Stocks: The correction restores yield

At the close of July 24, the Masi stood at 17,743 points, falling back below the 18,000-point threshold, while the Masi 20 recorded a sharper decline. This correction significantly improved the nominal yield of several stocks, especially since listed companies generally maintained generous distribution policies for the 2025 financial year.

The market now includes several stocks offering more attractive yields than the market average of 2.9%, reaching as high as 7%. However, a high yield alone is not enough to distinguish between stocks. It is also necessary to differentiate between ordinary dividends, supported by profits and cash flow, and exceptional, non-recurring distributions.

For example, with an ordinary dividend of 4 dirhams per share, a price close to 91 dirhams and a decline of 16.5% since the beginning of January, Maroc Telecom offers a yield close to 4.4%. This level remains lower than that of some more generous stocks, but it marks a clear improvement in the operator’s distribution profile after a dividend of 1.4 dirhams a year earlier. Above all, this renewed yield is not based solely on the stock’s decline. In the first half of 2026, consolidated revenue increased by 5.4% to 19 billion dirhams, while EBITDA improved by 5.1%. Excluding the exceptional income recorded a year earlier as part of the agreement with Wana, operating income increased by 6.8% and net income attributable to the group by 8.1%. Maroc Telecom is thus returning to a more favorable configuration, combining a yield above the average, operational growth and improved cash flows. The stock nevertheless remains dependent on the maturity of the Moroccan market, network investments and the ability of its African subsidiaries to sustain growth.

In the insurance sector, AtlantaSanad stands out with a yield close to 4.8%, based on an ordinary dividend of 5.90 dirhams. In 2025, the insurer achieved revenue of 6.05 billion dirhams, up 15%, while net income stood at approximately 468 million dirhams (+3.3% versus 2024).

The company thus combines business expansion, profit growth and consistent distribution. The stock’s 18.3% decline improved its yield without fundamentals turning negative. Holcim Maroc, for its part, offers a yield close to 6%, with an ordinary dividend of 96 dirhams per share. The group benefits from a favorable environment, supported by major infrastructure projects, the recovery in construction and projects linked to the 2030 deadlines.

Its consolidated revenue increased by 9.6% in 2025 to 8.94 billion dirhams, while net income improved by 18.6% to 2.17 billion dirhams. The stock therefore clearly combines growth and yield.

The level of distribution nevertheless remains high and will have to continue to be covered by the growth of profits, margins and cash flow.

Salafin, the most generous

BCP presents a more balanced configuration. With an ordinary dividend of 11 dirhams, its yield is around 4.5%.

Its distribution policy remains consistent and its payout ratio is more moderate than that of several high-yield stocks, giving it greater flexibility to finance its growth and strengthen its equity.

With an ordinary dividend of 30 dirhams per share, Salafin offers a yield close to 7%, the highest among listed stocks. The company also has a growth profile that is, to say the least, attractive.

In 2025, net production increased by nearly 15% to 1.26 billion dirhams, driven in particular by a 26.1% increase in automotive financing. Net income, for its part, improved by 3.2% to 96 million dirhams. Maintaining such a level of yield will depend closely on the company’s ability to accelerate the growth of its results and cash generation, especially since Salafin allocated nearly 97.5% of its annual profit to remunerating its shareholders. In addition, Disway presents one of the most balanced profiles on the exchange. Its ordinary dividend was raised to 44 dirhams per share, representing a yield of around 5.7%.

At the same time, consolidated revenue increased by 9% in 2025 to 2.08 billion dirhams, and net income attributable to the group by 8.4% to 85.5 million dirhams. The yield is therefore supported by simultaneous growth in business activity and profit, without resorting to an exceptional distribution. The main risk remains linked to the business itself, which is exposed to fluctuations in equipment prices, logistics costs and working capital requirements. Microdata follows a similar pattern. Its revenue increased by 8.8% to 979.4 million dirhams, while net income improved by 2.5% to 69.5 million dirhams. With an ordinary dividend of 40 dirhams and a 9.3% decline in the share price, the yield is around 5.5%. Profit growth remains slower than revenue growth, but the stock retains an interesting profile for investors seeking both business growth and a yield above 5%.

The exceptional that inflates the yield

Cosumar displays a total yield of more than 6%, corresponding to an ordinary dividend of 9 dirhams per share, supplemented by an exceptional dividend of 1 dirham. The stock remains a quintessential income stock, retaining a defensive profile and an appreciable distribution capacity, given the nature of its activity and its business model. Aradei Capital, for its part, distributed 23 dirhams per share, representing a total yield of more than 5%. But only 5.71 dirhams correspond to an ordinary dividend, compared with 17.29 dirhams in exceptional distribution. Its recurring yield is therefore around 1.4%, far below the overall rate displayed. Société des Boissons du Maroc is in a comparable situation, with an ordinary dividend of 107 dirhams and an exceptional dividend of 20 dirhams. These yields therefore cannot be directly compared with those of Salafin, Disway, AtlantaSanad, Microdata, Holcim Maroc or Maroc Telecom, whose dividends taken into account are ordinary.

Ultimately, the strongest profiles remain those that combine a recurring dividend, growth in results and sufficient cash generation. In this respect, Disway, Maroc Telecom, AtlantaSanad, Microdata, Salafin and Holcim Maroc currently appear to be the main stocks combining growth and yield, although with significantly different levels of risk and dividend coverage.

Insurance and real estate companies, the best compromise

Among listed sectors, insurance companies stand out for a dual advantage. They are among the few segments to withstand the market decline, with an average annual increase in share prices of 10%, while also offering an average yield of 3.7%, one of the highest on the exchange. Real estate investment companies present a similar profile. Their sector index has gained 0.5% since January, while their average yield has reached 5.4%, a particularly attractive level in the current context.

Conversely, stock market strength does not always go hand in hand with a high yield. The mining sector provides the clearest illustration of this. Despite a surge of 97% since the beginning of the year, its average yield does not exceed 0.7%.