Eastern Company (EC) convened its AGM today 19 Oct. 2016, where shareholders approved a DPS of EGP12.0/share, higher than the Board of Directors’ (BoD’s) originally proposed EGP11.0/share, as we had anticipated (we had forecast EGP12.0 for the year).   The approved dividend implies a payout of 41% slightly lower than recent historical average of c50%. The dividend yield based on today’s closing price is 5.7%. (Company disclosure, Hatem Alaa, Nada S. Amin)   Eastern Company: EGP210.97 as of 19 October 2016, Rating: Buy, FV: EGP310.00 per share, MCap: USD1,188mn, EAST EY / EAST.CA