KUALA LUMPUR: PETRONAS DAGANGAN BHD [] (PetDag), which had RM1 billion in net cash as at end March 2011, is expected to remain generous in its dividend payout for the upcoming financial year.
HwangDBS Vickers Research said it was keeping the dividend payout assumption at 70% which translates into 61.5 sen net dividend per share (DPS).
On Tuesday, May 24, PetDag declared a gross final and special DPS of 60 sen, which was above expectation, said the research house in a statement here, on Wednesday.
For the financial year ended March 31, 2011, the firm's pre-tax profit jumped RM1.21 billion compared with the RM1.05 billion registered in 2010.
Revenue was up at RM23.27 billion from RM20.69 billion previously.
In a filing to Bursa, PetDag said it expects profits for the current financial period to be lower.
This is due to a nine-month financial period, arising from the change in its financial year end from Mar 31 previously to Dec 31, beginning 2011.
However, HwangDBS told Bernama that the 70% dividend payout outlook, is still based on the financial year ended Mar 31, 2012.
For now, HwangDBS is making a "hold" call for PetDag shares with a target price of RM12.75. At 11.33 am, PetDag shares price stood 40 sen higher at RM15.70. ' Bernama
HwangDBS Vickers Research said it was keeping the dividend payout assumption at 70% which translates into 61.5 sen net dividend per share (DPS).
On Tuesday, May 24, PetDag declared a gross final and special DPS of 60 sen, which was above expectation, said the research house in a statement here, on Wednesday.
For the financial year ended March 31, 2011, the firm's pre-tax profit jumped RM1.21 billion compared with the RM1.05 billion registered in 2010.
Revenue was up at RM23.27 billion from RM20.69 billion previously.
In a filing to Bursa, PetDag said it expects profits for the current financial period to be lower.
This is due to a nine-month financial period, arising from the change in its financial year end from Mar 31 previously to Dec 31, beginning 2011.
However, HwangDBS told Bernama that the 70% dividend payout outlook, is still based on the financial year ended Mar 31, 2012.
For now, HwangDBS is making a "hold" call for PetDag shares with a target price of RM12.75. At 11.33 am, PetDag shares price stood 40 sen higher at RM15.70. ' Bernama
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