Motor Sich dividend only UAH 3/share

Motor Sich (UX: MSICH UK) shareholders, at an AGM yesterday, approved a dividend of only UAH 3.1 per share, for a total of UAH 5.9 mln (less than 1% of 2009 net income). Motor Sich’s 2009 net income was UAH 741.2 mln (UAH 363.2 per share). Yegor Samusenko: We expect a negative reaction to the dividend; the market was expecting a solid dividend. We speculated yesterday that a smaller payout was likely, though at UAH 100 per share (dividend yield of 4%).  On a positive note, the company said it expected to increase sales 18.8% yoy in 2010, while we projected a 10% growth.