Shaker’s board of directors (BoD) has decided not to distribute cash dividends for full-year 2015 versus DPS of SAR2.5 in FY2014 and our forecast of SAR2.2. The company said this decision was taken in order to support the company’s financial position and future growth. Note that this recommendation comes in light of the fact that the company had increased its paid-in capital by 80% to SAR630 million through a 4:5 bonus shares in 1H2015 shares through the capitalisation of SAR280 million from retained earnings. (Company disclosure, Tarek El-Shawarby)   Shaker: SAR22.90 as of 21 February 2016, Rating: Buy, FV: SAR54.44 per share, MCap: USD385 million, SHAKER AB / 1214.SE