Stock Name: MacqIntInfra
Company Name: MACQUARIE INT'L INFRA FUND LTD
DBS Vickers Securities in a May 9 research report says: "The fund generated net dividend income of S$21.3m, up 181% y-o-y, largely owing to the higher 47.5% stake in Taiwan Broadband Communications (TBC), compared to 20% last year.
"Even if we strip out the impact of a larger stake, dividends from TBC grew 6%, in line with organic growth at the asset last year. Fund remains well on track to pay out 2.75 cents semi-annual dividends in FY2012/2013. No change to our SOTP valuation of 64 cents, as we have already factored in downside at Hua Nan Expressway.
"A worst-case impact from toll rate cut at HNE could be a cut in FY12 DPU to 5.0 cents to smoothen the impact in FY2012/2013. This still implies 8.6% yield at current prices. MAINTAIN BUY."
Company Name: MACQUARIE INT'L INFRA FUND LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.64 |
DBS Vickers Securities in a May 9 research report says: "The fund generated net dividend income of S$21.3m, up 181% y-o-y, largely owing to the higher 47.5% stake in Taiwan Broadband Communications (TBC), compared to 20% last year.
"Even if we strip out the impact of a larger stake, dividends from TBC grew 6%, in line with organic growth at the asset last year. Fund remains well on track to pay out 2.75 cents semi-annual dividends in FY2012/2013. No change to our SOTP valuation of 64 cents, as we have already factored in downside at Hua Nan Expressway.
"A worst-case impact from toll rate cut at HNE could be a cut in FY12 DPU to 5.0 cents to smoothen the impact in FY2012/2013. This still implies 8.6% yield at current prices. MAINTAIN BUY."
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