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Large-cap Asian stocks such as banks and property developers in Hong Kong and Singapore have declined so much over the past 12 months that they are now paying their best dividends in years, traders say.
They add that as markets are expected to remain volatile in the coming months, investors should seek safety in counters such as these that pay out a steady income.
In Hong Kong, state-owned Industrial and Commercial Bank of Chinahas declined about 26.8 percent to HK$4.73 (61 US cents) over the past 12 months, and is now yielding 5.9 percent. Singapore’s DBS Group , Southeast Asia’s largest lender, has declined nearly 10.1 percent to S$13.34 ($10.44) and is yielding about 5 percent.
Among property counters in Singapore, Keppel Landhas lost 27.4 percent of its value over the past 12 months to close at S$2.92 on Tuesday. It now has a dividend yield of 6.9 percent. Guocolandhas declined 28.5 percent to S$1.60 and is now yielding 5.1 percent.
Jake Chow, Associate Vice President of Dealing at the brokerage CIMB Securities in Singapore said these counters are looking very attractive after the selloff and provide good income even if the rest of the market continues to be volatile.
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