"What dividends will the Financial Investments Companies (SIFs) grant?" is the usual question asked at the Bucharest Stock Exchange (BSE) at the beginning of every year. Each and every broker or investor is trying hard to determine which SIF is worth investing in, as the potential short-term gain is rather important.
Considering the dividend policy enforced by the SIFs in the last years, the brokers say investors may be paid dividends of 400-500 ROL per share for every SIF this year. Moreover, brokers claim the SIF assets currently trading at lower prices are actually more valuable. This is the case of SIF Oltenia and SIF Moldova.
Depending on what SIF shares the investors are going to buy, they might yield 10% - 15% in only four months, which corresponds to an annual gain of some 25%, if we take into consideration the dividends alone, excluding the possible surges of the stock prices. In comparison, the banking interest rates amount to 18% for the one-year deposits in ROL.
"Given the profit posted by the SIFs in 11 months in 2003, they may secure an annual yield of dividends averaging 23% - 25% versus the current quotation. But the performance is 50% higher than the profit reported by the monetary market, in line with a greater risk," says Emil Ogica, president of the brokerage company Intercapital Invest.
All five SIFs have been enforcing policies that did not result in a very large gap among dividends. Therefore, although the profits reported in 2002 differed substantially, the net dividends for natural persons ranged between 280-410 ROL per share.
"It was obvious the SIFs managers had been trying in the last years to homogenise somehow the dividends' level and to make them more predictable," Alin Brendea, head of operations at Prime Tranzaction claims. laurentiu.ispir@zf.ro
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