I met the management of Telechoice recently.  Business is improving but margins are stable.   Q1-2010 results saw revenue higher by 37% to S475.3mn and net profit up by 52.7% to S$3.0mn.   Balance sheet is strong with net cash of S$45mn or about S$0.10 per share.  There is no stated dividend policy but they have been paying out about two thirds of earnings as a dividend which gave a running yield of 7-8% based on 2009 earnings.  Assuming the same payout ratio in 2010 of 1.7 cents - investors should expect a dividend yield of at least 7-85 at the current price of S$0.22.

Liquidity is an issue so this is not for trading but for medium term investors looking for a better return than cash.  ST Telemedia controls 50.5% while founder Clive Lim owns about 19.4% of the company.