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Dividend yield for Singapore Stocks
Reducing payouts. The recent 4Q08 results season has thrown up some surprises on the dividends front, as a number of high yielding stocks have slashed their payouts. ComfortDelgro, for example, only dished out 52% of its earnings, a far cry from the over 80% payout in previous years. Others like Keppel Corp, SembCorp Industries and SembCorp Marine have also reduced their distribution to shareholders. Companies are now piling up on their cash due to tight credit markets and M&A opportunities. There are even a number which are thinking of offering scrip dividends to shore up cash.Yield trends. We believe dividend payout ratios will be similar to FY08’s across most industries, given that most have already cut them last year. What will take the wind out of the yields will be declining EPS, as we expect the market to fall some 14%. 77% of our “dividend stocks” universeis expected to see decline in yields, falling from an average of 6.6% in FY08 to 5.4% in FY09.Gearing not a big issue. A look across the
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