Analisa Saham ADRO
Deutsche (DB) 23/1/2018
ADRO BUY UPGRADE TP 3200 (fr 2500)
Strong Cash Generator Indo highest dividend play for big cap? Adaro is paying out USD100mn in interim dividend, the largest interim dividend it has ever paid. It represents about 27% of the company's 9M17 NPAT with around a 2.4% dividend yield. Historically, the average percentage of interim dividend for ADRO is about 40% of the total dividend paid annually. If we assume ADRO's final dividend is 60% of the total dividend for FY17 NPAT, ADRO's yield is likely to be at 5.7% or the highest among Indonesian big cap stocks. Even assuming ADRO's final dividend is only 40% of the total dividend or similar to 2016, ADRO's yield would be at 3.8%, still the second highest yield for a big cap.
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