Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HKT has reported a decent set of results given the circumstances. Despite mobile service revenues being materially impacted by roaming (14% of revenues to 3%), the fixed and enterprise segment benefitted from strong demand and 5G take-up helped sustain mobile revenues.
Dividend cuts has been a focus for investors in Europe over the last month. In this note we run through why we think Asian telcos are likely to see much more stable shareholder remuneration driven by lower leverage, no evidence of any ‘solidarity measures’, and recent results highlighting dividend importance to the equity story.
With ~14% of industry mobile service revenues from roaming, the Hong Kong telcos are heavily exposed to the ongoing reduction in travel following the outbreak of Covid-19. Assuming a 25% cut to roaming revenues, HTHK and Smartone would see a 30% and 13% cut to earnings respectively on our estimates.
KEY HIGHLIGHTS CHINA Results Anhui Conch Cement (914 HK/BUY/HK$44.40/Target: HK$54.50) 2018: Strong performance, in line. A good start to 2019. Brilliance Auto (1114 HK/SELL/HK$7.42/Target: HK$5.00) 2018: Profit misses estimate on provisions for proprietary brand. China Meidong Auto Holdings (1268 HK/HOLD/HK$3.81/Target: HK$4.00) 2018: Core net profit up 24.5% yoy, in line. China Yongda Auto Services Holdings (3669 HK/HOLD/HK$6.16/Target: HK$6.00) 2018: Net profit declines 17% yoy, above ...
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