gradual climb, page-18

SPN is one of the best yielding defensive stock in town now. It is the only one with franking (vs DUE and SKI).

Using historical 35% franking for guided 8.2c DPU, the regrossed DPU is around 9.29 with a forward yield of 9.15%. This compares favourably with DUE's 8.25% and SKI's 7.33%.

As SPN has guided for resumption in DPU growth for the next 2 years (vs 4 years of flat DPU)and S&P has included in S&P ASX 100 indices:

http://asx.com.au/asxpdf/20120601/pdf/426lwl1mtwb2fd.pdf

We should expect a resumption of uptrend once the current rights raising is over.