Dtac dividend payment drives share price
Total Access Communication Plc (Dtac) becomes the most active stock today with turnover so far worth over Bt2 billion, following the announcement of a special interim dividend.
Shin Corporation Plc, ranked the second, showed the turnover of Bt417 million.
As of 11.20am, Dtac share price went up by Bt9.25 or 11.35 per cent to Bt90.75.
Yesterday, the board of directors announced a special dividend of Bt16.46 per share or a total of Bt38.97 billion, for the 9-month operations this year.
It also signed a Bt30 billion loan agreement with a Thai bank for capital restructuring. Out of this, Bt20 billion is a term loan, while another Bt10 billion is a revolving credit facility.
According to DBS Vickers Securities (Thailand), after the deal, Dtac’s net gearing will rise to 0.73 time from a net cash position. Dtac had cash on hand of Bt27.2 billion at the end of the third quarter. Net debt/EBITDA will rise to 0.90 time from net cash, while return on equity will improve to 32 per cent of 2013 forecast earning, from 17 per cent from the 2011 forecast.
The house has lowered the 2012 and 2013 forecast earnings by 4.9 per cent and 5.5 per cent, respectively, due to higher interest expenses, following the increase in debt.
