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The "Epidemic" Hit The A Share Annual Report B Quarter: Cash Dividends, Generous People Shrink 80% Compared To The Previous Year, The Research Team Suggested "Divide Profits And Make It Difficult To Cross The Past".

2020/3/28 10:03:00 0

EpidemicA SharesAnnual ReportsCashDividendsGenerosityYear-On-YearResearchTeamProfitsDifficult To Cross

In the annual report quotations, dividends have always been a topic of interest to investors.

With the gradual disclosure of annual reports, some high dividend payouts and high dividend payouts have been popular among investors, and share prices have risen.

Nanzhi think tank, twenty-first Century economic report, southern responsibility investment action research team found that in the 2019 quarter of the year, the new features of dividends appeared quietly: in the 2019 profit distribution plan, the proportion of listed companies with cash dividends exceeding 30% of the distribution profit was greatly reduced.

According to Wind data, according to the statistics of the research group, as of the evening of March 27th, a total of 341 listed companies in the A share listed companies that had disclosed their annual reports were paid dividends, and 72 did not pay dividends at the 475. Of the 452 listed companies with distribution schemes, there are 432 cash dividends, 75 transfers, and 55 dividends.

At present, the listed companies that have disclosed the allocation scheme only have 33 cash dividends of less than 30%, accounting for only 7.64% of the cash dividends companies. In the past 20 years, the research team of the southern responsible investment program has found that this proportion has been over 50% in the past 20 years.

Of course, the delayed disclosure of the annual reports of many listed companies affected by the epidemic is still limited. The southern responsibility investment plan research team found out from the market parties that this is related to the impact of the epidemic on many listed companies, the pressure of performance in 2020, and the new regulation of refinancing.

In this case, is the dividends paid back to the old shareholders in the past years, or is the retained profits used for company operation? This is a new topic.

"Hao throwing red packets" welcomed the hot spot.

In the annual report season, high dividends and high dividend payouts are favored by investors. Dividends are also important indicators for listed companies to practice ESG.

It is also because of the outbreak that many countries and regions have boosted consumption by distributing red packets to hedge the economic impact of the epidemic. The dividends of listed companies, as a way to increase the consumption power of investors, is also worthy of attention.

According to Wind data, the southern responsible investment plan research group disclosed a total of 316 listed companies in the A stock market as of the evening of March 27th.

From the perspective of the industry that publisher pays dividends, it mainly focuses on banks, insurance, coal and other sectors, with outstanding performance and large shareholder ownership.

Among them, there are many listed companies in the disclosure of dividend plans after the harvest of funds.

For example, as early as the evening of December 26, 2019, La Carla introduced a dividend plan of 10 to 10 yuan (including tax), which was followed by a continuous increase. In December 27th and December 30th, the closing price of the 2 consecutive trading days increased by more than 20%.

In February 28th, La Carla released a notice of performance. It is estimated that the net profit attributable to shareholders of Listed Companies in 2019 will be 791 million -8.09 billion yuan, an increase of 32%-35% over 2018.

By the end of March 27th, the price of La Carla rose 23.19% after the dividend plan was launched.

In addition, there are many generosity of listed companies such as Conch Cement (600585.SH) in March 21st announced 10 allocation of 20 yuan (including tax) allocation plan. According to Wind data, as of March 27th, a total of 18 listed companies had a cash dividend ratio of over 50% in 2019, of which *ST ROP, long group, focus technology and Jiashi technology total cash dividends were more than last year's net profit.

According to the transfer plan, there are 75 companies in the current allocation scheme. There are many high transfer providers. For example, new Novi (300765) intends to send 10 shares to 11 shares, and the United States new material (300586) intends to send 9 shares to every 10 shares.

Listed companies with high dividend yield are also sought after by capital. In the fourth quarter of last year, the social security fund added CITIC steel (000708) and Zhonggong Education (002607), two funds entered new health shares in the fourth quarter of last year, and Yongxin shares were also favored by many funds.

"From this trend, we can see that investment institutions' attention to corporate social responsibility indicators is rising rapidly." A broker from Beijing said when interviewed.

"Iron cock" still stands tall

Many listed companies do not pay dividends all the year round, which is not related to the operational pressure brought by the epidemic. In the previous operation logic of A shares, the market paid less attention to the indicators of social responsibility of listed companies, and it was also the main reason for the phenomenon of "iron chicken" in listed companies.

According to statistics from the southern responsible investment program research group, there are still listed companies who have not paid dividends since they were listed, and the "iron cock" still stands.

For example, the A (000613.SZ) of the East China Sea disclosed its annual report on the evening of March 20th, and there was still no dividend plan in 2019. In fact, since its listing in 1997, it has not made a dividend.

This is also related to its poor profitability.

The main business of A in the East China Sea is hotel accommodation and catering services. By the end of 2019, the total number of employees was 133. The largest shareholder was Limited by Share Ltd, holding 17.55%.

Since its listing in 1997, the Dadong A has recorded a number of losses in the years and accumulated a net loss of 90 million 464 thousand and 800 yuan in 2019. Except for those listed in 1997, the undistributed profits were negative at the end of the year. In the latest issue of 2019, net profit of 756 thousand and 700 yuan was recorded, and the undistributed profit at the end of the year was -3.40 billion yuan.

According to incomplete statistics from the southern responsible investment plan research team, only about 2000 listed companies, until 2018, there were not less than 20 companies that had never allocated profits, such as business win universal, German exhibition health, Jinyu car city, Bo Xin share, Xiangyang bearing, Wan Fangfa exhibition, ST Yun Sheng, Xianglong electric industry, Garden City gold, Hainan Airlines technology, Beiqi Blue Valley, pagoda industries, and Ping Tan development, Dasheng culture, China Tian Ying, *ST Yida, Jinbei Automobile, Asia Pacific Industrial, purple and so on.

Among them, there are many "A" famous companies and zombie companies. The southern responsibility investment plan research team has called some of its companies to understand its dividend plan in 2019, and has not received relevant responses.

Several market participants pointed out to the southern responsible investment plan research group that dividends are the choices of listed companies, but this year the situation of cash dividends greatly reduced or inseparable from the impact of the epidemic.

"A lot of listed companies are affected by the epidemic this year. Cash flow is scarce, and there will be more motivation to keep profits." Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said.

In addition, the dividend payout ratio is linked to some refinancing actions such as public issuance and issuance of convertible bonds, but it is not linked to fixed increase. After the new regulation of refinancing this year, whether the increase in lock price or the increase in bidding price is much looser than the previous provisions, this will attract more listed companies to turn to fixed growth and reduce the demand for dividends less than 30% in the past 3 years.

"The issuance of convertible bonds requires that the dividend payout ratio in the past 3 years is not less than 30%. Many companies are under the pressure of cash flow due to the epidemic. They may be inclined to lower the proportion of cash dividends this year, and can raise them later." Yin Zhongyu, the head of the securities investment bank of the Federal Reserve, pointed out.

How should a listed company choose cash dividends or retained profits?

"Different market players have different positions." People with investment bank say frankly.

"This problem should be treated according to circumstances. Some listed companies do not have good projects to invest at present. There are a large number of idle funds lying in banks. Large amounts of capital are used for stocks and purchases. While some listed companies are in the critical period of project investment, they can reserve profits accordingly for company operation. Dong Dengxin pointed out.

Cash dividends are changing.

The new crown epidemic is affecting every aspect of the capital market.

According to statistics from the southern responsible investment program research group, the profit distribution scheme of A share listed companies in 2019 showed a different characteristic: cash dividends were greatly reduced.

Not long ago, Yu Liang, chairman of Vanke's board of directors, said that if there was no epidemic situation, the company would still maintain a 35% dividend rate. "But people are not as good as the weather. We still need to save more cash."

On the evening of March 17th, Vanke released its 2019 annual report, and realized operating income of 367 billion 894 million yuan in 2019, up 23.59% from the same period last year, and realized net profit of 38 billion 872 million yuan, an increase of 15.10% over the same period last year. The company's dividend payment plan is 1.045 yuan per share, and the total dividend payment in 2019 is 11 billion 800 million yuan (including tax), accounting for 30.38% of the net profit attributable to shareholders of the listed company in the consolidated statement of 2019.

In the 2016-2018 dividend scheme, the ratio of Vanke dividends to net profit was 41.48%, 35.42% and 34.97% respectively, and the share of dividends decreased year by year.

"Will the epidemic affect the dividend policy of the company?" Since Vanke has lowered the proportion of its dividend payout in 2019 due to being affected by the epidemic and hoping to keep more cash in hand, the interactive platform of listed companies can be found everywhere.

Before this year, the "local tyrant" Fang Da steel also stopped distributing cash dividends in 2019.

Fangda steel is an iron and steel enterprise. Its main business is metallurgical raw material processing, ferrous metal smelting and calendering processing products and its by-products manufacture and sale. The main products are screw steel, automobile leaf spring, spring flat steel, iron concentrate and so on. At the beginning of 2019, Fangda steel set up a 312 million yuan cash wall to distribute the year-end bonus to employees, and distributed cash dividends to all shareholders of the company 1.7 yuan per share. The total cash dividend was 2 billion 461 million yuan, which sparked market concern.

In 2019, Fangda Steel's revenue was 15 billion 389 million yuan, down 10.97% compared to the same period last year. Net profit was 1 billion 711 million yuan, down 41.54% compared with the same period last year.

According to its 2019 profit distribution plan, in 2019, it intends to increase 4.9 shares to every shareholder in every 10 shares, without cash dividends.

In response, the Shanghai Stock Exchange issued a letter of inquiry about profit distribution to Fangda special steel. Fang Da steel explained that the cancellation of cash dividends is preparation for interest bearing debts and coping with epidemic situation. As the outbreak of new crown pneumonia has a phased impact on the market, and the end of the epidemic is uncertain, the market recovery prospects are uncertain, and reserve funds are needed to deal with uncertain operational risks.

 

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