JCY and the "touching" Dividend of less than a Sen

I wrote about the blunder I made by buying the technology stock in June 2010 before the Euro Debt Crisis was highlighted. As everyone knows, the IPO for JCY listed late in 2009 was 1.60 so who would blame me when I rushed in to buy it as it started to fall below the offer price? My only guilt was I did not read about the chip makers' supplier's news a week before! It was so funny that as it was falling, I kept on buying on the basis of dollar cost averaging. I only stopped when I read the news belatedly!

I bought the technology stock because I wanted to diversify my portfolios, as simple as that. Unfortunately I went in with the wrong step. My spirit lifted a bit a couple of months back when the JCY CEO maintained that this industry is cyclical and the time will come (When oh When?) that it will pick up again. So I am supposed to leave my money to hibernate in the market till such  a time comes. I kind of decided to just let it be and not to think much of the stock for the time being. Let us see the development by 2012.

So it is indeed a surprise that JCY announced a dividend of 0.75 sen in the last week of December 2010. Oh gosh! I salute the company for honouring its promise to give a dividend from their annual profit though I have not expected this. I thought they need the money more than we do especially when they have to pay workers' salary, maintain their machinery, building etc. This is the company I will stick to till it has fully recovered.

What was really funny was when I calculated the amount due to me at the end of this month. I thought I had a windfall considering the substantial number of  JCY shares I have. When I saw the amount I couldn't believe it, look Maxis has posted profit quarterly and yet the dividend for last quarter is only 8 sen. I have almost equal number of shares in both company.... then I realised that I needed to multiply it with 0.0075 and not 0.075!!  A slip of the mind and a non-cerebral act of the pen, it is  0.75 sen and not 7.5 sen.

It is touching nevertheless. But I am sure JCY will be able to give its investors more dividend and perhaps a bonus once this "low demand" thing is over. In the meantime I hope the company will innovate its products as the new iPad apparently  is no longer using the usual  traditional hard disk drive but flash memory instead and as its popularity is increasing among the gadget-conscious consumers, it is time for the technology industry such as leading hard drive manufacturers, Western Digital and Seagate to formulate new strategy.

I intend to give the JCY  dividend as "ang pow" come the New Year of the Rabbit!