Buy @ $1.465
Would hv preferred to buy back at $1.3x, having sold most due to fears of Dividend cut (heads-up fm new Chairman for a few mths before it happened). However, with EGM on 5-Jan to approve new shares issue to Alibaba @ $1.74, I hv decided to do a buy to avg down my $1.895 ones bought on 4-Nov-15. Possibly short term to bet on potential optimism due to EGM + New CEO… 😀
Current valuation is high if based on Yield and with Dividend Policy based on 60-80% of Underlying Net Profit + EPS is only expected to improve after SPC completes refurbishment in mid-’17. Using 1H Underlying Net Profit,
- Max (80% Payout) Div Projection is 4.644ct (vs 7ct for past 2 years)
- Translates to a Yield = 3.17%
- PE (latest 4Qs EPS, excl Q4 as skewed by Extraordinary Gains) = 21.17 @ $1.465 (Mkt Close)