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2009-6-16 08:39:00 a.m. HKT, XFNA
DJ MARKET TALK:Fat Div Set To Limit Any VTech Fall On Pft Decline
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| 0822 [Dow Jones] VTech (0303.HK) unlikely to fall much despite reporting FY results down 33.6% on-year at US$143.2 million, falling short of US$152.2 million tipped by Thomson Reuters, as fat final dividend of 41 US cents (HK$3.20) per share alone yields 8.0%, lending ample support. Also, if excluding forex losses, bottom-line only down 16.7%. Support may also come from South China Morning Post report quoting Chairman Allan Wong as saying VTech would expand operations in Asia Pacific, aiming to double revenue from region (currently less than 10% of total revenue) by end of this year; company announces new 3-year contract to supply fixed-line phones to Telstra, marking VTech's first direct presence in Australia. Stock ended +1.8% at HK$40.20 yesterday; hasn't traded below HK$39.00 in June, unlikely to be troubled. (RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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