Just How Sustainable Is the Smashing 9% Yield of These 2 Stocks?
Just How Sustainable Is the Smashing 9% Yield of These 2 Stocks?
The REIT has developed a sizable portfolio of 120 properties across the country and a decent tenant portfolio, including the Government of Canada, among its top 10 tenants responsible for 28% of the base rent the REIT collects.
The term âhigh yieldâ is subjective to investors, sectors, and markets. For some investors, everything above the 5% mark might qualify as high, while in some bear markets, even a 6% or 7% yield might not qualify as high because most slumped dividend payers might be offering yields at that or even higher levels.
高收益這個詞是根據投資者、板塊和市場而異的。對於一些投資者來說，超過5%的一切都可能被視爲高利率；而對於一些“熊市”來說，即使6%或7%的收益率可能也不被視爲高，因爲大多數下跌的股息支付者可能提供該水平甚至更高的收益率。然而，對於幾乎所有人來說，一些收益率被認爲是高收益，任何超過8%的收益率都可能符合這一標準。熊市甚至在一些熊市中，6%或7%的收益率也可能不被認爲是高收益率，因爲大多數下跌的股息支付者可能提供該水平甚至更高的收益率。
However, some yields are considered high from almost all perspectives, and anything above 8% might qualify as that yield.
然而，對於幾乎所有人來說，任何超過8%的收益率都可能被認爲是高收益率。
A REIT
一個REIT
PRO Real Estate Investment Trust (TSX:PRV.UN) is a commercial real estate investment trust (REIT) with a heavy industrial-property lean. About 74% of its portfolio is industrial assets, and the rest is retail and office properties. More than half of its gross leasable area is in Atlantic Canada.
PRO房地產投資信託(TSX:PRV.UN)是一家重商業地產的房地產投資信託(REIT)，大約74%的投資組合是工業資產，其餘是零售和辦公樓物業。多數其可租賃面積分佈於加拿大大西洋區域。
The REIT has developed a sizable portfolio of 120 properties across the country and a decent tenant portfolio, including the Government of Canada, among its top 10 tenants responsible for 28% of the base rent the REIT collects.
該REIT已經在全國範圍內開發了一個龐大的120個物業的組合，租戶組合不錯，其中加拿大政府是其佔基本租金的28%的前10大租戶之一。
From a stock performance perspective, PRO REIT is not a healthy pick per se. It's trading below its pre-pandemic price point (and post-pandemic peak) of above $7 per share. The current "slump" is one of the reasons behind the amazing 8.65% yield the stock is offering.
從股票表現的角度看，PRO REIT本身不是一個很好的選擇。它的股價低於疫情前的水平（和疫情後的高點）7加元以上。目前的“低迷”是股票提供驚人的8.65%收益率的原因之一。
As for the sustainability of the yield, there are two things you have to keep in mind. The first is that it already slashed its payouts in 2020 and might avoid a repeat cut as much as possible.
至於收益率的可持續性，有兩個方面需要注意。第一個是該公司已經在2020年削減了其派息，而儘可能避免重蹈覆轍。
The second is that the adjusted funds from operations (AFFO) payout ratio, which is the go-to metric for measuring the financial sustainability of a REIT's dividends, was over 90% in the last quarter. It's on the safe side but not secure per se.
第二個是在上一個季度，被用來衡量REIT股息可持續性的調整後的資金運營(FFO) 支付比率超過90%。它很安全，但不是特別安全。
A mortgage company
一個抵押貸款公司
Another stock related to the real estate market that hails from the financial sector is MCAN Mortgage (TSX:MKP). It's offering a generous 9.3% yield, which has remained around that level for at least two years.
另一隻與房地產市場有關且來自金融領域的股票是MCAN抵押貸款公司(TSX:MKP)。它提供了慷慨的9.3%的收益率，該收益率保持在這個水平至少已經兩年了。
MCAN is a relatively small mortgage company, and like all other non-bank mortgage lenders, it has to compete with the financial giants that dominate this space. However, the company has done well enough for itself and has created a decently sized portfolio.
MCAN是一家相對較小的抵押貸款公司，像所有其他的非銀行抵押貸款機構一樣，它必須與主導這個領域的金融巨頭競爭。然而，這家公司的表現還算不錯，並且已經創建了一個相當規模的投資組合。
It's not a good pick from a performance perspective, but it's still a relatively safe one. It rose by about 19% in the last five years and currently boasts a low price-to-earnings ratio of 7.6, making it tastefully undervalued. The dividends are quite sustainable, considering its payout ratio of 68.6% and its dividend history. The company has been steadily growing its payouts for the past five years.
從表現的角度看，它並不是一個很好的選擇，但卻是一個相當安全的選擇。在過去的五年中，它上漲了約19%，目前擁有低於7.6的PE（市盈率），表明其有很好的投資價值。考慮到其支付比率爲68.6%和紅利歷史記錄，股息相當持續。該公司在過去五年中穩步增長其派息。7.6的市盈率從可持續性的角度來看，MCAN抵押貸款公司顯然是更好的選擇。它還在股息歷史記錄和資本增值潛力方面勝出。但該REIT仍是一個有效的選擇，特別是如果您寧願在不同的股息選擇中實現多樣化，而不是將大部分資本停放在一個股票上。
Foolish takeaway
愚蠢的帶走
From a sustainability perspective, MCAN Mortgage is clearly the better pick. It also outshines the other from the dividend history and capital appreciation potential angle. But the REIT is still a valid pick, especially if you would rather diversify your dividend picks instead of parking most of your capital in one stock.
這2只股票的驚人9%的收益率有多少可持續性？
The post Just How Sustainable Is the Smashing 9% Yield of These 2 Stocks? appeared first on The Motley Fool Canada.
本文最初發表於The Motley Fool Canada。
譯文內容由第三人軟體翻譯。