Tuesday, December 13, 2011

GAB up on special interim dividend plan

KUALA LUMPUR (Dec 13): GUINNESS ANCHOR BHD [] (GAB) shares rose on Tuesday after the company announced a single tier special interim dividend of 60 sen per 50 sen share for the financial year ending June 30, 2012, to be paid on Jan 20 next year.

At 9.35am, GAB added 64 sen to RM12.92 with 33,500 shares traded.

Maybank Investment Bank Bhd Research said that the company's plan to further reward shareholders with a special dividend was a pleasant, though not entirely surprising move.

'In fact, we see the potential for more capital management going forward, and thus, maintain a Buy on this stock for its resilient earnings and attractive net dividend yield of 9.8%.

'Our DCF-based target price is raised to RM13.00 from RM11.50,' it said on Tuesday.

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