ISAT - To disburse IDR2.06 tn in dividend

General shareholder meeting (RUPS) of Indosat (ISAT) has approved dividend disbursement of IDR2.06 tn, equal to IDR255.7/share or 43.6% of ISAT's 2022 earnings. (Source : Company) Comment: ISAT's 2022 dividend is flat compared to previous year's final dividend of IDR248/share of total IDR2.0tn, although in regards to payout ratio, its actually higher than last year of c. 30% due to a decrease in earnings. It is also equal to 3.33% of dividend yield. However, we are sanguine that dividends will not hamper ISAT's plans on expansion given its strong cash and manageable leverage.