Advanced Petrochemicals Company's BoD announced a recommended cash dividend of SAR0.75/share for 1Q2016 earnings, implying an annualised DPS of SAR3, which is in-line with our DPS estimate for 2016. The annualised dividend implied a payout ratio of 95% based on our 2016 earnings estimate, and an annualised dividend yield of 7.8%. According to the announcement, the ex-dividend date will be 3 April, while the distribution date has yet to be set.   We reiterate our views that Advanced offers i) a healthy exposure to spreads in the chemical space; ii) enjoys a solid balance sheet; and iii) an attractive low risk dividend, which offers one of the highest yields in Saudi equities. We have a Buy rating on Advanced. (Youssef Husseini, Ahmed Hazem Maher, company)   Advanced: SAR38.63 as of 1 March 2016, Rating: Buy, FV: SAR45.00 per share, MCap: USD1,689 million, APPC AB / 2330.SE