Borsodchem is holding its Annual General Meeting on April 28, 2006. Management proposes HUF50.35 DPS, but since the dividend on treasury shares will be distributed among shareholders, the actual dividend comes to HUF51.00 per share. FY05 audited consolidated net profit is HUF 14.11bn, slightly higher than the HUF 14.02bn reported in the preliminary report. We maintain our Hold recommendation on the stock and our fair value estimate of HUF2,448.