It would be nice for the yield to be higher, but we should also check if higher levels of dividend payment would be sustainable. Based on the last payment, China Steel Structure's earnings were much higher than the dividend, but it wasn't converting those earnings into cash flow. No cash flows could definitely make returning cash to shareholders difficult, or at least mean the balance sheet will come under pressure.
Looking forward, earnings per share could rise by 37.4% over the next year if the trend from the last few years continues. If the dividend continues on this path, the payout ratio could be 54% by next year, which we think can be pretty sustainable going forward.