Neratel

[GPD]

Q1 Y-to-Y topline increases but bottomline decreases.
Q-to-Q for last 3 Q topline decreases but bottomline increases.
Q2 not their best performing quarter (excluding once-off) based on last two FYs.
6cts div no problem if Asia System wants it.

(not vested)

A 6 cents dividend would be very welcome but, imo, unlikely unless we see a significant growth in net income. Last year's extra 2 cents was driven by the extra ordinary gain following the purchase of its Malaysian affiliate (and that affiliate's cash balance). Neratel typically runs a peak cash balance of around $40mm which then drops to around $25mm post dividend. Its management is quite conservative and I think they like this cash buffer.

(vested)

That's true although the Market may now expect it.