Al Jazeera Steel’s (AJSP) board of directors (BoD) has proposed to distribute a cash dividend of OMR0.009/share for FY16 (flat Y-o-Y, but 50% below our forecast of OMR0.018). The proposed dividend implies OMR1.1mn in total cash dividends, a 3.4% dividend yield and 24% payout (vs. 66% payout in FY15 and our estimate of 65%). The announced dividend payout is one of the weakest in its history (last five-year average was in excess of 50%) and surprising, given the strong balance sheet position with no major capex plans. (Company disclosure) Jazeera Steel: OMR0.268 as of 20 Feb. 2017, Rating: Neutral, TP: OMR0.258/share, MCap: USD88mn, ATMI OM/AJTM.OM
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