Back to fundamentals (part 1)

We sell, we panic, but it comes also a point where the fundamentals will play again a role. Of course, since recession is coming, we will not evaluate again based on profit growth estimations, because growth is hard to predict now. But the old fashioned dividend yield would give us a good picture.

Considering the current prices, the romanian blue chips look again attractive:

BRD dividend yield 7%
SNP dividend yield 8%
SIF5 dividend yield 9%

The only question is: are they going to keep their current dividend policy? Will they give away again as much as in the past? Well, at least for 2008, I am sure the answer is yes.