If market believes in a growth story (exponential not keeping up with GDP) it wouldn't expect or want a dividend - it invests for the cash flows to come years down the track
If market believes a company is mature and its days of exponential growth are behind it thus not needing to reinvest cash in NPV growth opportunities then it will expect a dividend and a smaller portion retained to fund WC in line with marginal growth around GDP
SGH situation is extraordinary. How will the market perceive no dividend: (a) a company playing catch up with its growth potential or (b) a company in trouble not able to pay a dividend and little hope for growth above GDP.
I can't say how the market will react (perception) but I am certain in three years, assuming it has matured with no further acquisitions and growth around 7% averaged across all divisions, then it will be a good solid dividend paying company and the SP will have caught up to reflect that.
