Why It Might Not Make Sense To Buy Shanghai Lianming Machinery Co., Ltd. (SHSE:603006) For Its Upcoming Dividend
Why It Might Not Make Sense To Buy Shanghai Lianming Machinery Co., Ltd. (SHSE:603006) For Its Upcoming Dividend
Shanghai Lianming Machinery Co., Ltd. (SHSE:603006) is about to trade ex-dividend in the next 4 days. Typically, the ex-dividend date is one business day before the record date which is the date on which a company determines the shareholders eligible to receive a dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. Thus, you can purchase Shanghai Lianming Machinery's shares before the 4th of June in order to receive the dividend, which the company will pay on the 4th of June.
聯明股份(SHSE: 603006)將於未來4天內交易除息。通常,除息日是股權登記日前一個營業日,即公司確定股東有權獲得分紅的日期。除息日是一個重要的日期,因爲在該日期之後或購買該股票可能意味着晚於股權登記日的遲到結算。因此,您可以在6月4日之前購買聯明股份的股票,以便獲得分紅,該公司將在6月4日支付。
The company's next dividend payment will be CN¥0.28 per share. Last year, in total, the company distributed CN¥0.28 to shareholders. Calculating the last year's worth of payments shows that Shanghai Lianming Machinery has a trailing yield of 2.6% on the current share price of CN¥10.87. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. So we need to check whether the dividend payments are covered, and if earnings are growing.
該公司的下一個股息支付金額將爲人民幣0.28元/股。去年,該公司總共向股東分配了0.28元/股的股息。計算去年的所有股息支付金額表明,聯明股份的現有股價爲人民幣10.87元/股,其年度回報率爲2.6%。股息是許多股東的重要收入來源,但企業的健康狀況對於維持這些股息至關重要。因此,我們需要檢查是否覆蓋了股息支付金額以及是否增長了收益。
Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. It paid out 80% of its earnings as dividends last year, which is not unreasonable, but limits reinvestment in the business and leaves the dividend vulnerable to a business downturn. It could become a concern if earnings started to decline. A useful secondary check can be to evaluate whether Shanghai Lianming Machinery generated enough free cash flow to afford its dividend. It paid out more than half (65%) of its free cash flow in the past year, which is within an average range for most companies.
股息通常是從公司的收益中支付的。如果公司支付的股息超過了其利潤收入,那麼股息可能是不可持續的。去年,它支付了80%的收益作爲股息,這並不是不合理的,但限制了對業務的再投資並使股息容易受到業務下滑的影響。如果收益開始下降,這可能成爲一個問題。一個有用的二次檢查可以評估聯明股份是否產生了足夠的自由現金流來支付其股息。過去一年,它支付了超過一半(65%)的自由現金流,這是大多數公司的平均範圍內。
It's positive to see that Shanghai Lianming Machinery's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut.
看到聯明股份的股息既被利潤又被現金流覆蓋令人欣慰,因爲這通常是股息可持續性的跡象,並且更低的支付比率通常意味着在股息削減之前有更大的安全保障。
Click here to see how much of its profit Shanghai Lianming Machinery paid out over the last 12 months.
點擊此處查看聯明股份在過去12個月內支付的利潤比例。
![historic-dividend](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240531/0-376eda759c5693fd835b5e1ed5378701-0-22ea7e1ff39034595afcf0643fbcca78.png/big)
Have Earnings And Dividends Been Growing?
收益和股息一直在增長嗎?
When earnings decline, dividend companies become much harder to analyse and own safely. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. Readers will understand then, why we're concerned to see Shanghai Lianming Machinery's earnings per share have dropped 9.9% a year over the past five years. Ultimately, when earnings per share decline, the size of the pie from which dividends can be paid, shrinks.
當收益下降時,持股分紅公司變得更難分析和安全持有。如果業務進入衰退並且股息被削減,公司的價值可能會急劇下降。因此,讀者將理解,爲什麼我們擔心聯明股份的每股收益在過去五年中年均下降了9.9%。最終,當每股收益下降時,支持股息的收益來源的規模也會縮小。
Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the last nine years, Shanghai Lianming Machinery has lifted its dividend by approximately 12% a year on average. 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. Shanghai Lianming Machinery 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.
另一種衡量公司股息前景的重要方式是測量其歷史股息增長率。在過去的九年中,聯明股份的股息平均每年增長約12%。當收益下降時,要支付更高的股息,要麼在更大的利潤中支付更高的比例,要麼花費資產負債表上的現金,要麼借錢。由於聯明股份已經支付了高比例的收入,因此若收益不增長,我們對其股息增長持懷疑態度。
To Sum It Up
總結一下
Is Shanghai Lianming Machinery an attractive dividend stock, or better left on the shelf? It's never good to see earnings per share shrinking, but at least the dividend payout ratios appear reasonable. We're aware though that if earnings continue to decline, the dividend could be at risk. Overall it doesn't look like the most suitable dividend stock for a long-term buy and hold investor.
聯明股份是一個有吸引力的股息股票嗎,還是最好放在架子上?每股收益下降從來都不是好事,但至少,股息支付比率似乎合理。但我們意識到,如果收益持續下降,股息可能受到風險。總的來說,對於長揸的投資者而言,這不太可能是最合適的股息股票。
So if you're still interested in Shanghai Lianming Machinery despite it's poor dividend qualities, you should be well informed on some of the risks facing this stock. Every company has risks, and we've spotted 3 warning signs for Shanghai Lianming Machinery (of which 1 is concerning!) you should know about.
因此,即使聯明股份存在着股息質量差的問題,如果您仍然感興趣,應充分了解可能面臨的一些風險。每個公司都有風險,我們已經發現了3個聯明股份的警告信號(其中1個引人關注!)您應該知道。
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,我們不建議僅僅購買第一個股息股票。下面是一個經過策劃的有趣的、股息表現良好的股票清單。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。