Nothing has changed in terms of announced intentions in this space since it was announced in the capital management policy as dividends expected to be within 20-30% of FCF.
The notion of it (dividend) being 8% of profit would suggest a shipload more retaining of profit for purposes not yet know than anyone I know of has been able to project or suggest (and that includes for purposes of P1000, POSCO extra share and Calix pilot plant development).
That would suggest “they” expect 20% of FCF to be less than 8% of profit … so what is the extra profit expected by them to be retained to do??? Maybe they know something about why the new appointment to the board was made - M&A coming up? I’m up for that too!
Ann: December 2022 HY Financial Report Advisory, page-38
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