Elsewedy Electric’s AGM approved today a cash dividend of EGP1.0/share for 9M2015. Management clarified there will likely be an additional distribution post the announcement of FY2015 results but the exact amount will depend on the full year performance. Elsewedy typically distributes dividend on an annual basis; hence, the interim dividend comes as a positive surprise. Additionally, we believe 2015’s total DPS may come higher than our estimate of EGP1.25/share (+25% Y-o-Y, 3.6% yield), largely due to better-than-expected cash flow generation and lower net debt, as indicated by 9M2015 results. (company disclosure, Wafaa Baddour)   Elsewedy Electric: EGP34.5 as of 12 January 2016, Rating: Buy, FV: EGP62.50 per share, MCap: USD984 million, SWDY EY / SWDY.CA