Don't Buy NetLink NBN Trust (SGX:CJLU) For Its Next Dividend Without Doing These Checks
Don't Buy NetLink NBN Trust (SGX:CJLU) For Its Next Dividend Without Doing These Checks
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see NetLink NBN Trust (SGX:CJLU) is about to trade ex-dividend in the next three days. The ex-dividend date is usually set to be one business day before the record date which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. In other words, investors can purchase NetLink NBN Trust's shares before the 15th of November in order to be eligible for the dividend, which will be paid on the 29th of November.
常規讀者會知道,我們在Simply Wall St非常看重分紅派息,這就是爲什麼看到NetLink NBN Trust(SGX:CJLU)將於接下來的三天內開始交易除權是令人興奮的。除息日通常設定爲股權登記日之前的一個工作日,股權登記日是你必須在公司名冊上作爲股東出現的截止日期,以便獲得紅利。除息日是一個重要的日期,因爲在或之後購買股票可能意味着延遲的交割,這不會顯示在股權登記日上。換句話說,投資者可以在11月15日之前購買NetLink NBN Trust的股票以符合紅利資格,該紅利將於11月29日支付。
The company's next dividend payment will be S$0.0268 per share, and in the last 12 months, the company paid a total of S$0.08 per share. Calculating the last year's worth of payments shows that NetLink NBN Trust has a trailing yield of 8.9% on the current share price of S$0.90. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. So we need to check whether the dividend payments are covered, and if earnings are growing.
公司的下一個股息支付將爲S$0.0268每股,在過去12個月中,公司每股支付了總計S$0.08。計算去年的支付金額顯示,以當前股價S$0.90計算,NetLink NBN Trust的滾動收益率爲8.9%。分紅是許多股東的重要收入來源,但業務的健康對於維持這些分紅至關重要。因此,我們需要檢查股息支付是否有保障,以及收益是否在增長。
If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. An unusually high payout ratio of 210% of its profit suggests something is happening other than the usual distribution of profits to shareholders. A useful secondary check can be to evaluate whether NetLink NBN Trust generated enough free cash flow to afford its dividend. NetLink NBN Trust paid out more free cash flow than it generated - 141%, to be precise - last year, which we think is concerningly high. It's hard to consistently pay out more cash than you generate without either borrowing or using company cash, so we'd wonder how the company justifies this payout level.
如果一家公司支付的分紅超過了其盈利,那麼分紅可能變得不可持續 - 這絕不是一個理想的情況。210%的利潤異常高的支付比率表明除了通常的利潤分配給股東之外,還發生了其他事情。一個有用的次要檢查可以是評估NetLink NBN Trust是否產生足夠的自由現金流來支付其股息。NetLink NBN Trust去年支付的自由現金流比其生成的多 - 具體來說爲141%,我們認爲這是一個令人擔憂的高比例。在沒有借款或利用公司現金的情況下持續支付更多現金是困難的,因此我們會懷疑公司如何證明這種支付水平的合理性。
As NetLink NBN Trust's dividend was not well covered by either earnings or cash flow, we would be concerned that this dividend could be at risk over the long term.
由於NetLink NBN Trust的股息收益既未被盈利覆蓋,也未被現金流覆蓋,我們擔心這種股息在長期內可能面臨風險。
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
點擊此處查看公司的支付比率以及未來分紅的分析師預期。
Have Earnings And Dividends Been Growing?
收益和股息一直在增長嗎?
Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. With that in mind, we're encouraged by the steady growth at NetLink NBN Trust, with earnings per share up 5.0% on average over the last five years. Earnings per share have been growing steadily, although a payout ratio this high suggests future growth is likely to slow, and the dividend may also be at risk of a cut if business enters a downturn.
那些實現持續盈利增長的公司股票通常具有最佳的分紅前景,因爲在盈利增長時提高分紅更容易。投資者喜愛分紅,所以如果盈利下降且分紅減少,預計股票也會在同一時間大幅拋售。因此,我們對NetLink NBN Trust穩定增長感到鼓舞,過去五年每股盈利平均增長5.0%。儘管每股盈利穩步增長,但這麼高的派息比率表明未來增長可能放緩,如果業務進入下行,分紅也可能面臨削減的風險。
Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. NetLink NBN Trust has delivered 9.5% dividend growth per year on average over the past six years. We're glad to see dividends rising alongside earnings over a number of years, which may be a sign the company intends to share the growth with shareholders.
許多投資者將通過評估股息支付在一段時間內的變化來評估公司的分紅表現。在過去六年裏,NetLink NBN Trust的平均每年分紅增長率爲9.5%。我們很高興看到多年來股息與收益一起增長,這可能表明公司打算與股東分享這種增長。
The Bottom Line
最終結論
From a dividend perspective, should investors buy or avoid NetLink NBN Trust? The dividends are not well covered by either income or free cash flow, although at least earnings per share are slowly increasing. With the way things are shaping up from a dividend perspective, we'd be inclined to steer clear of NetLink NBN Trust.
從分紅的角度來看,投資者應該買入還是避免NetLink NBN Trust?股息無論是收入還是自由現金流都沒有得到很好的覆蓋,儘管每股收益至少在緩慢增長。從分紅的角度來看,我們傾向於遠離NetLink NBN Trust。
So if you're still interested in NetLink NBN Trust despite it's poor dividend qualities, you should be well informed on some of the risks facing this stock. To help with this, we've discovered 1 warning sign for NetLink NBN Trust that you should be aware of before investing in their shares.
因此,即使NetLink NBN Trust的分紅質量不佳,如果您仍然對其感興趣,那麼您應該充分了解該股面臨的一些風險。爲了幫助您做到這一點,我們發現了NetLink NBN Trust的1個警示標誌,您在投資他們的股票之前應該注意。
If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks.
如果你在尋找強勁的股息支付者,我們建議查看我們的頂級股息股票選擇。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。