SIA Engineering has been one of my personal favorite and a darling company for many investors which has seen its dividends grow from 16 cents to 18 cents, 20 cents, 21 cents and finally 22 cents in the past 5 years. The management has also returned shareholders value well with ROE > 20% in the past 5 years.

I last sold the shares at a price of $5.01 in Jun (before it went ex-dividend) and I bought them back today at a price of $4.61 to add to my portfolio. So why did I decide to buy them back at this price?

A quick look on its recent results for Q1 FY13 may left investors with somewhat disappointments. A company who is seen by investors to have resilient core earnings have reported dipped topline results. Revenue and Operating Profit have dropped quite a bit, by 3.7% and ...