Emaar Malls has announced that its Board of Directors (BoD) has proposed a dividend distribution of AED0.10 per share, unchanged Y-o-Y. This implies a payout ratio of c69% (vs. 79% in 2015) and a dividend yield of 3.8%. This comes short of our forecast DPS of AED0.12/share. (Company disclosure) Emaar Malls Group (DU): AED2.60 as of 27 Feb. 2017, Rating: Buy, TP: AED3.13/share, MCap: USD9,220mn, EMAARMLS UH/EMAA.DU
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