Lee Metal at least 6% dividends since 2009!!
I compiled some info for referencing. Available for CPF investing too.

Profitable since 2005 (that’s as far as I can go from the 2009 annual report)
Despite being in a cyclical industry, Lee Metal has been profitable since 2005, even in 2008/2009.
S$m | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
Sales | 690.3 | 1,112.5 | 1,537.7 | 1,471.4 | 983.9 | 831.5 | 773.6 | 696.2 | 635.9 | 519.3 | 445.4 | 318.6 |
Net profit | 7.1 | 10.3 | 15.5 | 20.4 | 29.9 | 22.5 | 18.9 | 26.9 | 40.2 | 33.1 | 15.6 | 13.3 |
EPS | 0.020 | 0.025 | 0.035 | 0.040 | 0.058 | 0.048 | 0.040 | 0.057 | 0.085 | 0.070 | 0.033 | 0.028 |
DPS | 0.002 | 0.018 | 0.012 | 0.013 | 0.030 | 0.025 | 0.020 | 0.025 | 0.035 | 0.030 | 0.020 | 0.020 |
payout | 10.2% | 71.1% | 34.0% | 32.6% | 51.7% | 52.1% | 50.1% | 44.1% | 41.4% | 43.0% | 61.0% | 71.2% |
While profit has declined with the tough environment, FCF yield has remained at least 9% in the last 5 years. For FY16, generated 20% free cash flow yield!!!
2012 | 2013 | 2014 | 2015 | 2016 | |
OCF | 63.5 | 23.7 | 43.6 | 74.1 | 31.1 |
Capex | (13.0) | (10.7) | (5.5) | (19.9) | (2.8) |
FCF | 50.5 | 13.0 | 38.1 | 54.3 | 28.3 |
PBT | 32.0 | 47.9 | 37.6 | 18.4 | 14.8 |
Dep | 4.9 | 7.0 | 10.1 | 11.8 | 10.7 |
FCF yield | 36.1% | 9.3% | 27.2% | 38.8% | 20.2% |
FCF/share | 0.106 | 0.027 | 0.080 | 0.114 | 0.060 |
With its strong cash flow generation- has moved from net debt of S$80m in 2013 to net cash of S$8.5m in just 3 years, and that is while paying S$0.085 of dividends in total from 2013-2015!
2012 | 2013 | 2014 | 2015 | 2016 | |
cash | 25.2 | 50.0 | 46.1 | 68.7 | 69.1 |
fixed deposit | 48.7 | 65.2 | 42.9 | 27.8 | 28.8 |
debt | (139.2) | (195.8) | (142.5) | (105.3) | (89.3) |
net cash | (65.2) | (80.7) | (53.5) | (8.9) | 8.5 |
Good pay master
Has been constantly paying out dividends. While DPS was cut in 2015, it still translates to 6.8% yield.
2012 | 2013 | 2014 | 2015 | 2016 | |
DPS | 0.0250 | 0.0350 | 0.0300 | 0.0200 | 0.0200 |
EPS | 0.0567 | 0.0846 | 0.0698 | 0.0328 | 0.0281 |
payout | 44.1% | 41.4% | 43.0% | 61.0% | 71.2% |
FCF yield | 36.1% | 9.3% | 27.2% | 38.8% | 20.2% |
FCF/share | 0.106 | 0.027 | 0.080 | 0.114 | 0.060 |
dividend yield | 8.5% | 11.9% | 10.2% | 6.8% | 6.8% |
Improving outlook?- is the worst over? , coming off a low base?
We note that profit has dropped from S$40m in 2013 to S$13.3m in 2016. (although we note that part of it is due to higher depreciation expense (non-cash)) . 2017 construction demand is expected to be between $28b-35b , similar to 2016 of $27b-34b. + Steel prices have been on the rise…
Valuations: Currently trading at 10.5x PE, not cheap. But given the strong free cash flow generation and good dividend yield and excellent track record of earnings. Believe it is worth a look (esp with the volume in the chart see next few pages)
Daily chart- interesting surge in volume with prices remaining stable between S$0.29-0.295.

Weekly chart

Look at the long monthly tails in 2015- breakout to S$0.355

Dividend Payouts over the last 10 years
Dividend Yield(TTM) = 6.90%
Year | Yield | Amount | Ex Date | Pay Date | Particulars |
2017 | 3.45% | SGD 0.01 | 2017-04-26 | 2017-05-22 | SGD 0.01 ONE-TIER TAX |
2016 | 6.90% | SGD 0.003 | 2016-11-21 | 2016-12-09 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2016-08-31 | 2016-09-15 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2016-06-08 | 2016-06-24 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2016-04-27 | 2016-05-23 | SGD 0.01 ONE-TIER TAX | ||
2015 | 6.90% | SGD 0.003 | 2015-11-23 | 2015-12-11 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2015-09-01 | 2015-09-16 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2015-06-08 | 2015-06-24 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2015-04-28 | 2015-05-22 | SGD 0.01 ONE-TIER TAX | ||
2014 | 12.07% | SGD 0.003 | 2014-11-24 | 2014-12-12 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2014-09-01 | 2014-09-16 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2014-06-06 | 2014-06-24 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2014-04-28 | 2014-05-23 | SGD 0.01 ONE-TIER TAX | ||
SGD 0.015 | 2014-04-28 | 2014-05-23 | SGD 0.015 ONE-TIER TAX | ||
2013 | 8.62% | SGD 0.003 | 2013-11-25 | 2013-12-13 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2013-08-30 | 2013-09-16 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2013-06-06 | 2013-06-24 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.005 | 2013-04-30 | 2013-05-23 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.01 | 2013-04-30 | 2013-05-23 | SGD 0.01 ONE-TIER TAX | ||
2012 | 6.90% | SGD 0.003 | 2012-11-23 | 2012-12-14 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2012-08-29 | 2012-09-14 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2012-06-05 | 2012-06-22 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2012-05-03 | 2012-05-25 | SGD 0.01 ONE-TIER TAX | ||
2011 | 8.62% | SGD 0.003 | 2011-11-29 | 2011-12-16 | SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2011-08-29 | 2011-09-16 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2011-06-07 | 2011-06-24 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2011-05-03 | 2011-05-27 | SGD 0.01 ONE-TIER TAX | ||
SGD 0.005 | 2011-05-03 | 2011-05-27 | SGD 0.005 ONE-TIER TAX | ||
2010 | 6.90% | SGD 0.003 | 2010-11-29 | 2010-12-17 | THIRD SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2010-08-30 | 2010-09-17 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2010-06-14 | 2010-06-25 | FIRST INTERIM SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2010-05-03 | 2010-05-27 | SGD 0.01 ONE-TIER TAX | ||
2009 | 6.90% | SGD 0.003 | 2009-11-26 | 2009-12-18 | THIRD INTERIM SGD 0.003 ONE-TIER TAX |
SGD 0.005 | 2009-08-21 | 2009-09-11 | SGD 0.005 ONE-TIER TAX | ||
SGD 0.002 | 2009-06-08 | 2009-06-25 | SGD 0.002 ONE-TIER TAX | ||
SGD 0.01 | 2009-04-30 | 2009-05-28 | SGD 0.01 ONE-TIER TAX | ||
2008 | 4.48% | SGD 0.003 | 2008-08-21 | 2008-09-12 | SGD 0.003 ONE-TIER TAX |
- | 2008-08-11 | - | 1 WT FOR 5 SH OFFER OF 1 FOR 5 @ SGD 0.05 | ||
SGD 0.01 | 2008-04-25 | 2008-05-15 | SGD 0.01 ONE-TIER TAX | ||
2007 | 3.45% | SGD 0.002 | 2007-08-20 | 2007-09-05 | (LST INTERIM) SGD 0.002 LESS TAX |
SGD 0.008 | 2007-04-27 | 2007-05-16 | SGD 0.008 LESS TAX |