SIF2, SIF3 and SIF4 – preliminary net profits and expected 2011 DPS

Thus, SIF2 reported a preliminary net profit of RON 191.5 mn, SIF3 a prelim net profit of RON 207.8 mn, while SIF4 had a net profit of RON 65.3 mn. Assuming similar pay-out ratios to those from our latest update, namely 80% for SIF2 and SIF3 and 90% for SIF4 (close to 2010 level), we reach an expected DPS of RON 0.295 for SIF2 and RON 0.152 for SIF3 and RON 0.073 per SIF4. Based on the last closing prices, the implied dividend yields are strong for SIF2 and SIF3, namely 24% and 26%, while for SIF4 the implied yield stands a 13%.

We view the news as positive as even if the payout ratios are lower than our estimates the dividend yields would remain substantial.

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