Some KPIs were released on Bloomberg yesterday for Air Arabia with 4Q15 pre-minority headline earnings of AED59mn, down 13% Y-o-Y and c14% lower than our estimate. 4Q15 top-line was up 4% Y-o-Y to AED957mn, broadly in line with our estimate (-1%). We do not read much into the earnings figure until full financials are available as the company typically books hedging and FX gains/losses that we have not forecast.   The BoD proposed a DPS of AED0.09, flat Y-o-Y and in line with our estimate. The dividend implies a yield of 7.1%. (company, Hatem Alaa)