SCC ended at P23.95/sh yesterday, up 26% in three days after we raised our target price last Thursday on the strength of robust coal prices. However, we still see value at present prices, owing mostly to the high dividend yield. Returning to our projected FCFE, we think the business is more than capable of paying a special cash dividend of P1.25/sh in addition to matching the previous regular cash dividend of P1.25/sh. With total cash dividends from this year’s profits potentially reaching P2.50/sh, the estimated yield at P25.00 would be 10%, one of the highest among dividend-paying companies. As a result, we would not be shocked if the stock hits or even exceeds P25.00. Hence, we are advising to HOLD.