SIF Banat-Crisana and SIF Oltenia – Preliminary net profit and expected 2011 DPS

Thus, SIF1 reported a preliminary net profit of RON 66.0 mn while SIF5 had a net profit of RON 83.6 mn. Assuming similar pay-out ratios to those from our latest update, namely 90% for SIF1 and 80% for SIF5, we reach an expected DPS of RON 0.108 for SIF1 and RON 0.115 for SIF5. Based on yesterday closing prices, the implied yields are 11.8% for SIF1 and 10.3% for SIF5. We view these figures as neutral since the expected DPS are close to our estimates from the latest update.

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