Soalan/Question 4 Harga dagangan syer Syarikat Peyhout adalah RM10. Syarikat ini mempunyai sebanyak 100,000 saham yang dibenarkan. Sebanyak 60,000 saham diterbit dan dibayar secara penuh. Pendapatan bersih tahunan Peyhout dijangka sebanyak RM100,000. Pemegang saham meluahkan dua pandangan yang berlainan. Pandangan yang pertama adalah Peyhout patut membayar dividen sebanyak RM1 untuk setiap saham. Pandangan yang kedua adalah Peyhout patut membeli semula sahamnya. Peyhout Company's shares are currently trading at RM10. The company's number of authorised shares is 100,000 shares, out of which 60,000 shares are issued and fully paid up. Peyhout's net income for the year is likely to be RM100,000. There are two views from the shareholders. The first is that Peyhout should pay dividend of RM1 per share. The second view is that Peyhout should repurchase shares. (a) (b) (c) (d) Sekiranya Peyhout membayar dividen sebanyak RM1 untuk setiap saham, apakah yang berlaku kepada harga saham, nilai pasaran ekuiti, pendapatan setiap syer dan nisbah harga pendapatan. If Peyhout pays dividends of RM1 per share, determine what will happen to its share price, equity market value, earnings per share and price to earnings ratio. (8 markah/marks) Sekiranya Peyhout membeli semula saham dengan jumlah aliran tunai yang sama seperti sinario 'bayar dividen' di (a), tentukan apakah yang berlaku kepada harga saham, nilai pasaran ekuiti, pendapatan setiap syer dan nisbah harga pendapatan. If Peyhout repurchases shares such that the total cash outflow is the same as the 'pay dividends' scenario in (a) above, what will happen to its share price, equity market value, earnings per share and price to earnings ratio. (8 markah/marks) Berdasarkan kepada hasil anda di (a) dan (b) sahaja, patutkah Peyhout membayar dividen RM1 setiap saham atau membeli semula sahamnya? Selain daripada pertimbangan ini, bincangkan DUA(2) lagi faktor lain yang anda patut pertimbangkan untuk memilih di antara opsyen dividen dan membeli semula saham? Drawing purely from your findings in (a) and (b) above, is it better for Peyhout to pay dividends of RM1 per share or to repurchase shares? Besides this consideration, discuss TWO(2) other factors you would consider when you are to choose between dividends and share repurchase? (6 markah/marks) Sekiranya kebanyakan daripada pemegang saham Peyhout membayar cukai pendapatan pada kadar yang tinggi, adakah mereka lebih cenderung terhadap pembayaran dividen ataupun pembelian semula saham oleh Peyhout? Mengapa? If most of Peyhout's shareholders are in the high income tax bracket, would they prefer Peyhout to pay more dividends or to repurchase more shares? Why? (3 markah/marks) Soalan/Question 4 Harga dagangan syer Syarikat Peyhout adalah RM10. Syarikat ini mempunyai sebanyak 100,000 saham yang dibenarkan. Sebanyak 60,000 saham diterbit dan dibayar secara penuh. Pendapatan bersih tahunan Peyhout dijangka sebanyak RM100,000. Pemegang saham meluahkan dua pandangan yang berlainan. Pandangan yang pertama adalah Peyhout patut membayar dividen sebanyak RM1 untuk setiap saham. Pandangan yang kedua adalah Peyhout patut membeli semula sahamnya. Peyhout Company's shares are currently trading at RM10. The company's number of authorised shares is 100,000 shares, out of which 60,000 shares are issued and fully paid up. Peyhout's net income for the year is likely to be RM100,000. There are two views from the shareholders. The first is that Peyhout should pay dividend of RM1 per share. The second view is that Peyhout should repurchase shares. (a) (b) (c) (d) Sekiranya Peyhout membayar dividen sebanyak RM1 untuk setiap saham, apakah yang berlaku kepada harga saham, nilai pasaran ekuiti, pendapatan setiap syer dan nisbah harga pendapatan. If Peyhout pays dividends of RM1 per share, determine what will happen to its share price, equity market value, earnings per share and price to earnings ratio. (8 markah/marks) Sekiranya Peyhout membeli semula saham dengan jumlah aliran tunai yang sama seperti sinario 'bayar dividen' di (a), tentukan apakah yang berlaku kepada harga saham, nilai pasaran ekuiti, pendapatan setiap syer dan nisbah harga pendapatan. If Peyhout repurchases shares such that the total cash outflow is the same as the 'pay dividends' scenario in (a) above, what will happen to its share price, equity market value, earnings per share and price to earnings ratio. (8 markah/marks) Berdasarkan kepada hasil anda di (a) dan (b) sahaja, patutkah Peyhout membayar dividen RM1 setiap saham atau membeli semula sahamnya? Selain daripada pertimbangan ini, bincangkan DUA(2) lagi faktor lain yang anda patut pertimbangkan untuk memilih di antara opsyen dividen dan membeli semula saham? Drawing purely from your findings in (a) and (b) above, is it better for Peyhout to pay dividends of RM1 per share or to repurchase shares? Besides this consideration, discuss TWO(2) other factors you would consider when you are to choose between dividends and share repurchase? (6 markah/marks) Sekiranya kebanyakan daripada pemegang saham Peyhout membayar cukai pendapatan pada kadar yang tinggi, adakah mereka lebih cenderung terhadap pembayaran dividen ataupun pembelian semula saham oleh Peyhout? Mengapa? If most of Peyhout's shareholders are in the high income tax bracket, would they prefer Peyhout to pay more dividends or to repurchase more shares? Why? (3 markah/marks)