5509 NCB

NCB is involved in providing services in the transport and logistics sector, a key and one of the largest logistics player in Malaysia; primarily via 100% owned North Port, 100% Kontena Nasional Bhd, plus related and associated companies locally and overseas.
NCB have been a consistently profit performer and distributing increasing dividends to shareholders (based on recent financial reports); some of which are listed below.
DIVIDENDS (Recent history only)

• FY2012 Nett 56.00sen (Special Interim 56sen single tier ex-date 16May12)
• FY2011 Nett 61.25sen (Special Interim 59sen less tax, Interim 7sen single tier, Final 10sen single tier)
• FY2010 Nett 27.75sen (Interim 7sen less tax, Final 10sen less tax, Special Interim 20sen less tax)
• FY2009 Nett 21.00sen (Interim 7sen less tax, Final 10sen less tax, Special Interim 11sen less tax)

RETAINED EARNINGS (Distributable Only)

• 1Q2012 : RM1109million
• FY2011 : RM1059million     FY2010 : RM1245million     FY2009 : RM1180million 

OTHERS

• 1Q2012 : EPS : 10.5sen   NTA : 358sen   PE : 10.0     Price: 4.19 (29May12)

MY TAKE: Given the price movement over the last 4 years (2009-2012), a consistent pattern with price hike after the big fat dividend announcement. The question is will NCB do a 3rd special dividend? If so, when (given the special dividends were announced on different time of the year in 2011 and 2012)? My take is high odds that will recur given the high amount in retained earnings.
UPDATE: April announcement by PM that 10 companies to be disposed by PNB/Khazanah (5 each). PNB may dispose non-core assets and NCB is expected to be one of the 5 M&As target
note: all data from local exchange website, and for any error here refer to local exchange website for accuracy. all analysis herewith is for personal purposes only