SYD’s FY16 results were in line with market forecasts.
EBITDA of $1.1b and DPS at $0.31. The company has flagged a
higher than expected FY17 distribution of $0.33
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FY18 we assume EBITDA increasing to $1.2 billion and based on DPS of $0.35 the stock trades on a forward yield of 5.6%.
Our preference remains TCL over SYD.
