ITMG - To distribute IDR4,128/share interim dividend

Indo Tambangraya Megah (ITMG) will distribute an interim dividend of USD299.51 mn for the 2022 financial year or translating into IDR4,128 per share. Cum date is on 10 Nov 2022 while payment date will be on 22 Nov 2022. The financial data underlying the dividend distribution is net profit attributable of USD460.82 mn in 6M22, with unrestricted retained earnings of USD1.06 bn, and total equity per 6M22 of USD1.48 bn. (Source : Investor Daily) Comment: We view this as a positive surprise given the lucrative dividend yield of 9.8% as per yesterday's closing price. This demonstrates ITMG's robust cashflow as well as a confident outlook on its financial performance in 2022.