Emaar Properties proposes AED0.14 DPS as remaining part of special dividend; EMG proposes AED0.10 DPS, implying 4.7% yield
Emaar Properties (Emaar) has proposed a cash dividend distribution of AED1bn (AED0.14/share), which it has clarified as the remaining part of the special dividend related to the proceeds of Emaar Development IPO. This, in addition to the first tranche of AED3bn (AED0.42/share), brings Emaar’s total dividend to AED4bn (AED0.56/share) in 2017, implying a pay-out ratio of 70.1% and a dividend yield of 9.5%, as of the last closing price. Also, Emaar Malls (EMG) has proposed a cash dividend distribution of AED1.3bn (AED0.10/share) for 2017, which is line with our estimates, and implies a pay-out ratio of 62.3% and a dividend yield of 4.7%.
Emaar Malls Group (DU): AED2.15 as of 22 Mar. 2018, Rating: Buy, TP: AED3.00/share, MCap: USD7,624mn, EMAARMLS UH/EMAA.DU
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