Market Price (2015-1-26) = $4.25
Earnings
Approx. $0.443 (Up from $0.431)
Approx. DPS: $0.16 (Down from $0.17)
Payout Ratio: 36%
Ratios
P/E: 9.59 (5 year historical average 10.3, previously at 9.86)
Yield: 3.6% (Previously 4%)
Profitability
ROE: 15.2% [Avg for SG blue chips is 11.8%, previously 16.13%]
Asset Turnover: 0.704 [Avg for SG blue chips is ~0.5, previously 0.748]
Net Income Margin: 7.353 [Comparable]
Balance Sheet
Current Ratio: 1.14
Debt To Equity: 0.65
NAV: $3.15 (Up from $2.93 in previous year)
Additional Info
Biannual distributions in Apr/Aug. Profit contribution roughly 50% utilities, 50% marine.
Personal Opinion:
They cut dividend by 1 cent from the previous year, probably to retain more $ for tougher times ahead. I draw pretty much the same conclusion as previously - Utilities will remaining challenging, but will grow steadily with the strong pipeline of projects. Marine will be supported by its orderbook in the next few years.
Looking to accumulate if it hit lower 4s.
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