TCL -0.47%: the toll road operator upgraded guidance for the current FY today, though it failed to carry shares higher. The company now expects distributions for FY23 of 58cps, up 1c from prior guidance but up 41.5% from FY22. The upgrade translates to an expected final dividend of 31.5cps with management saying traffic numbers continue to show strong momentum. Earnings will also be supported by better-than-expected financing outcomes.
MM is neutral TCL
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