PNB has already recovered so it may start giving dividends to take up the slack in LTG's declining tobacco earnings. Even if PNB will not give out dividends LTG has accumulated huge Retained Earnings that it can draw out from. It has even managed to increase its Retained Earnings last year even if its giving out hefty dividends. For comparison LTG's Retained Earnings end of 2003 is 159 Billion compared to AC's - 298 Million and SM's - 480 Million only.
LTG: Divs .30 May 31, +.15+.15 Mar 8; Gross,Rev-115B, Gross Expense 94B, Income After Tax 34B, Earnings/share 2.35...This stock appears much better than many other performing stocks (even if divs won't be sustained due to tobacco taxes -bawasan man 15%- it would still be better than many stock giving divs)...dont underdstand why hold/neutral.
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PNB has already recovered so it may start giving dividends to take up the slack in LTG's declining tobacco earnings. Even if PNB will not give out dividends LTG has accumulated huge Retained Earnings that it can draw out from. It has even managed to increase its Retained Earnings last year even if its giving out hefty dividends.
For comparison LTG's Retained Earnings end of 2003 is 159 Billion compared to AC's - 298 Million and SM's - 480 Million only.
LTG: Divs .30 May 31, +.15+.15 Mar 8; Gross,Rev-115B, Gross Expense 94B, Income After Tax 34B, Earnings/share 2.35...This stock appears much better than many other performing stocks (even if divs won't be sustained due to tobacco taxes -bawasan man 15%- it would still be better than many stock giving divs)...dont underdstand why hold/neutral.
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