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It Might Not Be A Great Idea To Buy Liu Chong Hing Investment Limited (HKG:194) For Its Next Dividend
It Might Not Be A Great Idea To Buy Liu Chong Hing Investment Limited (HKG:194) For Its Next Dividend
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Liu Chong Hing Investment Limited (HKG:194) is about to trade ex-dividend in the next 4 days. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. The ex-dividend date is important as the process of settlement involves two full business days. So if you miss that date, you would not show up on the company's books on the record date. This means that investors who purchase Liu Chong Hing Investment's shares on or after the 5th of September will not receive the dividend, which will be paid on the 19th of September.
The company's next dividend payment will be HK$0.18 per share. Last year, in total, the company distributed HK$0.46 to shareholders. Based on the last year's worth of payments, Liu Chong Hing Investment has a trailing yield of 6.5% on the current stock price of HK$7.1. 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.
Check out our latest analysis for Liu Chong Hing Investment
If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Liu Chong Hing Investment is paying out an acceptable 55% of its profit, a common payout level among most companies. That said, even highly profitable companies sometimes might not generate enough cash to pay the dividend, which is why we should always check if the dividend is covered by cash flow. It paid out 107% of its free cash flow in the form of dividends last year, which is outside the comfort zone for most businesses. Companies usually need cash more than they need earnings - expenses don't pay themselves - so it's not great to see it paying out so much of its cash flow.
While Liu Chong Hing Investment'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. Cash is king, as they say, and were Liu Chong Hing Investment to repeatedly pay dividends that aren't well covered by cashflow, we would consider this a warning sign.
Click here to see how much of its profit Liu Chong Hing Investment paid out over the last 12 months.
SEHK:194 Historic Dividend August 31st 2022Have Earnings And Dividends Been Growing?
When earnings decline, dividend companies become much harder to analyse and own safely. If earnings fall far enough, the company could be forced to cut its dividend. Liu Chong Hing Investment's earnings per share have fallen at approximately 7.3% a year over the previous five years. When earnings per share fall, the maximum amount of dividends that can be paid also falls.
Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the past 10 years, Liu Chong Hing Investment has increased its dividend at approximately 4.4% a year on average. That's interesting, but the combination of a growing dividend despite declining earnings can typically only be achieved by paying out more of the company's profits. This can be valuable for shareholders, but it can't go on forever.
To Sum It Up
Is Liu Chong Hing Investment worth buying for its dividend? It's definitely not great to see earnings per share shrinking. The company paid out an acceptable percentage of its income, but an uncomfortably high percentage of its cash flow over the past year. Bottom line: Liu Chong Hing Investment has some unfortunate characteristics that we think could lead to sub-optimal outcomes for dividend investors.
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 Liu Chong Hing Investment. For instance, we've identified 3 warning signs for Liu Chong Hing Investment (1 is a bit concerning) 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.
老读者会知道我们喜欢Simply Wall St.的红利,这就是为什么看到廖创兴投资有限公司(HKG:194)即将在未来4天内进行除股息交易。除股息日期是记录日期之前的一个工作日,这是股东在公司账面上有资格获得股息支付的截止日期。除息日期很重要,因为结算过程需要整整两个工作日。因此,如果你错过了那个日期的预期,你就不会在记录日期出现在公司的账簿上。这意味着,在9月5日或之后购买刘创兴投资股份的投资者将不会收到股息,股息将于9月19日支付。
该公司下一次派息将为每股0.18港元。去年,该公司总共向股东派发了0.46港元。根据上一年的支付金额,刘创兴投资公司目前的股价为7.1港元,往绩收益率为6.5%。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。
查看我们对刘创兴投资的最新分析
如果一家公司支付的股息超过了它赚取的股息,那么股息可能会变得不可持续--这几乎不是一个理想的情况。刘创兴投资公司将支付其利润的55%,这在大多数公司中是常见的水平。这就是说,即使是高利润的公司有时也可能无法产生足够的现金来支付股息,这就是为什么我们应该总是检查股息是否由现金流覆盖。它去年以股息的形式支付了107%的自由现金流,这超出了大多数企业的舒适区。公司通常更需要现金,而不是盈利--支出不会自行支付--所以看到它支付这么多现金流并不是一件好事。
虽然刘创兴投资公司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。正如他们所说,现金为王,如果刘创兴投资公司一再支付现金流无法很好覆盖的股息,我们会认为这是一个警告信号。
点击这里查看刘创兴投资公司在过去12个月中支付了多少利润。
联交所:194历史性红利2022年8月31日盈利和股息一直在增长吗?
当收益下降时,股利公司就更难分析和安全持有了。如果收益降幅足够大,该公司可能会被迫削减股息。刘创兴投资公司的每股收益在过去五年里以每年约7.3%的速度下降。当每股收益下降时,可以支付的最高股息金额也会下降。
衡量一家公司股息前景的另一个关键方法是衡量其历史股息增长率。在过去10年中,刘创兴投资的股息平均每年增加4.4%左右。这很有趣,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多的公司利润来实现。这对股东来说可能很有价值,但不可能永远持续下去。
总结一下
刘创兴投资值得为其股息买入吗?看到每股收益缩水肯定不是什么好事。该公司支付的收入占其收入的比例可以接受,但在过去一年中占其现金流的比例高得令人不安。一句话:刘创兴投资有一些不幸的特点,我们认为这些特点可能会导致股息投资者的收益不太理想。
话虽如此,如果你看这只股票时并不太关心股息,你应该仍然熟悉刘创兴投资所涉及的风险。例如,我们已经确定刘创兴投资的3个警示信号(1有点令人担忧)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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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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