SAP "hold"

17.03.06 - Merck Finck & Co.

LONDON, March 17 (newratings.com) - Analyst Theo Kitz of Merck Finck & Co maintains his "hold" rating on SAP AG (SAP-EUR).

In a research note published this morning, the analyst mentions that the company has raised its dividend by 32%, from ?1.10 per share in 2004 to ?1.45 per share in 2005, ahead of the consensus expectations of ?1.25 per share. The dividend would be ?448 million, representing 30% of SAP?s net income, the analyst says.