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Why It Might Not Make Sense To Buy Hysan Development Company Limited (HKG:14) For Its Upcoming Dividend
Why It Might Not Make Sense To Buy Hysan Development Company Limited (HKG:14) For Its Upcoming Dividend
It looks like Hysan Development Company Limited (HKG:14) is about to go ex-dividend in the next 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 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. Accordingly, Hysan Development investors that purchase the stock on or after the 2nd of September will not receive the dividend, which will be paid on the 16th of September.
The company's next dividend payment will be HK$0.27 per share, and in the last 12 months, the company paid a total of HK$1.44 per share. Based on the last year's worth of payments, Hysan Development has a trailing yield of 6.4% on the current stock price of HK$22.6. 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 investigate whether Hysan Development can afford its dividend, and if the dividend could grow.
Check out our latest analysis for Hysan Development
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. Hysan Development distributed an unsustainably high 159% 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. It paid out 79% of its free cash flow as dividends, which is within usual limits but will limit the company's ability to lift the dividend if there's no growth.
It's good to see that while Hysan Development'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. Extraordinarily few companies are capable of persistently paying a dividend that is greater than their profits.
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
SEHK:14 Historic Dividend August 29th 2022Have Earnings And Dividends Been Growing?
Businesses with shrinking earnings are tricky from a dividend perspective. If business enters a downturn and the dividend is cut, the company could see its value fall precipitously. That's why it's not ideal to see Hysan Development's earnings per share have been shrinking at 4.8% a year over the previous five years.
Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Since the start of our data, 10 years ago, Hysan Development has lifted its dividend by approximately 6.2% a year on average. That's intriguing, but the combination of growing dividends despite declining earnings can typically only be achieved by paying out a larger percentage of profits. Hysan Development 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.
The Bottom Line
Should investors buy Hysan Development for the upcoming dividend? Earnings per share have been shrinking in recent times. Worse, Hysan Development'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 the most attractive proposition from a dividend perspective, and we'd probably give this one a miss for now.
So if you're still interested in Hysan Development despite it's poor dividend qualities, you should be well informed on some of the risks facing this stock. Case in point: We've spotted 2 warning signs for Hysan Development you should be aware of.
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.
看起来像是希慎发展有限公司(HKG:14)将于未来3天内除息。除息日期通常被设定为记录日期之前的一个工作日,也就是你必须作为股东出现在公司账簿上才能获得股息的截止日期。除息日期是一个需要注意的重要日期,因为在这个日期或之后购买股票可能意味着延迟结算,而不会显示在记录日期上。因此,在9月2日或之后购买股票的希慎发展投资者将不会收到股息,股息将于9月16日支付。
公司下一次派发股息为每股0.27港元,过去12个月,公司每股派息合共1.44港元。根据上一年的支付金额,希慎发展的往绩收益率为6.4%,目前的股价为22.6港元。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,我们需要调查希慎发展能否支付得起股息,以及股息是否会增长。
查看我们对希慎发展的最新分析
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。希慎发展去年将其利润的159%作为股息分配给股东,这是不可持续的高水平。如果没有情有可原的情况,我们会考虑削减股息的风险。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。它支付了79%的自由现金流作为股息,这在通常的限制之内,但如果没有增长,将限制公司提高股息的能力。
令人欣慰的是,虽然希慎发展的股息没有被利润覆盖,但至少从现金的角度来看,他们是负担得起的。如果高管支付的股息继续高于公司公布的利润,我们会认为这是一个警告信号。有能力持续支付高于利润的股息的公司少之又少。
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:历史红利:2022年8月29日盈利和股息一直在增长吗?
从分红的角度来看,收益缩水的企业很棘手。如果业务进入低迷,股息被削减,该公司的价值可能会急剧缩水。这就是为什么看到希慎发展的每股收益在过去五年里以每年4.8%的速度缩水是不理想的。
许多投资者将通过评估一家公司的股息支付随着时间的推移发生了多大变化来评估公司的股息表现。自10年前开始我们的数据以来,希慎发展公司的股息平均每年增加约6.2%。这很耐人寻味,但在盈利下降的情况下,股息增加的组合通常只能通过支付更大比例的利润才能实现。希慎发展已经支付了其收入的很高比例,因此如果没有收益增长,我们怀疑未来这种股息是否会增长很多。
底线
投资者应该为即将到来的股息买入希慎发展吗?最近一段时间,每股收益一直在缩水。更糟糕的是,希慎发展公司正在支付其大部分收益和超过一半的自由现金流。正现金流是好消息,但这不是一个好的组合。从分红的角度来看,这并不是最有吸引力的提议,我们可能暂时不会考虑这一点。
因此,如果你仍然对希慎发展感兴趣,尽管它的股息质量很差,你应该很清楚这只股票面临的一些风险。一个恰当的例子:我们发现了希慎发展项目的2个警告标志你应该意识到。
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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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
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。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
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。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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