Thursday, December 8, 2011

高股息的另一个意义

在传统的投资世界里头,高股息意味着低内部成长,原因在于一个简单的道理,即:公司需要保留盈利来充作资本开销来扩大本身的业务。为什么我们会有这种想法?原因在于你公司本身的行业。举个例子,若你的公司是在工业领域,那么你的盈利是透过销售更多的产品到国外来提高,那么你就需要增加生产线。而增加生产线意味着需要增加产房和其他的器材和人手等等等。这些我们都会透过财报里头的Depreciationfee和Admin Fee来探测出来。若一间公司在长时间内没有资本开销的话,一般理论上来说它的业绩就不会取得成长(因为工业股是如此)。

那么问题来了,有那些公司是不需要透过资本开销来增加营业额和盈利的?比如说这家公司能够提高人均消费(ASP)来提高盈利,或者说这家公司能够在把生产线让给其他公司(OEM)而本身是专注在R&D方面的,又或者说如服务业的公司,只需要提高本身的服务素质,增加顾客来源,又或者类似网上生意一般,不需要庞大的资本开销就可以联系到一大批的群众等等等。

高股息不一定就意味着不好或好,这需要依据你的需求而定。个人建议是若你没有那么大的风险承担能力的话,选择高股息至少会给你一些被动收入,长时间来看持续高股息的股项都是比较稳定走势的股票(只要业绩和盈利是稳定增长的)。

摘要:

1. 高股息股多数是出于那些不需要庞大而持续的资本开销的领域如服务业或者饮食业
2. 唯有现金牛公司才可能长时间持续给予高股息予股东,不然的话就是 “借钱” 给股息
3. 低股息股通常是在那些庞大此本开销的领域如工业股或者增长的领域
4. 需要庞大现金流的公司通常都不被基金经理青睐,原因在于部分基金经理会选择有股息的公司
5. 股息在熊市的时候能够起着护盘的作用,原因在于股息也会成为你的投资回酬的另一部分。:)

4 comments:

Jimmy said...

how to know that when there is a 高股息 is given by the company? I cannot get the news.

What is your comment for Nam Cheong (N4E.SI)? Heard that their relationship with Petronas is very good and Petronas will give them order for more small vessel and they grabbed china's business.

Jack Phang said...

Hi, you can know it from SGX website. Normally I research a co based on fundmantel first, and later search on the industry and future prospect. Hope it can help you. :)

psychedelic_blue said...

CES? are u still keep these stocks? CES belongs to which category mentioned in ur above blog? LOL

Jack Phang said...

Hi, it doesn't matter what my ans for u is, but how you can treat your investment. I always believe in a good management that can cater for different weather along the way they do yet business. It's good that a company is in a growing industry, but more importantly is the company is having a good management team that has the ambition and integrity.