SMRT released its financial results recently for the financial year 1 April 2010 to 31 March 2011 (FY2011).
Key Performance Numbers
Net Profit $161.1 million (down 1.1%)
ROE 20.5% (drop 1.3% points)
EPS 10.6 cents (down 1.2%)
Total dividend per share 8.5 cents (80% of EPS)
Dividend yield 4.4% (based on share price as at 29 Apr 2011)
Net tangible assets per share 50.3 cents (up 3.9%)
Share price at 29 April 2011 was $1.90
Total revenue increased 8.3% to $969.7 million. However net profit after tax was reduced 1.1% to $161.1 million due mainly to higher staff and related costs and energy costs. As a result, Return on Equity (ROE) was lower at 20.5% and Earnings per share (EPS) was lower at 10.6 cents.
The Board proposed to keep the total dividend the same as previous year at 8.5 cents. This works out to 80 per cent of earnings per share. The dividend yield was 4.4% based on the last traded price last week.
When compared to dividend yield of ComfortDelgro (3.6%), SMRT has a better yield of 4.4%.
SMRT’s share price to net tangible assets was 3.7 times whereas price to book figure for ComfortDelgro was 1.7 times based on 31 December 2010 data. SMRT share appears pricier.
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