Shares of Singapore property developer Keppel Land (KLAN.SI) rose as much as 3.2% on expectations the company will pay a special dividend when it reports full-year result on Thursday.
By 11:10 a.m., Keppel Land shares were up 2.8% at $2.58 on volume of 3.5 million shares, 1.2 times the average daily volume traded over the last 30 days. The broader Straits Times Index <.FTSTI> was 0.7% higher.
By 11:10 a.m., Keppel Land shares were up 2.8% at $2.58 on volume of 3.5 million shares, 1.2 times the average daily volume traded over the last 30 days. The broader Straits Times Index <.FTSTI> was 0.7% higher.
“There are expectations that they will be paying out some special dividend,” said Wilson Liew, an analyst at brokerage Kim Eng.
Keppel Land’s shares have jumped about 15% so far this year versus a 6% rise in the broader market.
JP Morgan said in a note this week that Keppel Land is likely to declare a special dividend from the proceeds of selling the Ocean Financial Centre in the city-state.
This implies a total dividend yield of 7.3% for Keppel Land’s 2011 fiscal year ended December, JP Morgan said.
The brokerage expected Keppel Land to report 2011 revenues of $911 million , up 15% from a year ago, with core net profit at $381 million, 50% higher year-on-year.
No comments:
Post a Comment