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  • We need to talk about dividends.

    我們該來談談股利(股息)。

  • Really, we do.

    真的該來談談。

  • The notion that receiving too much income from companies

    從企業那裏獲益過多的這個概念

  • might seem strange in a world of ultra-low interest rates.

    在這個利率極低的世界裡似乎是一件很奇怪的事情。

  • Yet for UK-listed natural resource companies,

    但是對於英國上市的一些自然資源公司來說,

  • the imperative to deliver shareholders their yield is a big problem.

    發配股利給股東卻是個大麻煩。

  • In general, dividends come out of a company's cash flow

    大致上來說,股利來自於一家企業的現金流

  • once the finance director has figured out how much she needs to spend on investment

    在財務主管決定好她需要多少錢來做投資之後。

  • As commodity prices have tumbled,

    一旦商品價格下跌,

  • the free cash flow available for many of these commodity producers is now less than the amount going out for dividends.

    製造商的可支配現金流就會低於分配出去的股利。

  • Cue sales of mines and oil fields and more debt just to pay off shareholders.

    採礦和油田業者為了支付股利而負債。

  • The miners at least have seen the light.

    採礦業至少有一絲希望。

  • Several of the largest, such as Glencore, Vale, and Anglo American,

    Glencore、 Vale、和 Anglo American 等業界龍頭

  • decided last year to cut their payouts to preserve cash flow.

    去年決定裁減花費來確保現金周轉。

  • If metals prices do stop falling this year, a big "if",

    如果金屬價格今年開始下跌,我說的是一個大膽的假設,

  • these actions could well stabilize the increasingly precarious financial positions of the miners.

    此舉能夠穩定礦業逐漸失守的財務狀況。

  • So, good for their long term health

    所以,長期來說這對他們(礦業)是好事

  • and bad for the unblinking, impassive shareholder who just wants his money

    對殺人不眨眼,冷漠無情只想要錢的股東來說就是壞事了。

  • Over the past five years,

    過去五年以來,

  • mining and energy companies have provided 27% of total dividends for the FTSE 100,

    礦業和能源業在富時100指數統計的總股利中佔了百分之二十七,

  • according to Henderson's global income team.

    據恆基兆業(地產公司)的國際收益團隊表示。

  • And that is a lot.

    而這很多。

  • As a comparison, the US figure was a third of that amount.

    相對來說,美國佔其三分之一。

  • UK-listed miners accounted for about 9% of this FTSE sum,

    於英國上市的礦業在此富時100指數中佔百分之九,

  • and their contribution will in fact fall in the year ahead.

    在未來的一年內他們佔的百分比還會減少。

  • Yet, what about the silent Goliaths in the other corner,

    那在另一個角落不發一語

  • who keep shaking their heads when approached about the subject?

    當目標靠近只是不斷搖頭的的巨人歌利亞呢?

  • A fifth of FTSE dividends will come from these oil and gas companies

    富時100指數排行第五會來自石油和天然氣產業,

  • really just Royal Dutch Shell and BP.

    差不多就是 Royal Dutch Shell 和 BP。

  • Indeed that rose a bit last year for UK shareholders

    去年他們的股利是漲了一點

  • helped by the fact that the two pay in US dollars, and the dollar went up a bit.

    因為這兩家企業用美金發股利,而美金漲了一些。

  • In two of the last three years,

    在過去三年內的兩年,

  • both of these supermajors have had to sell assets to help pay for dividends.

    這兩間超級大廠都必須變賣資產以支付股利。

  • That can't continue forever.

    他們不能永遠這樣。

  • In the past week, two US oil companies, Conoco and Anadarko have slashed their own payouts.

    過去一周,兩間美國企業,Conoco 和 Anadaeko 刪減了他們的支出。

  • Now look, dividend yields for Shell and BP are 8%, their historical highs.

    看,Shell 和 BP 的股利佔了百分之八,史上新高。

  • It would seem that the market does want to talk about dividend cuts.

    看來市場確實想要談談股利刪減。

We need to talk about dividends.

我們該來談談股利(股息)。

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我們需要討論紅利問題|短線觀點 (We need to talk about dividends | Short View)

  • 40 5
    Kristi Yang 發佈於 2021 年 01 月 14 日
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