Previous Day Closing price: $2.06
Recommendation: BUY (maintained)
Target price: $3.60 (maintained)
STE recorded a FY08 net profit of S$473.6m from FY07’s S$503.5m, which included an impairment charge for investments of S$25.9m. Stripping this out, net profit was in line with our forecasts, and flat YoY. STE has also proposed a final dividend of 12.8cts per share, and coupled with the interim dividend of 3ct per share, STE has continued its policy of paying out 100% of reported earnings (including its impairment charge) as dividends, with a dividend yield at 7.7%. Return on equity was maintained at an impressive 30%.
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