I took some notes while looking through SPH’s Q1 report (notes here). Here are more notes. (Click to see larger chart) This chart starts from Jan 2002 to Early 2012. So its roughly 9 years. There was a sharp drop, which was due to a 5 for 1 stock split in 2004. In early 2002, SPH started off at $22.70. That is approximately $4.54 in current price. Since 2008, we have not reached that price for 3 years. (Click to see larger chart) Total dividend collected is 72,48% for the 9 years.  Total unrealized gains is –14.32%. Total returns 58,16%. Annualized dividend returns is 6.2%. Annualized total returns is 5.2%. Dividends accounted for 100% of the gains. The entry price, in this case is perhaps expensive. i draw comparison between this and China Merchant Pacific (analysis here), which is essentially a toll ......