Dividends disappoint again. YTLP's results were within expectations.
That said, we are disappointed that it declared a second interim tax
exempt DPS of only 0.9375sen or -50% QoQ as it conserves cash for
M&As. We slash our dividend forecasts which now imply just 2.5% net
yield. We also downgrade the stock to a Hold as there is currently only
an 8% upside potential and with dividends unlikely to surprise to the
upside. We tweak our DCF-based TP to RM2.05 (+1%).
Maybank Research - 24 Feb 2012
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