As some readers already know, I am a believer of dividends more than other things and take my time to analyse these. To me, corporate action is important as nobody sane would take out his wallet and throw his money without ample thinking.Without further ado, Here are the salient points 1) 16 years of history available. 2) skipped dividends 2004-6, 2009-13. Thus highly erratic pattern. Likely point to cyclical business and cyclical cash flow 3) 2 right issue 2000 and 2008. something which doesn't look good in view of the erratic dividend history. 4) no discernible raised trend can be seen. I shall give it a miss. IMO this counter, since dividends cannot be relied upon based on the above analysis, one will need to use share price gains to make money. Question is when will that happen? What if it doesn't? Then what? Dividends represent cash flow and ......