FCL @ $1.415

Buy @ $1.415

Q1 results were released before mkt opened. Looks good to me, with bigger increases in Revenue & Profit coming from Australia side. Other points,

• EPS increased y-o-y from 9.45ct to 10.42ct (4.12ct based on increased share base)
• Unrecognised Revenue = $2.1Bil (Singapore) + $0.8Bil (Australia)
• NAV increased from $2.12 to $2.15, looks like increase was mainly from Investment Properties previously (see pg16)
• Some of their Debts are "hidden" as Trade Payables (to F&NT previously, but now to FCLT) – refer to pg6 of Financials

Just wondering if they'll pay out an Interim Div next Q…. 😀

From their Introductory Document dated 28 Oct 13, pg 57 on Dividend Policy,

• Dividends paid to F&N previously (using max share base 2,892,432,490 shares),
  • 9M013 : 5.2ct
  • FY2012 : 5.2ct
  • FY2011 : 6.9ct
  • FY2010 : 8ct
• 75% of Net Profit After Tax to be Recommended subject to conditions