(-) Aygaz plans to distribute TRY0.50/shr DPS from 2019 earnings This implies a 55% pay-out ratio based on IFRS results vs. its 5-year historical average of 96%. Although we see some downside risk for lower dividend pay-out from 2019 earnings due to 1) lack of dividend income from Tupras and 2) potential cash injection for Bangladesh operations in 2020, the announced amount is much lower than our expectation of TRY0.68/shr and the market expectations of TRY1.00-1.10/shr. The announcement may lead to negative sentiment towards stock performance. The dividend payment is subject to the General Assembly’s approval and the amount corresponds to 3.9% dividend yield at the latest closing price.
(-) Aygaz hisse başına 0.50 TL temettü dağıtmayı planlıyor Genel Kurul’un onayına bağlı planlanan temettü tutarı son kapanış fiyatına göre %3.9 temettü verimine tekabul ediyor. Bizim 0.68TL ve 1.0-1.1 TL seviyelerindeki piyasa beklentilerinin altında olan temettü tutarı hisseye bir miktar negatif yansıyabilir.
