Buy @ $4.82
Add back to my portfolio. Fingers itchy… initiate next part of David's Yield Rotation Strategy. Actually, not very attractive as,
- PE = 19.67 (FY13 – Mar) or 20.08 (latest 4Qs)
- Yield = 4.564%
There's also a risk of lower Div Payout as 9M EPS was lower compared to last year.
The only bright spark (my guess only) is the possibility for a higher Special Div component is more than 50% as the Cash level is high ($462Mil vs $459Mil in Dec-10, where they subsequently declared a 2H Div = 24ct in 2H Mar-11). Note however that there was a higher $122Mil increase in Cash from Dec-10 to Mar-11, and I did not check the reasons for the increase. For comparison purpose, Cash from Q3 (Dec) -> Q4 (Mar),
- FY13 = $420Mil -> $523Mil => +$93Mil
- FY12 = $388Mil -> $498Mil => +$110Mil
- FY11 = $459Mil -> $581Mil => +$122Mil
Anyway, just a small position wich I can hold for longer term dividends if I'm stuck…..
I have also noticed a rather high level of price volitility due to it's low liquidity (low vol) and will likely exploit any opportunities for short term profits. 😀