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China Gas Holdings Limited (HKG:384) Is About To Go Ex-Dividend, And It Pays A 4.9% Yield
China Gas Holdings Limited (HKG:384) Is About To Go Ex-Dividend, And It Pays A 4.9% Yield
It looks like China Gas Holdings Limited (HKG:384) is about to go ex-dividend in the next four 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 important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. Therefore, if you purchase China Gas Holdings' shares on or after the 23rd of August, you won't be eligible to receive the dividend, when it is paid on the 3rd of October.
The company's upcoming dividend is HK$0.45 a share, following on from the last 12 months, when the company distributed a total of HK$0.55 per share to shareholders. Calculating the last year's worth of payments shows that China Gas Holdings has a trailing yield of 4.9% on the current share price of HK$11.32. 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.
View our latest analysis for China Gas Holdings
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. China Gas Holdings paid out a comfortable 39% of its profit last year. 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. It paid out an unsustainably high 288% of its free cash flow as dividends over the past 12 months, which is worrying. Our definition of free cash flow excludes cash generated from asset sales, so since China Gas Holdings is paying out such a high percentage of its cash flow, it might be worth seeing if it sold assets or had similar events that might have led to such a high dividend payment.
While China Gas Holdings's dividends were covered by the company's reported profits, cash is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. Were this to happen repeatedly, this would be a risk to China Gas Holdings's ability to maintain its dividend.
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
SEHK:384 Historic Dividend August 18th 2022Have Earnings And Dividends Been Growing?
Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. For this reason, we're glad to see China Gas Holdings's earnings per share have risen 11% per annum over the last five years. Earnings have been growing at a decent rate, but we're concerned dividend payments consumed most of the company's cash flow over the past year.
We'd also point out that China Gas Holdings issued a meaningful number of new shares in the past year. Trying to grow the dividend while issuing large amounts of new shares reminds us of the ancient Greek tale of Sisyphus - perpetually pushing a boulder uphill.
The main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. In the past 10 years, China Gas Holdings has increased its dividend at approximately 30% a year on average. It's great to see earnings per share growing rapidly over several years, and dividends per share growing right along with it.
Final Takeaway
Has China Gas Holdings got what it takes to maintain its dividend payments? We're glad to see the company has been improving its earnings per share while also paying out a low percentage of income. However, it's not great to see it paying out what we see as an uncomfortably high percentage of its cash flow. All things considered, we are not particularly enthused about China Gas Holdings from a dividend perspective.
So while China Gas Holdings looks good from a dividend perspective, it's always worthwhile being up to date with the risks involved in this stock. Every company has risks, and we've spotted 3 warning signs for China Gas Holdings (of which 1 is concerning!) you should know about.
A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
看起来像是中国燃气控股有限公司(HKG:384)即将在未来四天内除息。通常,除息日期是记录日期之前的一个工作日,记录日期是公司确定有资格获得股息的股东的日期。除息日期很重要,因为股票的任何交易都需要在记录日期之前结算,才有资格获得股息。因此,如果你在8月23日或之后购买中国燃气控股的股票,当10月3日支付股息时,你将没有资格获得股息。
该公司即将派发的股息为每股0.45港元,此前12个月,该公司共向股东派发了每股0.55港元的股息。计算上一年的支付金额显示,中国燃气控股目前的股价为11.32港元,往绩收益率为4.9%。股息是长期持有者投资回报的主要贡献者,但前提是继续支付股息。因此,我们需要检查股息支付是否得到覆盖,以及收益是否在增长。
查看我们对中国燃气控股的最新分析
股息通常从公司收入中支付,因此,如果一家公司支付的股息超过了它的收入,它的股息通常被削减的风险更高。中国燃气控股去年支付的利润占其利润的39%。然而,在评估股息可持续性时,现金流通常比利润更重要,因此我们应该始终检查公司是否产生了足够的现金来支付股息。在过去的12个月里,它支付了不可持续的高达288%的自由现金流作为股息,这令人担忧。我们对自由现金流的定义不包括资产出售产生的现金,因此,由于中国燃气控股支付的现金流占其现金流的比例如此之高,或许值得看看它是否出售了资产,或者发生了可能导致如此高股息支付的类似事件。
虽然中国燃气控股的股息是由该公司公布的利润支付的,但现金在某种程度上更重要,所以看到该公司没有产生足够的现金来支付股息并不是一件好事。如果这种情况反复发生,将对中国燃气控股维持股息的能力构成风险。
点击此处查看该公司的派息率,以及分析师对其未来股息的估计。
联交所:384历史红利2022年8月18日盈利和股息一直在增长吗?
产生可持续收益增长的公司的股票往往是最好的股息前景,因为当收益上升时,提高股息更容易。投资者喜欢分红,所以如果收益下降,股息减少,预计一只股票将同时被大量抛售。出于这个原因,我们很高兴看到中国燃气控股的每股收益在过去五年中以每年11%的速度增长。收益一直在以不错的速度增长,但我们担心,在过去的一年里,股息支付消耗了公司的大部分现金流。
我们还会指出,中国燃气控股在过去一年发行了数量可观的新股。试图在增加股息的同时发行大量新股,这让我们想起了古希腊西西弗斯的故事--不断地把巨石推上山。
大多数投资者评估一家公司的股息前景的主要方式是检查历史上的股息增长率。在过去的10年里,中国燃气控股以平均每年30%左右的速度增加了股息。看到每股收益在过去几年里快速增长,每股股息也随之增长,这真是太好了。
最终外卖
中国燃气控股有能力维持其股息支付吗?我们很高兴看到该公司一直在提高每股收益,同时支付的收入比例也很低。然而,看到它支付我们认为令人不安的高现金流比例并不是很好。综上所述,从分红的角度来看,我们对中国燃气控股并不是特别热衷。
因此,虽然中国燃气控股从分红角度看起来不错,但了解这只股票所涉及的风险总是值得的。每家公司都有风险,我们已经发现中国燃气控股的3个警告信号(其中1个是有关的!)你应该知道。
一个常见的投资错误是购买你看到的第一只有趣的股票。在这里你可以找到高收益股息股的完整名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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