最有價值收息股研究所 @ 13
加藤惠_
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當年電能長建合併被否決就注定會慢慢被陰乾
今日成交6000股
大飛哥果10幾萬股點儲返黎...
大飛哥果10幾萬股點儲返黎...
唔係好似，直情就係咁
2019 FCF = 5769，派息 = 5976，payout ratio 5976/5769 = 104%
2020 FCF = 5528，派息 = 5976，payout ratio 5976/5528 = 108%
2021 FCF = 5297，派息 = 6019，payout ratio 6019/5297 = 114%
2022 FCF = 5469，派息 = 6019，payout ratio 6019/5469 = 110%
2023 FCF = 4861，派息 = 6009，payout ratio 6009/4861 = 124%
非常好啊，全部都過 100%，呢隻"曾經"係好野來
2019 FCF = 5769，派息 = 5976，payout ratio 5976/5769 = 104%
2020 FCF = 5528，派息 = 5976，payout ratio 5976/5528 = 108%
2021 FCF = 5297，派息 = 6019，payout ratio 6019/5297 = 114%
2022 FCF = 5469，派息 = 6019，payout ratio 6019/5469 = 110%
2023 FCF = 4861，派息 = 6009，payout ratio 6009/4861 = 124%
非常好啊，全部都過 100%，呢隻"曾經"係好野來
買呢隻都係為收息
派足有突俾你有咩唔滿意
派足有突俾你有咩唔滿意
應該係派業績個幾日？
個幾日好大成交
個幾日好大成交
利息股息都有機會有withholding tax
所以我無拎出黎講 用呢個方向講兩者無咩分別
所以我無拎出黎講 用呢個方向講兩者無咩分別
對holding company 黎講其實兩個安排既權益其實無分咩分別 不過有息股東貸款就贏係細節位
1. 稅務考慮
2. 回收資產既便利性
而唔係放數借貸既盈利模式
1. 稅務考慮
2. 回收資產既便利性
而唔係放數借貸既盈利模式
點解16反而冇咩人講
財政穩健，又有咁多有質素既商場寫字樓
但大家剩係睇823 778呢啲
財政穩健，又有咁多有質素既商場寫字樓
但大家剩係睇823 778呢啲
補充一句，shareholder loan都係tax-efficiency為主。去到要計priority嘅情況，即使找得哂first lien同liquidation costs，都仲有labour、Suppliers等等，shareholders都唔好諗有嘢淨低啦
無限滑坡嚟緊股息要再減
FY24 比 FY23 股息要少 15％ 至 20％
考慮埋依個因素
＋ve 嘅就係 內地租務面積倍增 (佢都keep住講左幾年)
FY24 比 FY23 股息要少 15％ 至 20％
考慮埋依個因素
＋ve 嘅就係 內地租務面積倍增 (佢都keep住講左幾年)
求其搵個網
https://www.finexmod.com/forms-of-equity-contributions-in-a-project-finance-struture-shareholder-loan-versus-pure-equity/
Pure Equity versus Shareholder Loan? What is the Sponsor’s preference and why?
Tax shield: Depending on the jurisdiction, interest payments on the shareholder loan can be tax deductible and dividends are not tax deductible. in jurisdictions where the this capitalisation rule is adopted, then there’s a limit to how much interest can be deductible when computing the taxable income.
To avoid cash trap: Having a shareholder loan tranche might allow the shareholder to extract cash in years where dividends are not allowed. For example, dividends are only allowed when the project is profitable. There might be cases where the projected is generating cash but it’s not showing profit. In these years dividends are not allowed because of this accounting restriction however the same cash can be distributed as shareholder loan interest and principal.
https://www.finexmod.com/forms-of-equity-contributions-in-a-project-finance-struture-shareholder-loan-versus-pure-equity/
Pure Equity versus Shareholder Loan? What is the Sponsor’s preference and why?
Tax shield: Depending on the jurisdiction, interest payments on the shareholder loan can be tax deductible and dividends are not tax deductible. in jurisdictions where the this capitalisation rule is adopted, then there’s a limit to how much interest can be deductible when computing the taxable income.
To avoid cash trap: Having a shareholder loan tranche might allow the shareholder to extract cash in years where dividends are not allowed. For example, dividends are only allowed when the project is profitable. There might be cases where the projected is generating cash but it’s not showing profit. In these years dividends are not allowed because of this accounting restriction however the same cash can be distributed as shareholder loan interest and principal.
14
16
17
778
823
你估2024會減幾多派息
16
17
778
823
你估2024會減幾多派息
明白
之前減咗次，我諗投資者都預咗佢會再減掛
之前減咗次，我諗投資者都預咗佢會再減掛
Thx
唔係咩特別嘢。大把人玩structure同tax玩到出神入化，唔敢班門弄斧
16 減派，主因唔係佢賺少左好多
而係 上年 派多左，派緊60% profit
Policy 一路都係寫40%-50%
管理層上年講 嚟緊會派返50%
個減派主因係咁
0014 假設今年減息3次
咁可分派收入 就減 5-6%
0014 條數相對易計，你地都可以try try
0778 困難位係佢個 利率對沖 （我唔識）
0017 就。。。
0823 我計到就 持平/微增
不過我覺得佢係難計嘅 難計過0014 0016
而係 上年 派多左，派緊60% profit
Policy 一路都係寫40%-50%
管理層上年講 嚟緊會派返50%
個減派主因係咁
0014 假設今年減息3次
咁可分派收入 就減 5-6%
0014 條數相對易計，你地都可以try try
0778 困難位係佢個 利率對沖 （我唔識）
0017 就。。。
0823 我計到就 持平/微增
不過我覺得佢係難計嘅
難計過0014 0016之前都計過14號，2024 維持 $1.08 DPS應該無問題
有幾個因素考慮返落去
+ve：上年有平均11%商舖面積無租出去（希慎廣場地庫兩層、利園一 / 五期），呢啲今年陸續開返，聽講奢侈品舖頭仲有租加（Mid single digit growth，On a year basis, high single digit…）
仲有上海利園嗰度，2023得30%出租率，商場部份今年裝修完，有30到40%出租面積 in a serious discussion
睇吓可以推高幾多出租率，同埋睇吓會引入啲咩商戶，如果淨係搞高奢商場，覺得未必做得掂
-ve：寫字樓租金繼續跌，今年同上年一樣25%租約到期，個任務都係守住出租率，銅鑼灣區甲級寫字樓2024頭兩個月租金無點變，我諗要睇到年中（續約期），先見到租金明顯走勢，個人預期就跌 5 - 10%。
拉上補下，全年營業額應該跌5%左右
有幾個因素考慮返落去
+ve：上年有平均11%商舖面積無租出去（希慎廣場地庫兩層、利園一 / 五期），呢啲今年陸續開返，聽講奢侈品舖頭仲有租加（Mid single digit growth，On a year basis, high single digit…）
仲有上海利園嗰度，2023得30%出租率，商場部份今年裝修完，有30到40%出租面積 in a serious discussion
睇吓可以推高幾多出租率，同埋睇吓會引入啲咩商戶，如果淨係搞高奢商場，覺得未必做得掂-ve：寫字樓租金繼續跌，今年同上年一樣25%租約到期，個任務都係守住出租率，銅鑼灣區甲級寫字樓2024頭兩個月租金無點變，我諗要睇到年中（續約期），先見到租金明顯走勢，個人預期就跌 5 - 10%。
拉上補下，全年營業額應該跌5%左右
0014 計黎都哂心機 遲早落8蚊
遲早落8蚊