Our opinion
The news is positive for the stock price. Based on the results of 2018, we expected the company to pay about T69bn as dividends or T266/share, excluding the scenario of paying 75% of FCF, which corresponded to 12.8bn tenge or 37tenge/share. The dividend is 16% above our expectations, which is definitely positive for KAP share price in the short term, and we confirm our “BUY” recommendation with 12M TP of $16.55/share.
