Media: GMA declares PHP0.27/sh regular cash dividend.
GMA Network Inc (GMA7/ GMAP – SELL) disclosed its board of directors approved yesterday the declaration of regular cash dividends of PHP0.27/sh to stockholders of record as of 24 April payable on 19 May for common and preferred shares and on 20 May for PDR holders. This implies a dividend payout ratio of around 78% based on our 2013 EPS stimate of PHP0.34/sh. The PHP0.27/sh regular cash dividend is slightly higher than our PHP0.26/sh estimate and translates to a dividend yield of 3.5% based on yesterday’s closing price.
Utilities: MER signs interim power supply agreements for summer.
Manila Electric Co (MER – HOLD) disclosed that it signed interim power supply agreements (IPSA) with three power companies for a total capacity of up to 204 MW. The IPSAs were intended to address the increase in demand and mitigate exposure to the Wholesale Electricity Spot Market (WESM) during the summer months. In particular, it signed IPSAs with Toledo Power Co (TPC) for up to 28 MW and an option of nine (9) MW. With Panay Power Corp (PPC) the option is up to 27 MW, with both contracts covering 1 April to 30 June period. MER also signed an IPSA with 1590 Energy Corp for up to 140 MW from the Bauang power plant which will become effective upon the final approval from regulators. This will expire on 30 June 2014 but subject to earlier termination or extension.
-ATR Kim Eng
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