STOCKS NEWS THAILAND-Total Access at all-time high after high Q1 dividend
Total Access Communication Pcl's shares rose to an all-time high after the second-largest mobile phone operator in Thailand announced high dividend payout for the first quarter.
The stock was up 4.8 percent at 109 baht at midday, after hitting a record high of 109.5 baht. The main SET index was up 0.97 percent.
Total Access Communication reported a 1 percent rise in quarterly net profit at 3.03 billion baht ($105 million) on Wednesday, weighed down by a one-time expense. Stripping out the one-off item, core earnings were above market estimates, analysts said.
"Non-voice revenue continued to grow at a stellar pace of 49.6 percent. With this remarkable growth, capex guidance for 2013 has been revised up ... signalling that the firm is more confident in the success of the 3G 2.1GHz service," KGI Securities said in a report on Thursday.
"Despite the higher capex, we believe the firm can maintain a 100 percent dividend payout ratio," the broker said.
Total Access Communication announced a dividend per share of 1.12 baht for the January-March quarter, an 87 percent payout ratio.
KGI forecast a dividend per share of 4.8 baht for 2013, implying a dividend yield of 4.6 percent.
1416 (0716 GMT)
(Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu)
($1 = 28.895 baht)
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