Silverlake Axis: 4QFY16 earnings lagged as cost outpaced sales; dividends cut
-4QFY16 net profit RM77.2m (+3%), FY16 earnings RM 273.8m (-3%) - 95% of consensus
-4QFY16 revenue RM166.9m (+32%) - maiden contribution from Symmetri and lifted by FX
-Bottom line negated by absence of divestment gain, FX loss, admin cost from Symmetri, loss from associates and JVs
-Proposed a lower final DPS of 1¢ (4QFY15: 1.2¢), bringing full-year payout to 3¢ (FY15: 4.2¢).
-Outlook remains challenging, venturing into fintech to stay relevant
-trading at 15.1x FY17e P/E. Street has 2 Buy and 1 Hold rating, with mean TP of $0.68
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