With the end of the annual report performance disclosure in 2021, the dividend schemes of A-share listed companies have also been released one after another, and the high-quality varieties with high dividend rate have attracted the attention of all parties in the market.
Industry insiders generally believe that “at present, the investment value of the A-share market is constantly emerging. High dividend yield not only means the attraction of the stock market and the improvement of the value of stock asset allocation. At the same time, it is also an important indicator for listed companies to attract value investors and long-term investors.”
dividend yield of top 50 companies exceeds 7%
According to statistics, as of April 30, 3306 listed companies in Shanghai and Shenzhen had issued cash dividend plans for 2021, accounting for 70% of the total number of companies that have disclosed their annual report performance. It is expected that the total cumulative cash dividend will reach 1.55 trillion yuan. This will also be the fifth consecutive year since 2017 that the total annual dividend of A-share listed companies has exceeded 1 trillion yuan. Among them, 28 companies including Industrial And Commercial Bank Of China Limited(601398) and others plan to pay cash dividends of more than 10 billion yuan.
“The improvement of the quality of listed companies should ultimately be reflected in the ability of value creation and value distribution.” Yi Huiman, chairman of the CSRC, said a few days ago that listed companies should strive to improve the ability of return, that is, continue to enhance the return to shareholders and enhance the sense of gain of investors through cash dividends and share repurchase.
In addition, analysts said that the increase in the dividend scale of listed companies can convey the signal of stable operation and strong profitability to the market, so as to enhance the market’s confidence in its development.
The reporter of Securities Daily further combed and found that among the 3306 companies mentioned above, with the announced cash dividend per share before tax as the cash dividend benchmark and the latest closing price as the benchmark stock price, 1135 companies have a dividend rate of more than one-year fixed deposit interest rate (1.75%), 521 companies have a dividend rate of more than 3% and the top 50 companies have a dividend rate of more than 7%. Among them, Bengang Steel Plates Co.Ltd(000761) , Shanxi Zhendong Pharmaceutical Co.Ltd(300158) and other two stocks, with dividend rates exceeding 20%, 26.1% and 25.25% respectively, ranking at the top; The following is followed by the following closely followed by the following closely followed by the following closely followed by the following closely followed by the following closely followed by the following: the ‘ Guangdong Mingzhu Group Co.Ltd(600382) 14companies, including Baoxiniao Holding Co.Ltd(002154) , Shenma Industry Co.Ltd(600810) , Luxi Chemical Group Co.Ltd(000830) , China Petroleum & Chemical Corporation(600028) , Huayang variable speed, all have dividend yield of over 10%.
From the perspective of the industry, among the companies with the highest dividend rate of 50, there are a large number of individual shares in the four major industries of textile and clothing, steel, basic chemical industry and automobile, including 8, 7, 6 and 6 respectively.
“Compared with previous years, this year’s dividend companies show two significant changes: first, the number of companies with high proportion and large dividends is increasing, mainly because the industry structure tends to be more stable, and the high proportion of dividends in these industries will continue in the future; second, the stocks with high dividend yield are attracting more and more investors, which often means that the investment value of A-Shares is further revealed and is expected to attract more incremental capital.” Qin Hong, a consulting analyst at jinbailin, told the Securities Daily.
Zheshang Securities Co.Ltd(601878) analysis shows that since the beginning of the year, the difference between the dividend yield of A-Shares and the interest rate of one-year treasury bonds has fallen from 0.75% to 0.5%, which is close to the low point of the previous round of interest rate difference. The spread between the yield of one-year treasury bonds and the dividend yield continues to narrow, which is often a signal that the market has gradually stepped into the bottom area. The reason behind this phenomenon is that when the dividend rate is close to or higher than the bond interest rate, the attractiveness of the stock market and the allocation value of stock assets will increase.
178 companies with dividend yield exceeding 3% for three consecutive years
As we all know, high dividend yield is an important indicator for listed companies to attract long-term investors. At the same time, we should not only pay attention to the sustainability of the company’s performance, but also pay attention to its one-year dividend rate.
Combined with past data statistics, it is found that 178 companies in the A-share market have a dividend yield of more than 3% for three consecutive years (20192021). From the perspective of Shenwan industry, the above-mentioned companies are mainly clustered in four industries: Banking (24), transportation (15), textile and garment (13) and real estate (12).
Therefore, it is not difficult to find that high dividend yield may have become a significant feature of bank stocks. Insiders generally believe that the banking industry has large assets, high overall profitability, stable operating performance and abundant cash flow, which has established a good dividend basis, thus promoting its large-scale cash dividend.
A reasonably high dividend yield is highly attractive to institutional investors and is conducive to the long-term rise of stock prices. Statistics show that among the 178 stocks with high dividend yield, 126 have outperformed the Shanghai stock index in terms of cumulative growth during the year, accounting for more than 70%. Among them, Xiamen C&D Inc(600153) , Tande Co.Ltd(600665) , Bank Of Nanjing Co.Ltd(601009) , Huafa Industrial Co.Ltd.Zhuhai(600325) , China Shenhua Energy Company Limited(601088) , Huaibei Mining Holdings Co.Ltd(600985) and other six stocks increased by more than 20% during the year.
For varieties with high dividend yield for three consecutive years, Hu Po, manager of Rongzhi investment fund under private placement paipai.com, said, “Stock investment income comes from the rise of stock price and dividend, and high dividend rate often means that the listed company not only has high dividend but also low P / E ratio, so the dividend rate is often one of the important criteria for investors to judge whether the enterprise has investment value. The higher dividend rate often means that the company’s profitability is stronger, and the dividend rate has exceeded 3% for three consecutive years, indicating that the dividend rate is high, but also shows good sustainability The company has long-term investment value. “
Dividend yield can not only reflect the yield of investors, but also one of the most important indicators for institutional investors. Among the above 178 companies, by the end of 2021, social security funds had appeared among the top 10 circulating shareholders of 47 companies.
“However, the high dividend yield can not be used as the only basis for stock selection, but only as one of the reference elements.” Qin Hong reminded that because listed companies with high dividend yield often correspond to the mature business cycle of enterprises, there is a relative lack of growth at this stage, so they are willing to return a large proportion of cash to shareholders. However, the securities market emphasizes the future growth. Whether short-term investors or long-term investors, the biggest return on investment comes from the rise of stock price caused by growth expectation, not mainly from the cash return of dividend rate. Moreover, high dividend yield stocks still have the risk of dividend yield change. If the stock price increases greatly in the short term, the dividend yield will decrease rapidly; For another example, performance fluctuations will also affect the dividend yield. Therefore, the dividend yield can be used as a basis in the operation, but if you want to make long-term investment, you also need to look at the future growth prospects of the company.
