Look to M&As for the next catalyst
Conserving cash for M&As? YTL Power International’s (YTLP)
1QFY12 results were within expectations. While we had hoped that
1QFY12 DPS would revert to 3.75 sen tax exempt, it remained
subdued at 1.875 sen tax exempt. That said, 1.875 sen tax exempt still
offers a decent 4.2% net dividend yield on an annualized basis that will
help limit downside risk. Maintain Buy and DCF based TP of RM2.02.
We understand that YTLP may embark on a major M&A soon.
Maybank research (18 November 2011)
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