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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.
看起來像是希慎發展有限公司(HKG:14)將於未來3天內除息。除息日期通常被設定為記錄日期之前的一個工作日,也就是你必須作為股東出現在公司賬簿上才能獲得股息的截止日期。除息日期是一個需要注意的重要日期,因為在這個日期或之後購買股票可能意味着延遲結算,而不會顯示在記錄日期上。因此,在9月2日或之後購買股票的希慎發展投資者將不會收到股息,股息將於9月16日支付。
公司下一次派發股息為每股0.27港元,過去12個月,公司每股派息合共1.44港元。根據上一年的支付金額,希慎發展的往績收益率為6.4%,目前的股價為22.6港元。股息是長期持有者投資回報的主要貢獻者,但前提是繼續支付股息。因此,我們需要調查希慎發展能否支付得起股息,以及股息是否會增長。
查看我們對希慎發展的最新分析
股息通常從公司收入中支付,因此,如果一家公司支付的股息超過了它的收入,它的股息通常被削減的風險更高。希慎發展去年將其利潤的159%作為股息分配給股東,這是不可持續的高水平。如果沒有情有可原的情況,我們會考慮削減股息的風險。然而,在評估股息可持續性時,現金流通常比利潤更重要,因此我們應該始終檢查公司是否產生了足夠的現金來支付股息。它支付了79%的自由現金流作為股息,這在通常的限制之內,但如果沒有增長,將限制公司提高股息的能力。
令人欣慰的是,雖然希慎發展的股息沒有被利潤覆蓋,但至少從現金的角度來看,他們是負擔得起的。如果高管支付的股息繼續高於公司公佈的利潤,我們會認為這是一個警告信號。有能力持續支付高於利潤的股息的公司少之又少。
點擊此處查看該公司的派息率,以及分析師對其未來股息的估計。
聯交所:歷史紅利:2022年8月29日盈利和股息一直在增長嗎?
從分紅的角度來看,收益縮水的企業很棘手。如果業務進入低迷,股息被削減,該公司的價值可能會急劇縮水。這就是為什麼看到希慎發展的每股收益在過去五年裏以每年4.8%的速度縮水是不理想的。
許多投資者將通過評估一家公司的股息支付隨着時間的推移發生了多大變化來評估公司的股息表現。自10年前開始我們的數據以來,希慎發展公司的股息平均每年增加約6.2%。這很耐人尋味,但在盈利下降的情況下,股息增加的組合通常只能通過支付更大比例的利潤才能實現。希慎發展已經支付了其收入的很高比例,因此如果沒有收益增長,我們懷疑未來這種股息是否會增長很多。
底線
投資者應該為即將到來的股息買入希慎發展嗎?最近一段時間,每股收益一直在縮水。更糟糕的是,希慎發展公司正在支付其大部分收益和超過一半的自由現金流。正現金流是好消息,但這不是一個好的組合。從分紅的角度來看,這並不是最有吸引力的提議,我們可能暫時不會考慮這一點。
因此,如果你仍然對希慎發展感興趣,儘管它的股息質量很差,你應該很清楚這隻股票面臨的一些風險。一個恰當的例子:我們發現了希慎發展項目的2個警告標誌你應該意識到。
一個常見的投資錯誤是購買你看到的第一隻有趣的股票。在這裏你可以找到高收益股息股的完整名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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