30 Apr '12, 1pm

SMRT full year down on rising fuel cost, pays smaller dividend

A dividend is never a given, and usually is a function of how well the business does, the amount of FCF generated and required capex for future years. There is no obligation to pay a dividend which is similar to last year’s or even to maintain a payout ratio, even if the Company had specifically stated this. Things change and the business world moves along, so companies must react and adjust accordingly. If SMRT really has to borrow or issue perps/preference to pay dividends, then I’d get really worried for their shareholders. I somehow feel it’s wrong to borrow to pay dividends – they should rely on excess FCF over and above what is required for capex, R&M and opex; and use that to pay dividends. If dividend needs to be cut, so be it.

Full article: http://www.investmentmoats.com/singapore-stocks/smrt-full...

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