United Electronics Company’s (eXtra) Board of Directors (BoD) has decided not to distribute cash dividends for 4Q2015, for the second quarter in a row. We had anticipated this, given the company’s lacklustre earnings growth momentum – while the company reported 21% growth in 4Q2015 earnings, this was weak if its comparable base (4Q2014) is adjusted for lost sales of cSAR150 million, in light of the one-week store closure of eight stores during the company’s annual mega sale(we estimate adjusted earnings contraction of c32%). The company’s total cash distributions in 2015 were SAR0.92/share implying a dividend payout of 67% and yield of 1.9%. (Nada Amin, Hatem Alaa)   eXtra: SAR24.53 as of 21 February 2016, Rating: Neutral, FV: SAR49.00 per share, MCap: USD235 million, EXTRA AB / 4003.SE