Komercni banka holds AGM on April 26, with the decisive day on April 19 implying last trading day with AGM rights on April 13 (T+3 settlement). Dividend decisive day will be in 30 day period, thus the last day the stock would trade with dividend rights is May 23 (under T+3 settlement), hence May 24 will be ex-dividend day (T+3 settlement). We expect 40% payout ratio implying CZK 105 dividend. We reiterate our Buy recommendation