“Proposed dividend payout of 6 cents, unchanged from last year,” says Chang, “This represents a payout ratio of 25.3% from headline FY17 earnings and 74.7% payout from core FY17 earnings.”
In a Monday report, UOB analyst Derek Chang says results came in line with UOB’s expectations. FY17 core PATMI came in at US$269.5 million ($374 million), accounting for 98% of its FY17 core PATMI estimate.
4QFY17 headline PATMI of US$247.1 million grew 61.7% y-o-y, on the back of higher revenue, higher contributions from associates and JVs and higher revaluation gains. Associates and JVs saw their share of results rise mainly from the inclusion of GLP US Income Partners II and appreciation of the Brazilian real against the USD.
Excluding exceptional items, 4QFY17 core PATMI of US$54.8 million was down 10.7% y-o-y, mainly on lower contributions from its second US portfolio after a 90% stake divestment in 2QFY17, and forex losses.
Shares of GLP down 2 cents at $2.92.
