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,
"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
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
($1 = 28.895 baht)