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Why It Might Not Make Sense To Buy Hang Lung Properties Limited (HKG:101) For Its Upcoming Dividend
Why It Might Not Make Sense To Buy Hang Lung Properties Limited (HKG:101) For Its Upcoming Dividend
Hang Lung Properties Limited (HKG:101) is about to trade ex-dividend in the next three 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 of consequence because whenever a stock is bought or sold, the trade takes at least two business day to settle. Accordingly, Hang Lung Properties investors that purchase the stock on or after the 9th of September will not receive the dividend, which will be paid on the 29th of September.
The company's next dividend payment will be HK$0.18 per share, on the back of last year when the company paid a total of HK$0.78 to shareholders. Based on the last year's worth of payments, Hang Lung Properties stock has a trailing yield of around 5.9% on the current share price of HK$13.22. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. As a result, readers should always check whether Hang Lung Properties has been able to grow its dividends, or if the dividend might be cut.
Check out our latest analysis for Hang Lung Properties
If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Hang Lung Properties paid out 98% of its earnings, which is more than we're comfortable with, unless there are mitigating circumstances. 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. Over the past year it paid out 127% of its free cash flow as dividends, which is uncomfortably high. It's hard to consistently pay out more cash than you generate without either borrowing or using company cash, so we'd wonder how the company justifies this payout level.
Cash is slightly more important than profit from a dividend perspective, but given Hang Lung Properties's payouts were not well covered by either earnings or cash flow, we would be concerned about the sustainability of this dividend.
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
SEHK:101 Historic Dividend September 5th 2022Have Earnings And Dividends Been Growing?
Businesses with shrinking earnings are tricky from a dividend perspective. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. Hang Lung Properties's earnings per share have fallen at approximately 10% a year over the previous five years. Such a sharp decline casts doubt on the future sustainability of the dividend.
Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. Hang Lung Properties has seen its dividend decline 5.8% per annum on average over the past 10 years, which is not great to see. While it's not great that earnings and dividends per share have fallen in recent years, we're encouraged by the fact that management has trimmed the dividend rather than risk over-committing the company in a risky attempt to maintain yields to shareholders.
To Sum It Up
Is Hang Lung Properties an attractive dividend stock, or better left on the shelf? Not only are earnings per share declining, but Hang Lung Properties is paying out an uncomfortably high percentage of both its earnings and cashflow to shareholders as dividends. This is a clearly suboptimal combination that usually suggests the dividend is at risk of being cut. If not now, then perhaps in the future. It's not that we think Hang Lung Properties is a bad company, but these characteristics don't generally lead to outstanding dividend performance.
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 Hang Lung Properties. Our analysis shows 1 warning sign for Hang Lung Properties and you should be aware of this before buying any shares.
If you're in the market for strong dividend payers, we recommend checking our selection of top 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.
恒隆地产有限公司(HKG:101)即将在未来三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。除息日期是重要的,因为每当买卖一只股票时,交易至少需要两个工作日才能结算。据此,在9月9日或之后购买该股票的恒隆地产投资者将不会收到股息,股息将于9月29日支付。
该公司的下一次派息将为每股0.18港元,而去年公司向股东支付的股息总额为0.78港元。根据上一年的支付金额,恒隆地产股票的往绩收益率约为5.9%,目前股价为13.22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,读者应该经常查看恒隆地产是否能够增加其红利,或者红利是否可能被削减。
看看我们对恒隆地产的最新分析
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。恒隆地产支付了其盈利的98%,这超出了我们的预期,除非有减轻情节的情况。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。在过去的一年里,它支付了其自由现金流的127%作为股息,这一数字高得令人不安。在不借入或不使用公司现金的情况下,很难持续支付比你产生的现金更多的现金,所以我们想知道公司如何证明这种支付水平是合理的。
从股息的角度来看,现金略高于利润,但考虑到恒隆地产的支出无论是收益还是现金流都没有很好地覆盖,我们会担心这种股息的可持续性。
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:101历史性红利2022年9月5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。如果收益下降,该公司被迫削减股息,投资者可能会眼睁睁地看着他们的投资价值化为乌有。在过去的五年里,恒隆地产的每股收益以每年约10%的速度下降。如此大幅的下跌让人对红利未来的可持续性产生了怀疑。
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。过去10年,恒隆地产的股息平均每年下降5.8%,这并不是很好的情况。虽然近年来每股收益和股息下降并不是什么好事,但令我们感到鼓舞的是,管理层削减了股息,而不是冒着过度承诺公司的风险,试图保持对股东的收益。
总结一下
恒隆地产是一只有吸引力的分红股,还是更好地被搁置?不仅每股收益在下降,恒隆地产还向股东支付了令人不安的高收益和现金流股息。这显然是一个次优的组合,通常意味着股息有被削减的风险。如果不是现在,那么也许是在未来。这并不是说我们认为恒隆地产是一家糟糕的公司,但这些特点通常不会导致出色的股息表现。
话虽如此,如果你看这只股票时并不太关心股息,你应该仍然熟悉恒隆地产所涉及的风险。我们的分析显示恒隆地产的1个警示标志在购买任何股票之前,你应该意识到这一点。
如果您正在寻找强大的股息支付者,我们建议查看我们精选的顶级股利股票。
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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