<div id="readability-page-1"><div>[SINGAPORE] Bukit Sembawang Estates has been identified as a “potential dividend powerhouse” by DBS Group Research, which sees the possibility of a special dividend of up to S$1 per share on the horizon.On Nov 28, DBS said the property developer’s “fortress balance sheet” is a standout among Singapore developers. With record cash reserves of S$2.25 per share and zero debt, DBS noted that the group has “exceptional financial flexibility and scope to deliver materially higher payouts”.This prospective “bonanza” special dividend of up to S$1 – which DBS said is “well within reach” – would come on top of Bukit Sembawang’s regular annual dividend, which has historically ranged between S$0.16 and S$0.20 per share.The potential for outsized capital returns serves as the primary near-term catalyst for the counter. DBS has a fair value target of S$5.88 on the stock, pegged to a 45 per cent discount to its revalued net asset value.Beyond its cash pile, the developer’s valuation is anchored by a substantial landbank of more than 1.5 million square feet, DBS said. The developer’s track record covers over 4,600 landed homes and 1,800 private residences across prime districts and landed enclaves.DBS estimated the gross development value of these assets at S$2.5 billion, or about S$9.54 per share, providing “multi-year income visibility” as it is progressively redeveloped.“Given Singapore’s acute land scarcity and tightly regulated supply, the structurally tight supply-demand backdrop continues to underpin price resilience of landed properties across cycles – making Bukit Sembawang’s landbank all the more valuable,” the bank said.</div></div>

万国公司

DBS 集团研究指出，万国公司可能成为一个潜在的分红强者，原因在于其强劲的资产负债表、零债务和创纪录的现金储备。DBS 认为，除了常规年度分红外，还有可能发放高达每股 1 新元的特别分红。该开发商的可观土地储备和估值提供了多年的收入可见性。DBS 对该股票的公允价值目标为 5.88 新元

万国公司被 DBS 视为一个 ‘潜在的股息强国’