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Sydney, June 20, 2006 AEST (ABN Newswire) - OCBC Investment Research has initiated coverage of Singapore's Yellow Pages Ltd with a Buy, citing it as one of the highest dividend yield plays in the market.
In fiscal 2006, the company had proposed to distribute SGD8.5 cents/ share thus giving a dividend yield of 8 per cent with fiscal 2007 dividend yield forecast to rise to 9 per cent.
The telephone directory publisher was also hailed for its high yield and its earnings turnaround, which also make it a 'good defensive play.'
Although trading 40 per cent below its listing price of SGD$1.65, the analyst said it was starting to see value emerging from the stock.
OCBC also said core earnings turnaround was possible in fiscal 2007 despite a poor fiscal 2006 net profit margin decline.
It pointed out Internet Yellow Pages was the company's new business segment that looked promising with average number of unique visitors having increased 25.3 per cent year-on-year to 600,000 per month in fiscal 2006.
