2022年1月28日

651 listed companies plan to distribute “red envelopes” of over 470 billion

Entered the annual report season, listed company bonus plan subsequently appeared. Flush data show that as of March 30, A total of 809 A-share listed companies disclosed 2020 annual report, 651 listed companies announced cash dividends, accounting for 80.47%, the expected dividend amount of more than 470 billion yuan.

Thirty-three companies paid out more than 10 yuan per 10 shares

On the evening of March 29, JMC disclosed its 2020 annual report that the company plans to pay a cash dividend of 34.76 yuan per 10 shares (tax included, the same below). At present, the total share capital of the company is 863 million shares, the total amount of the dividend can be calculated to reach 3 billion yuan. On March 30, the stock price of JMC rose by the daily limit. By the end of the day, JMC closed at 27.93 yuan.

From the released dividend plan, this year’s annual report quarter, a large proportion of dividend cases frequently appear. Prior to March 26, China Shenhua disclosed the 2020 annual profit distribution plan shows that the company plans to distribute the final dividend of the 2020 annual dividend of 18.1 yuan per 10 shares. Based on the company’s total capital stock of 19.869 billion shares as of March 26, 2021, the planned cash dividend is about 35.962 billion yuan, accounting for 91.8% of the net profit. Yunnan Baiyao also launched the “10 shares of 39 yuan” of the large dividend plan, a total of cash dividend distribution of 4.917 billion yuan, cash dividend amount accounted for 89.14% of net profit.

Flush data show that, as of press release, A shares A total of 809 listed companies disclosed 2020 annual report, including 651 listed companies in the distribution plan announced cash dividends, accounting for as high as 80.47%. Notably, there were 374 listed companies in which cash dividends accounted for at least 30% of net profits. According to the announcement of the date of equity calculation, it is expected that the total amount of dividends will exceed 470 billion yuan. Among them, 33 are expected to pay more than $10 per 10 shares, while 102 are expected to pay $5 or more. Five listed companies, Shuoshi Bio, Yunnan Baiyao, Amec, Jiangling Automobile and Inke Medical, paid dividends of more than 30 yuan per 10 shares (before tax).

“Since this year, many listed companies have been willing to pay a high percentage of dividends. I think this is a good start. “A listed company paying a large-scale dividend not only shows its respect for shareholders, but also reflects the value of its own investment. It is also in line with the general trend of cash dividends worldwide.” Shenyin Wanguo Securities Research Institute chief market expert Gui Haoming told the Economic Information Daily reporter.

In recent years, the dividend mechanism of A-share listed companies has been constantly improved. According to the Outline of the 14th Five-Year Plan, we will increase urban and rural residents’ property income through multiple channels, increase farmers’ share of the income from land appreciation, improve the dividend sharing system for listed companies, and innovate more financial products that meet the needs of household wealth management. The State Council’s Opinions on Further Improving the Quality of Listed Companies, released last October, encourages listed companies to repay investors through cash dividends and share buybacks and earnestly fulfill their social responsibilities. Earlier, the CSRC also said that it would encourage and guide listed companies to buy back, pay dividends and increase investor returns.

Part of the “big payout” is worrying

From the performance of listed companies that have disclosed the profit distribution plan, many listed companies that have “a large amount of dividends” have achieved a large increase in net profit annually in 2020. The annual report shows that in 2020, the company’s operating income reached 1.74 billion yuan, an increase of 502.39% over the same period last year. Net profit attributable to the parent company was 820 million yuan, up 878.52% year on year. The annual operating income of AIMEK reached 709 million yuan in 2020, with a year-on-year growth of 27.18%; Realized the deduction of non-net profit of 424 million yuan, a year-on-year increase of 442.95%. Yunnan Baiyao achieved an operating income of 32.743 billion yuan in 2020, with a year-on-year growth of 10.38%; Net profit attributable to shareholders of the listed company was 5.516 billion yuan, up 31.85% year on year, and also maintained a relatively steady growth rate.

Economic scholars, founding partner pay spring allowed Thai capital, points out that cash flow “money” to return to the investor’s account, not only verify the authenticity of corporate profits, also reflects the company responsible attitude to the shareholders, therefore, high dividends often leads to the judgment of the value of the company, the valuation and stock price is relatively higher.

But it is worth noting that part of the listed company dividend ratio is higher, even more than 100%. Take Jiangling Automobile for example. According to the company’s annual report, its net profit in 2020 was 551 million yuan, but the total amount of dividends reached 3 billion yuan, nearly 5.5 times of last year’s profit. In addition, according to flush data show that 651 listed companies for cash dividends, dividends ratio of more than 100% of 44, accounting for about 6.76%.

“More than 100 percent of the dividend ratio means that the amount of the dividend has exceeded the current year’s earnings, is in the past to roll profits for dividends, if the company does have the strength, the capital surface is relatively loose, but also can.” “Mr. Gui said. However, in his view, rolling profits is divided into the “past point” of money, this model is actually difficult to continue, do not need to do too much encouragement. Because from the perspective of dividend theory, we should first ensure the continuous operation of the rolling development of the enterprise, and at the same time, we should consider the use efficiency of funds.

Pay Lichun pointed out that the listed company dividend belongs to the accumulation of historical performance, “extravagant throw” behind may mean that the dividend is only a one-time, and even after the company dividend, the ability to continue to operate a bigger problem. Therefore, investors need to consider the sustainability, future profitability and adequacy of capital of listed companies. In addition, insiders said, continuous dividends can ensure stable earnings, investors can also be based on the dividends for the company’s asset pricing, but this is mainly for mature companies. It is also understandable for some start-ups not to pay dividends but to reserve profits for capital accumulation.

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