The annual report of 2021 has entered an intensive disclosure period, and the dividend scheme of listed companies, especially cash dividend, has attracted much market attention. Data show that as of April 19, a total of 1555 companies in A-share plan to pay cash dividends. Among them, 62 companies intend to pay more than 1 yuan per share.
In this regard, Qin Hong, a consulting analyst of jinbailin, said in an interview with the reporter of Securities Daily that the number of companies with high proportion and large dividends is increasing this year; The increase of high dividend yield stocks often means that the investment value of A-Shares further appears, and it is expected to attract more funds into the market.
21 companies intend to pay cash dividends
scale exceeding 10 billion yuan
According to combing, up to now, 21 companies plan to pay cash dividends of more than 10 billion yuan. Among them, 10 companies including Industrial And Commercial Bank Of China Limited(601398) , China Construction Bank Corporation(601939) , Agricultural Bank Of China Limited(601288) , Bank Of China Limited(601988) , China Merchants Bank Co.Ltd(600036) are from the banking industry The Industrial And Commercial Bank Of China Limited(601398) plan has the highest total dividend, reaching 104534 billion yuan. It is also the only company with A-share dividend of more than 100 billion yuan in 2021.
In addition, Kweichow Moutai Co.Ltd(600519) plans to distribute cash dividends of RMB 216.75 per 10 shares in 2021, with a total profit of RMB 27.228 billion. Last year, the company’s operating revenue increased by 11.88% year-on-year, and its net profit increased by 12.34% year-on-year.
“The market volatility has increased this year, so high dividend yield stocks have received more market attention, and the overall valuation level of these high dividend yield stocks is not high, so they have strong defensive characteristics and are the focus of the current market.” Hu Bo, manager of Rongzhi investment fund of private placement paipai.com, told reporters that allocating stocks with high dividend yield is a relatively stable strategy. However, most high dividend yield stocks have strong periodicity, so long-term investment is a better way to participate in high dividend yield stocks.
Yuan Huaming, general manager of Huahui Chuangfu investment, also told reporters that since the numerator of dividend yield is dividend and the denominator is stock price, most stock markets with high dividend yield have low earnings ratio or relatively low stock price. Therefore, stocks with high dividend yield often have medium and long-term investment value.
Based on the closing price on April 19, among the companies that have announced the dividend plan, 612 companies have a dividend rate exceeding the one-year fixed deposit rate of the bank (1.75%) in 2021. In terms of industry, the above 612 high dividend yield companies are mainly concentrated in five Shenwan level industries, including basic chemical industry, mechanical equipment, medicine and biology, transportation and automobile, with 58, 54, 47, 38 and 36 respectively.
And good performance will make the company’s dividend more confident. According to combing, 467 of the above 612 companies achieved a year-on-year increase in net profit last year, accounting for 76.31%.
Ma Cheng, chairman of juze investment, said in an interview with the reporter of Securities Daily that to judge the investment value of individual stocks with high dividend yield, we also need to look at the development cycle of their industry and comprehensively judge the prospect in combination with performance. But on the whole, stocks with low value and high dividend yield are more likely to be favored by institutional funds.
In terms of valuation, as of the closing on April 19, the latest dynamic P / E ratio of A-Shares was 16.56 times (overall method), and the latest dynamic P / E ratios of 326 of the above 612 stocks were lower than 16.56 times, accounting for more than 50%.
93 individual shares
with high dividend potential
Among the companies that have not yet disclosed their annual reports, which listed companies have high dividend potential? Chen Li, chief economist of Chuancai securities and director of the Research Institute, said in an interview with the Securities Daily: “enterprises that can pay dividends usually have strong profitability and abundant cash flow; at the same time, these enterprises often have considerable industry status, stable performance and strong anti risk ability, so as to be separated from the industry cycle to a certain extent.”
In fact, in the view of professionals, high score red stocks usually have some characteristics: for example, the dividend yield has exceeded the bank’s one-year fixed deposit rate (1.75%) for three consecutive years (20182020); The net profit in the first three quarters of 2021 is positive, or the annual performance forecast of 2021 has been disclosed and expected; The net operating cash flow per share in the first three quarters of 2021 was positive; In the first three quarters of 2021, the undistributed profit per share exceeded 1 yuan.
According to the figure, the data show that 93 of the 2785 listed companies with the actual disclosure date of the 2021 annual report on and after April 19 have the above characteristics. From the perspective of industry attributes, these 93 companies mainly come from automobile, textile and clothing, media, banking and other industries 35 \inline with the above characteristics, the cash distribution per share has reached 1 yuan or more (before tax) over the years from 2018 to 2020, and the continuous dividend intensity is greater.
Pan Helin, CO director and researcher of the digital economy and financial innovation research center of the International United Business School of Zhejiang University, who was interviewed by the Securities Daily, said, “high dividend paying enterprises are often in the mature stage. It is difficult for them to further improve their performance through investment, but their existing businesses can generate sufficient cash flow.”
Chen Li also believes that “the industry of high dividend paying enterprises has entered a mature period, the growth rate of the overall market space has slowed down, and the industry pattern is relatively stable. These industries usually experience a relatively long period of stability until the new opportunities brought by new technologies have an impact on the existing pattern.”
Liu Cunxin, assistant manager of Rongzhi investment fund under private placement paipai.com, told reporters about the investment opportunities of companies with high dividend yield, “Dividend yield is an important reference index for stock selection. Among them, the level and sustainability of dividend yield are the focus of reference. In the current situation of high overall environmental risk and strong uncertainty, the risk aversion of market funds is high. Therefore, investing in stocks with dividend yield exceeding bank time deposits for three consecutive years will be a better defensive strategy. Superimposed on the improvement of valuation after the improvement of economy, it will bring good investment return.”
