San Miguel Corp. : SMGBF-US: Dividend Analysis : April 07th, 2017 (record date) : By the numbers : April 17, 2017

Our analysis is based on comparing San Miguel Corp. with the following peers – Royal Dutch Shell Plc Sponsored ADR Class A, PetroChina Company Limited Sponsored ADR, Japan Tobacco Inc. and Thai Beverage Public Co., Ltd. (RDS.A-US, PTR-US, JAPAF-US and TBVPF-US).

San Miguel Corp.’s dividend yield is 1.31 percent and its dividend payout is 34.56 percent. This compares to a peer average dividend yield of 1.60 percent and a payout level of 68.41 percent. This relatively lagging dividend performance could spur some dividend action going forward – as long as the company’s relatively strong dividend quality score of 83 out of a possible score of 100 looks sustainable.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to December 31, 2016), SMGBF-US paid a high quality dividend, which represents a yield of 1.35% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 3 were high quality and 2 were low quality.
  • The ending cash balance, with a dividend coverage of 23.83x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to December 31, 2016), SMGBF-US paid a high quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 10.12x), investing cash flow (coverage of -4.03x), issuance cash flow (coverage of -2.46x) and twelve-month prior cash (coverage of 22.63x), for a total dividend coverage of 24.83x.

SMGBF-US‘s issuance cash flow includes outflows from net debt repayment (coverage of -4.12x).

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s dividends are wholly paid from operating and investing cash flows net of any debt repayments, which suggests a high dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 4.13 7.7 5.57 8.53 3.94 1.31
Dividend Payout (%) 16.14 10.48 37.02 55.3 34.56 34.56

A complete list of metrics and analysis is available on the company page.

Company Profile

San Miguel Corp. engages in the manufacture and sale of beverage, food, and packaging products. It operates through the following segments: Beverages, Food, Packaging, Energy, Fuel & Oil, Infrastructure and Telecommunications. The Beverage segment produces and markets alcoholic and nonalcoholic beverages. The Food segment includes feeds production, poultry and livestock farming, processing and selling of poultry and meat products, processing and marketing of refrigerated and canned meat products, manufacturing and marketing of flour products, premixes and flour-based products, dairy-based products, breadfill, desserts, cooking oil, importation and marketing of coffee and coffee-related products. The packaging segment is involved in the production and marketing of packaging products including, glass containers, glass molds, polyethylene terephthalate (PET) bottles and preforms, PET recycling, plastic closures, corrugated cartons, woven polypropylene, kraft sacks and paperboard, pallets, flexible packaging, plastic crates, plastic floorings, plastic films, plastic trays, plastic pails and tubs, metal closures and two-piece aluminum cans, woven products, industrial laminates and radiant barriers. The Energy segment is engaged in power generation, distribution and trading and coal mining. The Fuel & Oil segment is engaged in refining and marketing of petroleum products. The Infrastructure segment is engaged in the business of construction and development of various infrastructure projects such as airports, roads, highways, toll roads, freeways, skyways, flyovers, viaducts and interchanges. The Telecommunications segment is engaged in rendering all types of domestic and international telecommunications services. The company was founded in 1890 and is headquartered in Mandaluyong, Philippines.


The information presented in this report has been obtained from sources deemed to be reliable, but AnalytixInsight does not make any representation about the accuracy, completeness, or timeliness of this information. This report was produced by AnalytixInsight for informational purposes only and nothing contained herein should be construed as an offer to buy or sell or as a solicitation of an offer to buy or sell any security or derivative instrument. This report is current only as of the date that it was published and the opinions, estimates, ratings and other information may change without notice or publication. Past performance is no guarantee of future results. Prior to making an investment or other financial decision, please consult with your financial, legal and tax advisors. AnalytixInsight shall not be liable for any party’s use of this report. AnalytixInsight is not a broker-dealer and does not buy, sell, maintain a position, or make a market in any security referred to herein. One of the principal tenets for us at AnalytixInsight is that the best person to handle your finances is you. By your use of our services or by reading any our reports, you’re agreeing that you bear responsibility for your own investment research and investment decisions. You also agree that AnalytixInsight, its directors, its employees, and its agents will not be liable for any investment decision made or action taken by you and others based on news, information, opinion, or any other material generated by us and/or published through our services. For a complete copy of our disclaimer, please visit our website