Market Talk (SECB)

Banks: SECB declares PHP1 cash dividend. Security Bank Corp (SECB – BUY) declared a regular semestral cash dividend of  PHP0.50/sh and a special cash dividend of PHP0.50/sh for a total PHP1/sh cash dividend. Record date is on 7 May, while payment date is on 2 June. We estimate SECB will declare another PHP1/sh cash dividend in 2H14, bringing total dividends for the year to PHP2/sh. Based on yesterday’s closing price, this translates to a 1.8% dividend yield.