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Dividend Investors: Don't Be Too Quick To Buy Daqing Huake Company Limited (SZSE:000985) For Its Upcoming Dividend

Dividend Investors: Don't Be Too Quick To Buy Daqing Huake Company Limited (SZSE:000985) For Its Upcoming Dividend

股息投資者:不要太快買入大慶華科股份有限公司(SZSE: 000985)即將派發的股息
Simply Wall St ·  2023/06/16 19:29

Daqing Huake Company Limited (SZSE:000985) stock is about to trade ex-dividend in 4 days. The ex-dividend date is one business day before a company's record date, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is of consequence because whenever a stock is bought or sold, the trade takes at least two business day to settle. Meaning, you will need to purchase Daqing Huake's shares before the 21st of June to receive the dividend, which will be paid on the 21st of June.

大慶華科股份有限公司(SZSE:000985)股票4天后將進行除股息交易。除息日期是公司記錄日期的前一個工作日,也就是公司決定哪些股東有權獲得股息的日期。除息日期是重要的,因為每當買賣一隻股票時,交易至少需要兩個工作日才能結算。這意味著,你需要在6月21日之前購買大慶華科的股票才能獲得股息,股息將在6月21日支付。

The company's upcoming dividend is CN¥0.048 a share, following on from the last 12 months, when the company distributed a total of CN¥0.048 per share to shareholders. Last year's total dividend payments show that Daqing Huake has a trailing yield of 0.3% on the current share price of CN¥15.81. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to check whether the dividend payments are covered, and if earnings are growing.

該公司即將發放的股息為每股0.048加元,此前12個月,該公司向股東總共分配了每股0.048加元的股息。去年的股息支付總額顯示,在當前股價15.81元的基礎上,大慶華科的往績收益率為0.3%。股息是長期持有者投資回報的主要貢獻者,但前提是繼續支付股息。因此,我們需要檢查股息支付是否得到覆蓋,以及收益是否在增長。

Check out our latest analysis for Daqing Huake

查看我們對大慶華科的最新分析

Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. Daqing Huake distributed an unsustainably high 131% of its profit as dividends to shareholders last year. Without extenuating circumstances, we'd consider the dividend at risk of a cut. Yet cash flow is typically more important than profit for assessing dividend sustainability, so we should always check if the company generated enough cash to afford its dividend. Daqing Huake paid out more free cash flow than it generated - 145%, to be precise - last year, which we think is concerningly high. It's hard to consistently pay out more cash than you generate without either borrowing or using company cash, so we'd wonder how the company justifies this payout level.

股息通常從公司利潤中支付,因此,如果一家公司支付的股息超過了它的收入,那麼它的股息通常被削減的風險更大。去年,大慶華科將其利潤的131%作為股息分配給了股東,這是不可持續的高水平。如果沒有情有可原的情況,我們會考慮削減股息的風險。然而,在評估股息可持續性時,現金流通常比利潤更重要,因此我們應該始終檢查公司是否產生了足夠的現金來支付股息。大慶華科去年支付的自由現金流超過了它產生的自由現金流--準確地說,是145%,我們認為這個數位高得令人擔憂。在不借入或不使用公司現金的情況下,很難持續支付比你產生的現金更多的現金,所以我們想知道公司如何證明這種支付水準是合理的。

Daqing Huake does have a large net cash position on the balance sheet, which could fund large dividends for a time, if the company so chose. Still, smart investors know that it is better to assess dividends relative to the cash and profit generated by the business. Paying dividends out of cash on the balance sheet is not long-term sustainable.

大慶華科的資產負債表上確實有大量淨現金頭寸,如果該公司選擇的話,這可能會在一段時間內為大筆股息提供資金。儘管如此,聰明的投資者知道,相對於企業產生的現金和利潤來評估股息更好。用資產負債表上的現金支付股息在長期內是不可持續的。

Cash is slightly more important than profit from a dividend perspective, but given Daqing Huake's payouts were not well covered by either earnings or cash flow, we would be concerned about the sustainability of this dividend.

從股息的角度來看,現金略高於利潤,但鑑於大慶華科的股息無論是收益還是現金流都沒有很好地覆蓋,我們會擔心這種股息的可持續性。

Click here to see how much of its profit Daqing Huake paid out over the last 12 months.

點擊這裡查看大慶華科在過去12個月中支付了多少利潤。

historic-dividend
SZSE:000985 Historic Dividend June 16th 2023
深圳證券交易所:000985歷史性紅利2023年6月16日

Have Earnings And Dividends Been Growing?

盈利和股息一直在增長嗎?

Companies with falling earnings are riskier for dividend shareholders. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. Daqing Huake's earnings have collapsed faster than Wile E Coyote's schemes to trap the Road Runner; down a tremendous 37% a year over the past five years.

盈利下降的公司對股息股東來說風險更大。如果收益下降,該公司被迫削減股息,投資者可能會眼睜睜地看著他們的投資價值化為烏有。大慶華科的收益崩潰速度快於威樂E郊狼誘捕路人的計劃;在過去五年中,該公司的收入每年大幅下降37%。

Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Daqing Huake has seen its dividend decline 7.1% per annum on average over the past 10 years, which is not great to see. It's never nice to see earnings and dividends falling, but at least management has cut the dividend rather than potentially risk the company's health in an attempt to maintain it.

許多投資者將通過評估一家公司的股息支付隨著時間的推移發生了多大變化來評估公司的股息表現。過去10年,大慶華科的股息平均每年下降7.1%,情況並不樂觀。看到收益和股息下降從來都不是好事,但至少管理層削減了股息,而不是為了維持股息而潛在地冒著公司健康的風險。

Final Takeaway

最終外賣

Is Daqing Huake an attractive dividend stock, or better left on the shelf? It's looking like an unattractive opportunity, with its earnings per share declining, while, paying out an uncomfortably high percentage of both its profits (131%) and cash flow as dividends. Unless there are grounds to believe a turnaround is imminent, this is one of the least attractive dividend stocks under this analysis. With the way things are shaping up from a dividend perspective, we'd be inclined to steer clear of Daqing Huake.

大慶華科是一隻有吸引力的分紅股,還是更好地被束之高閣?這看起來不是一個有吸引力的機會,因為它的每股收益下降了,同時,它支付的利潤(131%)和現金流中的股息比例高得令人不安。除非有理由相信扭虧為盈迫在眉睫,否則這是本分析中最不具吸引力的股息股之一。從分紅的角度來看,情況正在發展,我們傾向於避開大慶華科。

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 Daqing Huake. Our analysis shows 3 warning signs for Daqing Huake that we strongly recommend you have a look at before investing in the company.

話雖如此,如果你看這只股票時並不太關心股息,你應該仍然熟悉大慶華科所涉及的風險。我們的分析顯示大慶華科的3個警示標誌我們強烈建議你在投資公司之前先看一看。

Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers.

一般來說,我們不會建議只購買你看到的第一批股息股票。這是這是一份精心挑選的股息支付強勁的有趣股票的名單。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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