<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>

萬國公司

DBS 集團研究指出，萬國公司可能成為一個潛在的分紅強者，原因在於其強勁的資產負債表、零債務和創紀錄的現金儲備。DBS 認為，除了常規年度分紅外，還有可能發放高達每股 1 新元的特別分紅。該開發商的可觀土地儲備和估值提供了多年的收入可見性。DBS 對該股票的公允價值目標為 5.88 新元

萬國公司被 DBS 視為一個 ‘潛在的股息強國’