Buy @ $2.13. Finally hit my target price and I get to buy back some to successfully do a ‘sell hi – buy lo’ trade (not that hi as sold @ $2.20 on 18-Jan, just for some cheap thrills). I have some free cash now to buy more if it drops further. Seller CP ’40’ – Goldman Sachs. 😀
FY11 results should be out soon. Looks set for at least 12% growth in Revenue although Net Profit will likely be <5% growth. Div last year was 2.5ct (increased from 2ct in FY09 and 1.5ct in FY08). They can increase the div further as their payout ratio was only ~40% for the past 3 years plus the yield is rather pathetic (1.63%). But then again, they may not do that as they'd embarked on aggressive expansion activities (acquired new building + expansion plans for current building) and will need the free cash.
Here, I'm buying more for the growth, rather than the yield. But, at PE = 24.86, it's valuation is not cheap, so, if you do buy, please do be aware.