madaochenggong

$0.5425

Expected div inc = Exp inc in earnings x target payout ratio x adjustment factor

For Current year

-1 x 0.35 x (1/5) = -0.07

So dividend in current year = 0.63

For next year

-1 x 0.35 x (1/4) = -0.0875

So dividend in next year = 0.5425