Shenhua’s Results In Line, but Special Dividend Is a Positive Surprise
Shenhua’s 2016 net profit of CNY 24.9 billion was in line with its preliminary announcement and well expected by markets. A positive surprise comes from the proposed special dividend of CNY 2.51 per share, bringing the 2016 full-year dividend to CNY 2.97 per share, which implies a 20.5% dividend yield as of the March 17 closing price of HKD 16.46. Shenhua’s financial position remains healthy, and so it can afford the special dividend, which we suspect reflects government guidelines for companies...
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