Full-year results ahead of estimates. SMM reported 4Q10 net profit of S$239m (-19% QoQ, -20% YoY), above our expectation of S$165m and street estimate of S$140m. Full-year net profit of S$860m (+23% YoY) was 10-15% of ours and consensus estimates due to higher-than expected operating margins of 20.7% (FY09: 15.1%). SMM also declared a final dividend of 31S¢ (6¢ final and 25¢ special), boosting full-year payout to 36¢ (87% payout ratio). We raise our FY11-12 EPS estimates by 13% and 6% respectively due to revision in timing of revenue recognition and higher margins (by 50-290bps). We upgrade SMM from Neutral to BUY with a higher TP of S$5.95 (previously S$5.30), implying 14% upside. Key catalysts are order wins and prolonged period of strong margins.
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Hi, I would like to share about dividend yield.
ReplyDeleteDividend yield is expressed as a percentage and is calculated by dividing the current dividend amount by the current share price.
Singapore dividend