Category: Yield
May 2013
Results Announcement
- 6 May 13 (AM) : SingPost (Q413) – EPS 1.185ct (todate 6.435ct) ; Div 2.5ct (todate 6.25ct)
- 7 May 13 : STEng (Q113) – EPS 4.34ct
- 9 May 13 : StarHub (Q113) – EPS 5.3ct ; Div 5ct
- 13 May 13 : SBSTransit (Q113) – EPS 0.92ct
- 14 May 13 : SIAEC (Q413) – EPS 5.96ct (todate 24.51ct) ; Div 15ct (todate 22ct)
- 14 May 13 : ComfortDelgro (Q113) – EPS 2.74ct
- 15 May 13 (AM) : SingTel (Q413) – EPS 5.45ct (todate 22.02ct) ; Div 10ct (todate 16.8ct)
- 15 May 13 (AM) : SATS (Q413) – EPS 4.2ct (todate 16.6ct) ; Div 10ct (todate 15ct)
- 15 May 13 (AM) : SPAusNet (2H13) – Gross Div A4.1ct
STI = 3311.37 (-56.81 for May)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.720 |
4.412% |
15.45 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY13 (Mar) |
6.435 |
6.25 |
$1.310 |
4.771% |
20.36 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY12 (Aug) |
23 |
24.0 |
$4.270 |
5.621% |
18.57 |
Interim 7ct ; Final 9ct + Special 8ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY13 (Mar) |
16.60 |
15.0 |
$3.260 |
4.601% |
19.64 |
Interim 5ct ; Final 6ct + Special 4ct |
|
SIA Engg |
FY13 (Mar) |
24.51 |
22.0 |
$5.070 |
4.339% |
20.69 |
Interim 7ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.090 |
4.108% |
21.80 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.420 |
2.113% |
23.63 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.905 |
3.360% |
16.02 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.430 |
1.748% |
26.00 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY13 (Mar) |
22.02 |
16.8 |
$3.750 |
4.480% |
17.03 |
Interim 6.8ct ; Final 10ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.140 |
4.650% |
19.50 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.010 |
4.988% |
19.16 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
2H – Mar13 |
A4.1 (Gross) |
$1.460 |
6.796% |
A$0.91 |
1H13 A4.1ct ; 2H13 A4.1ct |
|
MIIF |
FY13 – Guidance |
1.90 |
$0.180 |
10.556% |
? |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2101) fm Yahoo
NOTES :
- Mkt Price is as on 31-May-13
- MIIF : FY13 Guidance 1H13 (Jun) –0.7ct ; 2H13 (Dec) – 1.2ct (Final) ; APTT IPO Entitlement / 1000 MIIF Shares (Estimate) = 457 APTT Shares or $443.29
- SPAus : 2H13 (Mar13) – A4.1ct = A1.367ct (Franked) + A2.649ct (Interest) + A0.084ct (Capital Returns) ; 1H13 (Sep12) – A4.1ct = A1.367ct (Franked) + A2.467ct (Interest) + A0.266ct (Capital Returns)
- SPAus : FY14 Guidance = A8.36ct
- SATSvcs : 2H13 (Mar13) – Final 6ct + Special 4ct ; 1H13 (Sep12) – Interim 5ct
- SingTel : 2H13 (Mar) – Final 10ct ; 1H13 (Sep12) – Interim 6.8ct ; Div Policy – 60% to 75% of Underlying Net Profit
- SIAEC : Q413 (Mar13) – Final 15ct ; Q213 (Sep12) – Interim 7ct
- StarHub : Q113 (Mar) – 5ct
- SingPost : Q413 (Mar13) – 2.5ct ; Q313 (Dec12) – 1.25ct ; Q213 (Sep12) – 1.25ct ; Q113 (Jun12) – 1.25ct
- SMRT : Q413 (Mar13) – Final 1.0ct ; Q213 (Sep12) – Interim 1.5ct
- SPH : 1H13 (Feb) – Interim = 7ct
- HLFin : 1H12 (Jun) – 4ct ; 2H12 (Dec) – 8ct (Final)
- ST Engg : 1H12 (Jun) – 3ct ; 2H12 (Dec) – 4ct (Final) + 9.8ct (Special)
- ComfortDelgro : Q412 (Dec) – 3.5ct ; Q212 (Jun) – 2.9ct
- StarHub : FY13 Div Guidance – 5ct/Q
- SBSTransit : Q212 (Jun) – 1.35ct ; Q412 (Dec) – 1.65ct
- M1 : 2H12 (Dec) – Final 6.3ct + Special 1.7ct ; 1H12 (Jun) – Interim 6.6ct
April 2013
Results Announcement
- 12 Apr 13 : SPH (Q213) – EPS 4ct (todate 10ct) ; Div 7ct
- 16 Apr 13 : M1 (Q113) – EPS 4.5ct
- 23 Apr 13 : HLFin (Q113) – Annualised EPS 13.82ct
- 30 Apr 13 (AM) : SMRT (Q413) – EPS -0.8ct (todate 5.5ct) ; Div 1ct (todate 2.5ct)
- 7 May 13 : STEng (Q113)
- 9 May 13 : StarHub (Q113)
- 13 May 13 : SBSTransit (Q113)
- 14 May 13 : ComfortDelgro (Q113)
- 15 May 13 (AM) : SATS (Q413)
STI = 3368.18 (+6.26)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.780 |
4.317% |
15.80 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY12 (Mar) |
7.407 |
6.25 |
$1.290 |
4.845% |
17.42 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY12 (Aug) |
23 |
24.0 |
$4.460 |
5.381% |
19.39 |
Interim 7ct ; Final 9ct + Special 8ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY12 (Mar) |
15.40 |
26.0 |
$3.150 |
8.254% |
20.45 |
Interim 5ct ; Final 6ct + Special 15ct |
|
SIA Engg |
FY12 (Mar) |
24.56 |
21.0 |
$5.060 |
4.150% |
20.60 |
Interim 6ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.400 |
3.818% |
23.45 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.480 |
2.027% |
24.63 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.985 |
3.224% |
16.69 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY13 (Mar) |
5.5 |
2.50 |
$1.480 |
1.689% |
26.91 |
Interim 1.5ct ; Final 1.0ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY12 (Mar) |
25.04 |
15.8 |
$3.930 |
4.020% |
15.69 |
Interim 6.8ct ; Final 9ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$3.380 |
4.320% |
20.99 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.730 |
4.228% |
22.60 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep12 |
A4.1 (Gross) |
$1.605 |
6.516% |
$1.300 |
1H13 A4.1ct ; 2H12 A4.0ct |
|
MIIF |
2H – Dec12 |
5.75 |
$0.625 |
8.800% |
$0.700 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2753) fm Yahoo
NOTES :
- Mkt Price is as on 30-Apr-13
- SMRT : Q413 (Mar13) – Final 1.0ct ; Q213 (Sep12) – Interim 1.5ct
- SPH : 1H13 (Feb) – Interim = 7ct
- HLFin : 1H12 (Jun) – 4ct ; 2H12 (Dec) – 8ct (Final)
- ST Engg : 1H12 (Jun) – 3ct ; 2H12 (Dec) – 4ct (Final) + 9.8ct (Special)
- ComfortDelgro : Q412 (Dec) – 3.5ct ; Q212 (Jun) – 2.9ct
- StarHub : FY13 Div Guidance – 5ct/Q
- SBSTransit : Q212 (Jun) – 1.35ct ; Q412 (Dec) – 1.65ct
- M1 : 2H12 (Dec) – Final 6.3ct + Special 1.7ct ; 1H12 (Jun) – Interim 6.6ct
- MIIF : 1H12 (Jun) – 2.75ct ; 2H12 (Dec) – 2.75ct (Final) + 3ct (Special) ; Above Yield is Computed without Special Dividend
- SingPost : Q313 (Dec12) – 1.25ct ; Q213 (Sep12) – 1.25ct ; Q113 (Jun12) – 1.25ct
- SingTel : 1H13 (Sep12) – Interim 6.8ct
- SPAus : 1H13 (Sep12) – A4.1ct = A1.367ct (Franked) + A2.467ct (Interest) + A0.266ct (Capital Returns)
- SATSvcs : Q213 (Sep12) – Interim 5ct
- StarHub : Q312 (sep) – 5ct ; Q212 (Jun) – 5ct ; Q112 (Mar) – 5ct
- SIAEC : Q213 (Sep12) – Interim 7ct
- SPAus : 2H12 (Mar12) – A4ct = A1.333ct (Franked) + A2.159ct (Interest) + A0.508ct (Capital Returns) ; FY12 Guidance = A8.2ct ; 3-for-20 @ S$1.25 (A$1)
SMRT – RHB DMG OSK
Cutting Target Price On Profit Warning
SMRT has announced that it is expecting to report a net loss for 4QFY13 due to deteriorating profitability as well as a SGD17m impairment of goodwill in its associate Shenzhen ZONA Transportation Group. We are lowering our FY13 and FY14 earnings by 21.1% and 7.2% respectively. Maintain SELL with lower TP of SGD1.37 (from SGD1.43 previously) based on DCF. This implies a FY14 P/E of 19.9x.
SGD17m impairment may not be its last. The main reason for an expected loss making 4QFY13 for SMRT is due to a SGD17m impairment of goodwill in SMRT’s associate Shenzhen ZONA Transportation Group. Its operating conditions in China have been challenging and management felt it was appropriate to report impairment at this point in time. SMRT had also previously reported SGD21.7m of impairment back in FY12 due to adverse impact by substantial increases in bus operating costs which was less than offset by fare hikes. Going forward, we do not rule out further impairment charges should bus operating conditions both locally and abroad remain weak.
MRT average daily ridership declines in Jan-Feb 13. MRT average daily ridership declined by 0.7% for Jan – Feb 13, compared to a growth of 9.7% and 11.8% for the same periods in 2012 and 2011 respectively. The declining train ridership numbers are not a positive for SMRT as we estimate that a 5% decline in total annual ridership will result in a 28% fall in FY13 PAT.
Maintain SELL. Expect further earnings cut from the street. SMRT does not appear attractive, trading at 22.4x FY14 (FYE Mar) P/E vs ComfortDelGro’s 15.8x FY13 P/E. We see little potential catalysts for a share price upside given the cost pressure concerns SMRT is facing.
March 2013
STI = 3308.10 (+38.15 vs end-Feb)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.780 |
4.317% |
15.80 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY12 (Mar) |
7.407 |
6.25 |
$1.245 |
5.020% |
16.81 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY12 (Aug) |
23 |
24.0 |
$4.480 |
5.357% |
19.48 |
Interim 7ct ; Final 9ct + Special 8ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY12 (Mar) |
15.40 |
26.0 |
$3.040 |
8.553% |
19.74 |
Interim 5ct ; Final 6ct + Special 15ct |
|
SIA Engg |
FY12 (Mar) |
24.56 |
21.0 |
$4.740 |
4.430% |
19.30 |
Interim 6ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.310 |
3.898% |
22.97 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.500 |
2.000% |
24.96 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.910 |
3.351% |
16.06 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY12 (Mar) |
7.9 |
7.45 |
$1.580 |
4.715% |
20.00 |
Interim 1.75ct ; Final 5.7ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY12 (Mar) |
25.04 |
15.8 |
$3.590 |
4.401% |
14.34 |
Interim 6.8ct ; Final 9ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$2.960 |
4.932% |
18.39 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.350 |
4.598% |
20.78 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep12 |
A4.1 (Gross) |
$1.540 |
6.898% |
$1.300 |
1H13 A4.1ct ; 2H12 A4.0ct |
|
MIIF |
2H – Dec12 |
5.75 |
$0.575 |
9.565% |
$0.700 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2955) fm Yahoo
NOTES :
- Mkt Price is as on 28-Mar-13
- HLFin : 1H12 (Jun) – 4ct ; 2H12 (Dec) – 8ct (Final)
- ST Engg : 1H12 (Jun) – 3ct ; 2H12 (Dec) – 4ct (Final) + 9.8ct (Special)
- ComfortDelgro : Q412 (Dec) – 3.5ct ; Q212 (Jun) – 2.9ct
- StarHub : FY13 Div Guidance – 5ct/Q
- SBSTransit : Q212 (Jun) – 1.35ct ; Q412 (Dec) – 1.65ct
- M1 : 2H12 (Dec) – Final 6.3ct + Special 1.7ct ; 1H12 (Jun) – Interim 6.6ct
- MIIF : 1H12 (Jun) – 2.75ct ; 2H12 (Dec) – 2.75ct (Final) + 3ct (Special) ; Above Yield is Computed without Special Dividend
- SingTel : 1H13 (Sep12) – Interim 6.8ct
- SPAus : 1H13 (Sep12) – A4.1ct = A1.367ct (Franked) + A2.467ct (Interest) + A0.266ct (Capital Returns)
- SATSvcs : Q213 (Sep12) – Interim 5ct
- StarHub : Q312 (sep) – 5ct ; Q212 (Jun) – 5ct ; Q112 (Mar) – 5ct
- SMRT : Q213 (Sep12) – Interim 1.5ct
- SIAEC : Q213 (Sep12) – Interim 7ct
- SingPost : Q213 (Sep12) – 1.25ct ; Q113 (Jun12) – 1.25ct
- SPH : 2H12 (Aug) – Final =9ct + Special = 8ct ; 1H12 (Feb) – Interim = 7ct
- SPAus : 2H12 (Mar12) – A4ct = A1.333ct (Franked) + A2.159ct (Interest) + A0.508ct (Capital Returns) ; FY12 Guidance = A8.2ct ; 3-for-20 @ S$1.25 (A$1)
March 2013
STI = 3308.10 (+38.15 vs end-Feb)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
HL Fin |
FY12 (Dec) |
17.60 |
12.00 |
$2.780 |
4.317% |
15.80 |
Interim 4ct ; Final 8ct |
|
SingPost |
FY12 (Mar) |
7.407 |
6.25 |
$1.245 |
5.020% |
16.81 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
SPH |
FY12 (Aug) |
23 |
24.0 |
$4.480 |
5.357% |
19.48 |
Interim 7ct ; Final 9ct + Special 8ct |
Aviation Services
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SATS |
FY12 (Mar) |
15.40 |
26.0 |
$3.040 |
8.553% |
19.74 |
Interim 5ct ; Final 6ct + Special 15ct |
|
SIA Engg |
FY12 (Mar) |
24.56 |
21.0 |
$4.740 |
4.430% |
19.30 |
Interim 6ct ; Final 15ct |
|
ST Engg |
FY12 (Dec) |
18.76 |
16.8 |
$4.310 |
3.898% |
22.97 |
Interim 3ct ; Final 4ct + Special 9.8ct |
Note : SATS Special Div is Observed to be Non-Recurring
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY12 (Dec) |
6.01 |
3.00 |
$1.500 |
2.000% |
24.96 |
Interim 1.35ct ; Final 1.65ct |
|
ComfortDelGro |
FY12 (Dec) |
11.89 |
6.40 |
$1.910 |
3.351% |
16.06 |
Interim 2.9ct ; Final 3.5ct |
|
SMRT |
FY12 (Mar) |
7.9 |
7.45 |
$1.580 |
4.715% |
20.00 |
Interim 1.75ct ; Final 5.7ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY12 (Mar) |
25.04 |
15.8 |
$3.590 |
4.401% |
14.34 |
Interim 6.8ct ; Final 9ct |
|
M1 |
FY12 (Dec) |
16.1 |
14.6 |
$2.960 |
4.932% |
18.39 |
Interim 6.6ct ; Final 6.3ct + Special 1.7ct |
|
StarHub |
FY12 (Dec) |
20.93 |
20 |
$4.350 |
4.598% |
20.78 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
1H – Sep12 |
A4.1 (Gross) |
$1.540 |
6.898% |
$1.300 |
1H13 A4.1ct ; 2H12 A4.0ct |
|
MIIF |
2H – Dec12 |
5.75 |
$0.575 |
9.565% |
$0.700 |
1H12 2.75ct ; 2H12 2.75ct + 3ct (Special) |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2955) fm Yahoo
NOTES :
- Mkt Price is as on 28-Mar-13
- HLFin : 1H12 (Jun) – 4ct ; 2H12 (Dec) – 8ct (Final)
- ST Engg : 1H12 (Jun) – 3ct ; 2H12 (Dec) – 4ct (Final) + 9.8ct (Special)
- ComfortDelgro : Q412 (Dec) – 3.5ct ; Q212 (Jun) – 2.9ct
- StarHub : FY13 Div Guidance – 5ct/Q
- SBSTransit : Q212 (Jun) – 1.35ct ; Q412 (Dec) – 1.65ct
- M1 : 2H12 (Dec) – Final 6.3ct + Special 1.7ct ; 1H12 (Jun) – Interim 6.6ct
- MIIF : 1H12 (Jun) – 2.75ct ; 2H12 (Dec) – 2.75ct (Final) + 3ct (Special) ; Above Yield is Computed without Special Dividend
- SingTel : 1H13 (Sep12) – Interim 6.8ct
- SPAus : 1H13 (Sep12) – A4.1ct = A1.367ct (Franked) + A2.467ct (Interest) + A0.266ct (Capital Returns)
- SATSvcs : Q213 (Sep12) – Interim 5ct
- StarHub : Q312 (sep) – 5ct ; Q212 (Jun) – 5ct ; Q112 (Mar) – 5ct
- SMRT : Q213 (Sep12) – Interim 1.5ct
- SIAEC : Q213 (Sep12) – Interim 7ct
- SingPost : Q213 (Sep12) – 1.25ct ; Q113 (Jun12) – 1.25ct
- SPH : 2H12 (Aug) – Final =9ct + Special = 8ct ; 1H12 (Feb) – Interim = 7ct
- SPAus : 2H12 (Mar12) – A4ct = A1.333ct (Franked) + A2.159ct (Interest) + A0.508ct (Capital Returns) ; FY12 Guidance = A8.2ct ; 3-for-20 @ S$1.25 (A$1)