WAM currrently had 11.9cps in the profit reserve so, yes, they don't seem to have the capacity to maintain the dividend.
Their franking credit balance is in negative as per the last Financial Report so even if they have a really good H2 and maintain the dividend, it's likely to be unfranked or partially franked.
Also, the SP is not low. It's still trading at a premium to NTA. It's low compared to previous SP (currently at a 10 year low) but that's more so because it previously traded at a ridculous premium.
Ann: 15.5cps ff full year dividend, 2022 Full Year Results, page-36
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