“Ning concept” is rising, but the “bancassurance land” has ushered in a rare peak of “dividend yield” in history.
According to statistics, based on the latest closing price and dividend data in 2020, there are as many as 17 companies with A-share dividend rate of more than 10%, of which Sanxiang impression dividend rate is even as high as 24.92%.
It is not possible for investors to receive dividends in a certain year. If a company’s dividend yield has maintained a high level in the past three years, it may be regarded as a better target.
Taking the dividend yield of more than 5% in the past three years as the standard, 50 companies have met the conditions.
Taking China Shenhua as an example, the dividend amount of the company has gradually increased in the past three years, with dividends per share (before tax) of 0.88 yuan, 1.26 yuan and 1.81 yuan respectively. The dividend payment rate has also been increasing, 39.9%, 57.94% and 91.81% respectively.
As can be seen from the above table, most companies with high dividend yield belong to traditional industries, such as coal, power, banking, real estate, etc.
Many of these companies are in the stage of “killing valuation” – even if the performance continues to be good, the market still does not think it is worth buying, and the stock price is falling all the way.
For example, zheneng power has maintained a high dividend level in the past three years. Its performance in the first quarter of this year still maintained growth, but the company’s share price has fallen repeatedly. At present, the dynamic P / E ratio is 6.7 times.
Such cases of zheneng power are not uncommon, especially since this year, the market has valued growth opportunities, and companies in traditional industries are still not favored by funds in the case of high dividends.
Stocks with strong profitability encounter obvious undervaluation in the market. Many researchers have their own understanding of this phenomenon. Their core views mainly focus on the key points of “unsustainable profitability” and “no prospect for the industry”.
Some private placement people believe that the era of high growth in real estate and infrastructure investment has passed, and the profitability sustainability of cyclical industries is poor, which are all problems.
For these problems, many private equity people said that the specific time node and change range are almost impossible to predict, but since there are long-term risks, it is simply no longer configured.
article links：The dividend rate of a batch of companies exceeds 10%
Reprint indicated source：Shine Trader Limited Live information