Eastern Co. reported headline KPIs for FY15/16, with earnings of EGP1.43bn, up 12% Y-o-Y and 11% below our estimate. This implies 4Q15/16 earnings of EGP346mn, down 20% Y-o-Y and 17% lower than our estimate. Revenue for the year grew 8% Y-o-Y EGP7.65bn, implying 4Q15/16 revenue of EGP1.97bn, up 8% Y-o-Y and broadly in line (-2%) with our estimate. We will await the full financials (likely in early September) to assess the reason behind the earnings miss, but we believe it is mostly likely due to a combination of weaker margins and one-off cost items. (Earnings release, Nada Amin, Hatem Alaa)   Eastern Company: EGP182.26 as of 27 July 2016, Rating: Buy, FV: EGP310.00 per share, MCap: USD1,026mn, EAST EY / EAST.CA