· Inco announced its dividend interim payment of US$200mn or equal to US$0.02 per share (Rp180/share @ Rp8,990/US$). The amount equals to 91.4% of the company’s 1H10 net income of US$218.8mn.
· The decision was made in light of Inco’s strong 1H10 performance and its current strong financial condition. The dividend is payable on October 22, 2010 to shareholders recorded as of 8 October 2010.
· The company’s dividend is attractive as it offers 3.9% yield compared to Inco’s last price.
· We still maintain buy on Inco, which is currently trading at 2011F PER of 10.5x and EV/EBITDA of 7.2x. Also, we foresee the company will deliver satisfying 3Q10 results on the back of the rainy season that enables Inco to lower its fuel usage by optimizing its hydroelectric power plant.
Tidak ada komentar:
Posting Komentar