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由零開始學習股票-揀收息股要睇長債息

難度:★☆☆☆☆ 在StockChat登場的約一個月以來,每天我們都收到很多user問股票問題,其中一個十分熱門的題目,就是邊隻收息股好。所以小編今日講一講收息股。 買收息股之前,首先要注意的一件事,就是美國10年期國債收益率(或稱長債息)。為什麼?因為在各種債券當中,美國10年期國債的信用等級是最高的,被認為是無風險的利率( 政府有權力通過提高稅收和印錢來還債)。現時,長債息是3.04%,即是每年會有3.04%的無風險回報。 然後在選擇收息股時,我們當然要看股票的股息率(dividend yield),例如股息率是3%,股價是100元,那每年便會派3元股息。 那麼,如果一隻收息股的股息率,比長債息的息率還低,例如只有2%,它的吸引力就很小了。為什麼?因為長債息是無風險的,而股票是有風險的。當一樣無風險的東西都有3.04%,那為什麼要買有風險的2%?(當然,這裡假設了是增長不高、派息穩定的收息股)例如是煤氣,現時煤氣的股息率是2.1%,比長債息少0.94%,相較之下就不吸引。(當然有人覺得派紅股可以補救,但小編並不同意) 除了要留意長債息之外。小編很喜歡的基金經理Peter Lynch,就提到關於收息股的幾個要點,令大家更了解收息股: 1)喜歡收息股很合理,連大富翁洛克菲勒也喜歡收息股。不過要知道公司為什麼要派息,為什麼不派。 2)較小型的公司不發放股息,所以成長才較為快速,它們把全部的利潤投入擴張業務。在積極進取的成長股,和腳步蹣跚只知道派股息的老公司之間,Lynch當然是選擇前者。 3)對於較大型的公司而言,支持它們發放股息的一個強而有力的理由是,公司不發放股息往往會亂花錢。電力和電訊公用事業是發放穩定股息的兩類主要公司。這類公司在後期(低度成長時期)不必興建新的廠房或是擴充新的設備,因此可以累積許多現金。 4)另一個支持公司發放股息的理由,是發放股息會比不發放股息對股價更具支撐。在大跌市中,高股息的股票的確比不發放股息的股票更具抗跌性,所以Lynch會在投資組合中納入幾隻穩定成長股(Stalwarts),甚至是緩慢成長股(Slow Growers)。在面對危機時,投資人總會湧向長期發放股息或提高股息的績優股。不過,大家要記著的是,這些收息股的股息率是否高過長債息。 #仲有加息週期 #收息股吸引力會降低