Don't Race Out To Buy Wharf Real Estate Investment Company Limited (HKG:1997) Just Because It's Going Ex-Dividend
Don't Race Out To Buy Wharf Real Estate Investment Company Limited (HKG:1997) Just Because It's Going Ex-Dividend
Wharf Real Estate Investment Company Limited (HKG:1997) stock is about to trade ex-dividend in 3 days. The ex-dividend date is usually set to be one business day before the record date which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is important as the process of settlement involves two full business days. So if you miss that date, you would not show up on the company's books on the record date. In other words, investors can purchase Wharf Real Estate Investment's shares before the 23rd of August in order to be eligible for the dividend, which will be paid on the 10th of September.
九龙仓地产投资有限公司(HKG:1997)股票将在3天后除息。除息日通常设定为录得日期的前一个工作日,而录得日期则是公司股东名册截止日期,您必须在该日期之前持有该公司的股份,才能获得分红。除息日非常重要,因为结算过程涉及两个完整的工作日,所以如果您错过了该日期,则会在记录日期未显示在公司股东名册上。换言之,投资者可以在8月23日之前购买九龙仓地产投资的股票,以有权获得于9月10日支付的股息。
The company's next dividend payment will be HK$0.64 per share, on the back of last year when the company paid a total of HK$1.28 to shareholders. Based on the last year's worth of payments, Wharf Real Estate Investment stock has a trailing yield of around 6.0% on the current share price of HK$21.30. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. We need to see whether the dividend is covered by earnings and if it's growing.
该公司的下一个股息支付将为每股0.64港元,与去年公司向股东支付总计1.28港元的情况相对应。基于去年的支付金额,九龙仓地产投资股票的现价为21.30港元,有约6.0%的股息收益率。长期持有者,分红是投资回报的主要贡献来源,但前提是分红持续发放,我们需要查看分红是否被收益所覆盖并且其是否在增长。
Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. Wharf Real Estate Investment paid out 199% of profit in the past year, which we think is typically not sustainable unless there are mitigating characteristics such as unusually strong cash flow or a large cash balance. That said, even highly profitable companies sometimes might not generate enough cash to pay the dividend, which is why we should always check if the dividend is covered by cash flow. Dividends consumed 66% of the company's free cash flow last year, which is within a normal range for most dividend-paying organisations.
普遍情况下,分红是通过公司收入支付的,因此,如果公司支付的股息超过其盈利,则其股息通常面临较高的风险。在过去一年中,九龙仓地产投资支付的利润比例为199%,我们认为这通常是不可持续的,除非存在某些缓解特征,例如异常强劲的现金流或大量的现金余额。尽管如此,即便是高盈利的公司,有时也可能无法产生足够的现金用于支付股息,这就是为什么我们始终应该检查股息是否由自由现金流覆盖。去年,分红消耗了该公司66%的自由现金流,这是大多数发放股息的组织的正常范围内。
It's good to see that while Wharf Real Estate Investment's dividends were not covered by profits, at least they are affordable from a cash perspective. If executives were to continue paying more in dividends than the company reported in profits, we'd view this as a warning sign. Very few companies are able to sustainably pay dividends larger than their reported earnings.
很高兴看到九龙仓地产投资的股息虽然未被利润覆盖,但至少从现金角度可以承受得起。如高管继续以支付比利润报告更高的股息,则我们将视其为警示信号。很少有公司可以持续支付超过其报告利润的股息。
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
点击此处查看公司的支付比率以及未来分红的分析师预期。
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Have Earnings And Dividends Been Growing?
收益和股息一直在增长吗?
When earnings decline, dividend companies become much harder to analyse and own safely. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. Wharf Real Estate Investment's earnings have collapsed faster than Wile E Coyote's schemes to trap the Road Runner; down a tremendous 36% a year over the past five years.
当收益下降时,分红公司就变得更难分析和安全拥有。投资者喜欢股息,因此如果收益下降并且分红被减少,那么股票将在同一时间大量抛售。在过去的五年中,九龙仓地产投资的收益已经迅速下降了36%,快得比怪兽威利·科亚特设计用来捉住小路易鸟的计划还快。
Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Wharf Real Estate Investment has delivered an average of 5.1% per year annual increase in its dividend, based on the past six years of dividend payments. The only way to pay higher dividends when earnings are shrinking is either to pay out a larger percentage of profits, spend cash from the balance sheet, or borrow the money. Wharf Real Estate Investment is already paying out a high percentage of its income, so without earnings growth, we're doubtful of whether this dividend will grow much in the future.
许多投资者将通过评估股息支付在时间上发生了多少变化来评估公司的股息表现。根据过去六年的分红支付情况,九龙仓地产投资每年的平均股息增长率为5.1%。当收益缩水时,付出更高的股息唯一的方式是要么支付更高比例的利润,从资产负债表中花费现金,或借入资金。由于九龙仓地产投资已经支付了高比例的收入,所以在没有收益增长的情况下,我们怀疑这种分红是否会大幅增长。
To Sum It Up
总结一下
From a dividend perspective, should investors buy or avoid Wharf Real Estate Investment? Earnings per share have been shrinking in recent times. Worse, Wharf Real Estate Investment's paying out a majority of its earnings and more than half its free cash flow. Positive cash flows are good news but it's not a good combination. It's not that we think Wharf Real Estate Investment is a bad company, but these characteristics don't generally lead to outstanding dividend performance.
从分红的角度来看,投资者应该买入或避免九龙仓地产投资?近年来,每股收益正在下降。更糟糕的是,九龙仓地产投资支付了大部分的收益和一半以上的自由现金流。财务状况良好是好消息,但这并不是一个好组合。我们并不认为九龙仓地产投资是一家糟糕的公司,但这些特征通常不会导致卓越的分红表现。
Having said that, if you're looking at this stock without much concern for the dividend, you should still be familiar of the risks involved with Wharf Real Estate Investment. For example, we've found 2 warning signs for Wharf Real Estate Investment that we recommend you consider before investing in the business.
话虽如此,如果您看待该股票时不太关心分红,您仍应熟悉九龙仓地产投资所涉及的风险。例如,我们在这里发现了2个九龙仓地产投资的警示信号,建议您在投资该业务之前考虑。
If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks.
如果你在寻找强劲的股息支付者,我们建议查看我们的顶级股息股票选择。
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