飞天茅台酒 财联社记者 朱万平摄① Kweichow Moutai plans to pay a mid-term dividend of 23.882 yuan (tax included) for a total of 30 billion yuan. The dividend plan is in line with expectations; ② On the afternoon of the 27th of this month, Kweichow Moutai will hold a shareholders' meeting to review the repurchase matters, which means that the company can start the repurchase as soon as the next day; ③ Recently, several brokerage firms have lowered their expectations for Kweichow Moutai's 25-year performance growth rate, which is generally expected to be around 10%-11%.
Finance Association, November 8 (Reporter Zhu Wanping) The much-publicized Kweichow Moutai (600519.SH) mid-term dividend plan has been released. The company plans to pay a dividend of 23.882 yuan (tax included) per share. In total, it plans to distribute a cash dividend of about 30 billion yuan (tax included). This mid-term dividend plan is in line with the expectations of the outside world.
Additionally, Kweichow Moutai will hold an extraordinary shareholders' meeting at 2:30 p.m. on the 27th of this month to consider matters such as interim dividends and share repurchases. If the above matters are approved, the company may be able to start the repurchase as soon as the next day (28th), with a repurchase amount of 3 billion yuan to -6 billion yuan.
Photo by Zhu Wanping, reporter of Feitian Maotai Liquor Finance Association
“Maotai's mid-term dividend is in line with our expectations.” A brokerage food and beverage analyst, who asked not to be named, told the Financial Services Association reporter. According to Wind data, 55 brokerage firms in the last 6 months predicted Kweichow Moutai's net profit for the full year of this year, with an average value of about 86.2 billion yuan. According to the above forecast, Kweichow Moutai's mid-term dividend rate is around 34.8%.
According to Kweichow Moutai's 2024-2026 cash dividend return plan, for the next three years, Kweichow Moutai will pay cash dividends twice a year (mid-term and annual dividends), and the total annual cash dividend will not be less than 75% of the net profit returned to mother for the year. Since 2019, Kweichow Moutai's year-end dividend rate has remained at 51.9%. However, in the previous two years, in addition to maintaining year-end dividends, Kweichow Moutai also had two special dividends.
According to the latest announcement, Kweichow Moutai will hold an extraordinary shareholders' meeting on the 27th of this month to review this interim dividend. Also being reviewed by shareholders is the much-publicized repurchase plan. On September 21 of this year, Kweichow Moutai announced that it plans to use its own funds to repurchase shares through centralized bidding transactions. The repurchase price will not exceed 1795.78 yuan/share (inclusive), and the repurchase amount will be 3 billion yuan to -6 billion yuan. The above repurchase matters need to be reviewed and approved by the shareholders' meeting before implementation.
However, it took more than two months from Kweichow Moutai announced the repurchase plan to formal review at the shareholders' meeting on the 27th of this month. During this period, the company's stock price once soared to 1,910 yuan/share, exceeding the repurchase limit of 1795.78 yuan/share. However, according to the Financial Services Association reporter, some shareholders previously had some dissatisfaction with Kweichow Moutai's “slight delay” in proceeding with the repurchase process. However, with the shareholders' meeting being held on the afternoon of the 27th of this month, it is expected that the company can start repurchasing as soon as the 28th of this month.
As far as the capital market is concerned, another focus of attention is whether Kweichow Moutai's performance guidelines will slow down next year? Currently, the market generally expects Kweichow Moutai's performance next year, and there may be a slowdown.
Recently, several brokerage firms have also lowered their forecasts for Kweichow Moutai's 25-year performance growth rate. Specifically, Zheshang Securities recently lowered Kweichow Moutai's revenue growth rate to 10.01% next year; net profit growth rate to 11.06%. At the end of October this year, Huachuang Securities lowered Kweichow Moutai's net profit growth rate to around 11% next year. Tianfeng Securities expects Kweichow Moutai's revenue and net profit to grow at around 10% in '25. According to financial data, in 2023, Kweichow Moutai's revenue growth rate was 19.01%, and net profit growth rate to mother was 19.16%.
