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Kyith 已針對您的文章「歡迎新加坡網友 drizzt 來訪------ 新加坡的 Graham and Dodd PE,要對...」留下新意見：
Hi all, thanks for visiting. I hope you guys at Taiwan have a fruitful wealth building journey. The dividend tracker highlights some high yielding stocks but yield is just part of the equation.
End of the day, all dividend yielding companies, are still businesses, and sustainable dividends come from sustainable and sensisble earnings or free cash flow (EBITDA - capital expenditure)
Look for consistent,best is increasing earnings, free cash flow businesses.
Lastly, thank you for giving me a chance to practice reading my chinese skills again. My chinese really suck but I should read more so that I get better.
Hi
drizzt , thanks for your kind reminder.
IT IS A VERY IMPORTANT
POINT OF VIEW ABOUT High dividend stock.
I WILL EXPLAIN THE CONCEPTS
IN CHINESE FOR MY FRIENDS HERE AT TAIWAN.
謝謝新加坡網友 drizzt
的提醒.
他告訴我們如何要選擇一個好的高股息股票
要選擇一個好的高股息股票,
事實上跟選擇一間好的公司是一樣的
以免大家收到股息,
賠了價差, 或者是股息越來越少,
沒有延續性
他說一個好的高股息公司,,有下列的條件
- 寬的護城河—具有壟斷的能力, 人的生活沒有辦法缺乏他
- 成長性---希望股息越來越多
- 低 payout ratio--- 讓有一些資金留在公司讓公司發展
- 正的自由現金流
- 好的殖利率 4-7% (太高,可能 payout ratio太高), 所以殖利率只要合理就好
drizzt
兄, 強調了自由現金流的重要,,,
free
cash flow= (EBITDA - capital expenditure)
自由現金流=
EBITDA，是Earnings
Before Interest, Taxes, Depreciation and
Amortization的缩写，即未计利息、税项、折旧及摊销前的利润
減去 CAPEX資本支出
並且在他的tracker
中間.
加入
自由現金流殖利率Free
Cashflow Yield = FCF/PRICE
他告訴我們,
當自由現金流殖利率<
現金殖利率的時候.
大家就要小心,
表示配出來的現金股利>
公司擁有的自由現金流,
我們怕這樣的趨勢沒有辦法延續,
所以
DRIZZT他會用紅字表示,
提醒大家
有興趣新加坡股市的網友,
可以利用
DRIZZT
兄的網站.
自己建立一個新加坡股市的現金流
PS.
DIVIDEND YIELD=
DIVIDEND/ PRICE
FCF YIELD = FCF/PRICE
EARNINGS YIELD= NET INCOME (NET EARNING)/PRICE
Net
income /
淨利營收減去所有銷售成本、折舊、利息支出和稅務開銷之後的淨收入
星和移动（StarHub）是新加坡第二大移动运营，同时也是一家可在固定网络、有线电视网络、移动网络和Internet上提供信息服务、通信和娱乐全业务的运营商。
也要謝謝 DRIZZT 的熱情分享. 再推薦一次 INVESTMENTMOATS.COM, 有很多好的文章和觀念. 大家可以好好學習
i think the concept of earnings and cash flow is that earnings is an accounting thing while cash flow is really the cold hard cash the company bring in.
回覆刪除the difference between earnings and free cash flow is largely down to how much capital expenditure and depeciation counter each other.
when your property depreciates you need capital expenditure to "counter" or maintain the value of the thing to produce more goods.
in some cases some businesses the property is so resistent that the capital expenditure to maintain it is sooooooo much less. in that case free cash flow is more than earnings.
theoratically, over the long term, for most businesses, earnings will equal free cash flow, because depreciation and capital expenditure counter each other.
a note when evaluating cash flow or earnings is that don't look at just 1 year but over a period. understand the nature of earnings or cash flow whether they are consistent or lumpy. you don't want to use the year where earnings is the BEST to estimate future earnings. u are likely to get a shock. use something conservative.
i tried my best to explain the relationship here > http://www.investmentmoats.com/stock-market-commentary/value-investing/net-profit-ebitda-operating-cashflow-and-free-cashflow-in-dividend-investing/
Hi drizzt:
刪除Thanks for sharing.
This is a very good article about the differences between Net Profit, EBITDA, Operating Cash Flow and Free Cash Flow
Strongly recommended
http://www.investmentmoats.com/stock-market-commentary/value-investing/net-profit-ebitda-operating-cashflow-and-free-cashflow-in-dividend-investing/
強烈推薦各位可以從 drizzt 的文章中
學到一些 觀念 : Net Profit, EBITDA, Operating Cash Flow and Free Cash Flow
我要再一次
謝謝 drizzt 的熱情分享