Singapore Stock Market News
SIA Engineering - Yield compression
StockFanatic
Publish date: Fri, 17 May 2013, 03:39 PM
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SIE's share price has outperformed the index by 12% YTD due to
investors' preference for high yield plays. However, with its
less-than-spectacular FY3/13 results and dividend yield compression to
4.4%, we see limited upside to the share price. Maintain Neutral.
FY13 net profit is below expectations,
at 94% of our forecast and 97% of
consensus, because of a revenue
shortfall. 4Q net profit accounted for
only 23% of our FY13. SIE increased
its dividend payout from 85% to 90%
with a final DPS of 15 Scts (total DPS:
22 Scts). We cut our FY13-15 EPS by
8% for lower revenue but raise our
target price, still based on blended
P/E (19x from 15x) and DCF, in view
of increased appetite for yield stocks.
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