chc,
Remember this is NZ share, price determined from a NZ holder perspective. The grossed up div yield on your 1.50 base is 4.8 %. Imho a 4.8% gross div is quite respectable wrt bank interest, or alternatives on the NZX, eg my FPA won't be paying a divi this year.
In a capital hungry industry if you have growth ambitions you can't afford to be too generous with the divi.
EL
dividend bets, page-10
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