18 June 2004 03:44
Market reaction to Sberbank dividends neutral
MOSCOW. June 18 (Interfax) - There was a neutral reaction on the Russian stock market to news that Sberbank will pay
2003 dividends at 134.5 rubles per common and 2.88 rubles per preferred share.
Players say that the news came as no surprise and the figures were already reflected in prices.
Sergei Suverov of Zenit bank agrees that the dividends are already
reflected in share prices. "The main question for investors now is
As of 4:20 p.m., Moscow time, on the MICEX, Sberbank common and
preferred shares were down 1.1% to 11,770 rubles and 2.2% to 140.41
The market expected such dividends so there was no major movement in the Sberbank share sector, said Alexander
Baranov, an asset manager at the Prospekt brokerage. "Investors are looking at the relation between dividends and
market share prices rather than share par value," he said. "The Sberbank dividends are about 1% of market
price, which is comparable to fluctuations in one trading day. Thus, there is no reason to buy or sell the shares,"
he added.
whether Sberbank will increase the share of dividend payments in net profit, which management does not look keen on.
However, there is some progress in Sberbank dividends (their share in net profit is growing by 1% - from 6% in 2001 to
8% in 2003). The company remains one of the most conservative among the blue chips," he said.
"To compare: dividends for the main blue chips account for 15% of net profit, double Sberbank's
figure," Suverov said.
rubles, respectively. [RU ASIA EUROPE EEU EMRG STX BNK INSI] me
[Interfax] |
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