Very nice final dividend of RMB0.10 (equivalent to 2.17 cents)
+ interim of RMB0.10 (2.08 cents, lower exchange rate then), and you get 4.25 cents total dividend. It's about 12.5% dividend yield. This is one believable S-chip!
From my point of view, this high dividend payout could need some clarification from the management. FY2014 payout is a record high, is split into 2 with a 3Q dividend and a final dividend. Why the 3Q dividend?
Why the high final dividend when the current orderbook (ie, the prospects) doesn't look very bright @ just RMb50 million? This level is the lowest of the 4 orderbook updates given in 2014.
The first half of this company's investment story is the high dividend yield of about 12% and the consistent dividends for many years. The other half --> Business outlook that is not that strong and a Chinese economy that is not growing as fast as in the past.
