higher than my expectation
Comments
Despite the mainly negative press reports of price war in India (Bharti), SingTel EPS was better than Q3 and FY09 Q4. From the segmental breakdown,
– Optus : Up
– Singapore : Up
– India : Down
– Indonesia : Up
The decrease from India was negated by the increase from Indonesia.
Another observation was on FOREX Y-O-Y (31-Mar-10),
– A$ : +26.3%
– INR : +0.9%
– IDR : +14.%
– PHP : -3.8%
– THB : —