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Share Name Share Symbol Market Type Share ISIN Share Description
Steppe Cement Ltd LSE:STCM London Ordinary Share MYA004433001 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 41.50 40.00 43.00 41.50 41.00 41.50 54,458 08:07:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 54.7 9.6 3.7 10.1 91

Steppe Cement Share Discussion Threads

Showing 5026 to 5050 of 5375 messages
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DateSubjectAuthorDiscuss
06/11/2022
23:38
2022 has been much better than 2021, and is, in effect already in the bag with the season coming to a close as winter draws in, look at what Vicat and Heidelberg also say in their results. Big boost also from the multi-million influx of Russians to real estate and construction, many good people now moving to Kazakhstan to live and work, and more to come.
wilo101
06/11/2022
21:29
So a 5p dividend should be at a 8% yield, giving a share price of 62.5p. That sounds a satisfactory start.

But Mattjos was arguing for a 2023 dividend (payable just over 8 months from now) of 6p, which at 8% yield would equate to a share price of 75p.

bluemango
06/11/2022
16:16
What divi yield do people seriously think this should trade on?Sorry Mattjos, but for me a 6p yield does not equal a 120p share price. With the yield on offer from US treasuries I think this needs a far higher discount for a number of reasons: operational risk, currency risk, cyclicality, jurisdictional risk, etc. If US govt long term debt yields 4%, for example, this should yield at least double that, imho. Assuming a 5p yield, that would be 62.5p
leopoldalcox
06/11/2022
13:46
The parent entity is in Labuan, not Malaysia onshore, and has always been.
wilo101
06/11/2022
13:09
There can't be any form of capital return as it stands. The group cannot move any funds up the group structure to the parent company because of the Malay tax problem. The cash is still held lower down the group ladder.

If the Malay problem can't be overcome then the group structure may need to be revamped to remove/bypass any Malaysian company but the tax domicile of the parent company has to change as well as it is Malaysian - is this even acceptable to the main shareholders?

We have to hope that the dividend route is still viable otherwise it gets very messy.

Everything is still a pure guess for anyone and it may well the board is in the same boat unfortunately.

scrwal
05/11/2022
19:08
Just pure conjecture on my behalf at this stage .. whatever they do, the shares are cheap as chips
mattjos
05/11/2022
19:07
If the 2023 sum for dividend was, say £23.1m (a 10% increase), it would then be distributed across a lower number of (now consolidated) Ordinary Shares

ie. what may have been 5.5p / shares would become 6p / share

Would make a complete mockery of current share price and propel it relatively quickly to circa £1 - £1.20, imo.

By doing things this way, it would also maintain the status quo with regards % Holdings

mattjos
05/11/2022
18:58
UK saver can get circa 3% on instant access saver account.

Let's say you have £1,000 to 'save' / invest for the short-term

Stick it in a bank and get £30

Stick it STCM at (for arguments sake) 40p by buying 2,500 shares at 40p ea.
Shortly thereafter you'll get £125 (as the Capital Return) and be able to sell your consolidated shares at circa 40p.

Clearly the ability to buy at 40p, post news issuance, will not last for long.

mattjos
05/11/2022
18:39
What likely to happen is as follows:

Each shareholder receives a 5p 'B' share for every Ordinary Share they own.

The company will then buyback all of the 'B' shares from all of the shareholders at their par value of 5p ea.

This will be carried out together with a consolidation of the Ordinary Shares & the rate of consolidation will be equal to the sums expended in issuing/buying back the 'B shares.

The net effect should be that shareholders receive the intended 5p / Ordinary share payment and the total number of the shares they own will be reduced in quantity.

The near term effect should be slightly different to a dividend as, under ordinary circumstances, the share price drops on the Ex date according to the sum of the divi payable.
On this occasion though, that 5p share price reduction will be negated by their being an equivalent reduction in the number of shares in issuance & therefore the share price should remain flat on execution.

mattjos
05/11/2022
18:07
KS, see here:

https://www.investopedia.com/terms/r/returnofcapital.asp

https://www.myerson.co.uk/business/corporate/buy-back-of-shares-and-share-capital-reductions

The company does have the necessary Retained Earnings to make such a payment

mattjos
05/11/2022
17:24
wilo, are you suggesting share buybacks instead of dividends?
king suarez
05/11/2022
16:36
2022 will be paid in 2023, not 2023,potential big deals around too.
wilo101
05/11/2022
16:35
2021 will be paid by capital return, then Malaysia will be history......
wilo101
05/11/2022
16:24
We'll know quite soon & i'm reasonably confident it will be 5p for this year and something like 5-6p for the 2023 dividend - due payable in just under 9 months time.

Call it 10p combined. Stock would very rapidly move to £1+, imo

mattjos
05/11/2022
16:13
IF the Distribution is treated as a Capital Return for UK shareholders then, is it correct to assume that it would be treated by HMRC according to Capital Gains Tax rules rather than Dividend Tax?

If so, there may be some unanticipated tax benefits for those UK investors holding some/all of the shares in a trading account rather than ISA or SIPP.

mattjos
05/11/2022
16:06
Thanks wilo …. that may well be the resolution for this year if clarification remains outstanding.

Last year's dividend was actually paid to investors on 30th July & given we are now into November, I agree with you that there will be negligible delays to payment of the 5p/share as/when they advise if it will be an Exempted Dividend or an Exempt Capital Return.

mattjos
05/11/2022
16:04
No Malaysia will be engineered out, is just an itermediary holding company between BV and Labuan, made sense at the time of creation, not now.
wilo101
05/11/2022
16:01
Given the nature and size of the majority shareholders resident in Malaysia, I am assuming they & the company (+ respective advisors) are still waiting on clarification on this point re. "Brought into Malaysia".
mattjos
05/11/2022
15:59
Will be a capital return within 11/22 and then the Malaysian intermediary company will be engineered out, cash already in Holland ready and waiting to go, 2022 better than 2021 and already in the bag so will be a bumper 8 months of cash.
wilo101
05/11/2022
15:59
There still seems to be a 'grey area' with regards:

"…..The Exemption Orders do not go further to specify when and how such income will be deemed to have been "brought into" Malaysia"

mattjos
05/11/2022
15:50
Not sure the 20% Kazakh tax is relevant as that is on trading profits - the Malay issue is linked to taxation of dividends only.

So they anticipate making an announcement but we still have no idea what it will be as all options are still in play. It could be another treading water comment.

scrwal
05/11/2022
15:42
It does'nt say WHICH November though, does it?
3800
03/11/2022
18:28
I am surprised the tax issue is still dragging on
danmart2
03/11/2022
11:40
Hovering around a 10% yield, if the tax is applied to the 5p dividend and only 3.8p received by investors.13% Yield if tax not applied.In either event, very stingy valuation & remains both a value and growth investment
mattjos
03/11/2022
10:39
wassapper was still active a couple of weeks ago but he hasn't posted on here for fifteen years...perhaps if someone proposed a brief up-to-date text he might be amenable to putting it in.
zangdook
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