Щедрость к акционеру: какие компании стоит купить в расчете на дивиденды

Щедрость к акционеру: какие компании стоит купить в расчете на дивиденды

Фото: Lucas Jackson / Reuters

В этом году инвесторы ждут высоких дивидендов от госкомпаний. Однако наибольшую дивидендную доходность показывают акции, не относящиеся к «голубым фишкам». Стоит ли покупать эти бумаги в расчете на щедрость к акционерам?

Акции компаний, регулярно выплачивающих прибыль акционерам в виде дивидендов, остаются одной из главных инвестиционных идей на российском рынке. Прежде всего это справедливо в отношении бумаг предприятий с госучастием. В апреле 2016 года премьер-министр Дмитрий Медведев своим постановлением повысил планку по размеру дивидендов для госкомпаний до 50% чистой прибыли по МСФО или РСБУ (большая из величин), и эта норма была заложена в проект федерального бюджета на 2017 год. Тем не менее рассчитывать на щедрые выплаты от «Роснефти» или «Газпрома» в этом году преждевременно.

Во-первых, в январе замминистра финансов Алексей Моисеев заявил, что распоряжение правительства о повышении дивидендов госкомпаний до 50% от чистой прибыли было возвращено на доработку в Минфин. А во-вторых, тот же «Газпром» в своем бюджете на 2017–2019 годы зафиксировал размер дивидендов на уровне 2016 года. «Учитывая активную фазу реализации «Турецкого потока», вряд ли компания направит 50% прибыли на дивиденды», — комментирует замначальника управления анализа рынка акций ИК «Велес Капитал» Василий Танурков. Также неизвестно, сколько выплатит своим акционерам «Роснефть». При этом вероятность того, что высокие дивиденды заплатят «Башнефть» и АЛРОСА, гораздо выше, считает Танурков.

Впрочем, если смотреть на текущую дивидендную доходность (соотношение суммы годовых, промежуточных и внеплановых дивидендов за предыдущий год к цене акции), то выяснится, что среди лидеров по этому показателю госкомпании почти не представлены. Так, по состоянию на 6 февраля наибольшую дивидендную доходность показал оператор контейнерных перевозок «Трансконтейнер» — дочерняя структура РЖД. В 2016 году он выплатил дивиденды по итогам первого полугодия (95,76 руб. на акцию) и специальные дивиденды из нераспределенной прибыли (251,84 руб. на акцию). Таким образом, при стоимости бумаги 3645 руб. на закрытии торгов 6 февраля дивидендная доходность «Трансконтейнера» достигла 9,52%. В тройку лидеров также вошли Мордовская энергосбытовая компания с показателем 9% и металлургический гигант «Северсталь» — 8,43%. Примечательно, что помимо Мордовской ЭСК в список лидеров попала еще одна компания средней капитализации — многопрофильное химическое предприятие «Химпром» (дивидендная доходность — 7,01%).

Щедрость к акционеру: какие компании стоит купить в расчете на дивиденды

В чем подвох

Часть акций с самой высокой дивидендной доходностью относится к низколиквидным бумагам из второго и третьего эшелонов Московской биржи. Таковы, например, «Трансконтейнер», Мордовская ЭСК и НКХП.​ «Акции второго эшелона могут быть очень доходными, но нужно учитывать сопряженные с вложением в эти инструменты риски, прежде всего высокую волатильность и низкую ликвидность при ухудшении конъюнктуры, из-за чего инвестору будет очень сложно продать свой пакет либо продавать придется по низкой цене», — объясняет главный аналитик управляющей компании «Ронин Траст» Андрей Верхоланцев.

Перспективы у некоторых акций — лидеров по дивидендной доходности весьма туманны, соглашается ведущий аналитик Conomy и финансовый консультант Александр Янсон. Он предостерегает инвесторов от вложений в низколиквидные бумаги. «В декабре 2016 года Мордовская ЭСК выплатила дивиденды за прошедшие девять месяцев. Скорее всего, выплат за полный 2016 год от нее можно не ждать. Это говорит о том, что в 2017 году к ней вряд ли можно отнестись как к щедрому плательщику», — напомнил он. Аналитик также подчеркнул, что сумма дивидендов, выплаченных Мордовской ЭСК, составила всего 0,052 руб. на акцию. Учитывая низкую ликвидность бумаги, частному инвестору не стоит рассчитывать на приличный дивидендный доход, резюмирует он. То же самое относится и к довольно дорогим акциям «Трансконтейнера», обороты которой на Московской бирже остаются крайне низкими — всего три бумаги по состоянию на 7 февраля.

В свою очередь, Танурков из ИК «Велес Капитал» отмечает, что погоня за высокой дивидендной доходностью далеко не всегда бывает оправданной. «Доходность акций АЛРОСА составляет около 10%, а у бумаг из второго эшелона может быть больше 15%, но и риски будут в несколько раз выше», — рассказывает он. На рынке, по его словам, остается достаточно акций крупных компаний с высокой доходностью, которые гораздо более привлекательны для инвесторов в плане соотношения риска/доходности. «Чтобы покупать бумаги третьего эшелона, нужно иметь экстраординарные ожидания по росту цен акций», — подытоживает эксперт.

Что покупать

Главный аналитик ВТБ24 Станислав Клещев отмечает, что при покупке дивидендных бумаг можно ориентироваться на историю выплат дивидендов на протяжении длительного периода времени. Однако у компаний-эмитентов должны быть еще и веские основания для роста дивидендного потока в будущем. «Если выбирать между бумагами первого и второго эшелона, то фактор ликвидности и высокого уровня корпоративного управления «фишек», на мой взгляд, перевешивает пару процентных пунктов дополнительной дивидендной доходности у отдельных представителей второго эшелона», — говорит он.

Интересными акциями второго эшелона аналитик УК «Альфа-Капитал» Андрей Шенк называет бумаги компаний энергетического сектора. Однако он не советует покупать акции одного эмитента — вместо этого лучше составить портфель. «У многих компаний заканчиваются инвестпрограммы, и при текущих тарифах они смогут выплачивать инвесторам дивиденды на уровне 8%», — рассказывает он.

Хорошую доходность могут принести акции «РусГидро», ФСК «ЕЭС», «Россети» и менее крупных компаний, например «Мосэнерго». Также Шенк говорит, что неплохим вариантом вложения средств будут бумаги производителей удобрений — «ФосАгро» или «Акрона». Кроме того, эти акции могут стать неплохим защитным активом в случае ослабления рубля, отмечает он. Инвесторы могут присмотреться и к акциям черных металлургов, которые, вероятно, будут платить высокие дивиденды — такими, по мнению Шенка, будут НЛМК и «Северсталь».

Бумаги третьего эшелона стоит покупать очень осторожно и не делать на них акцент при составлении портфеля, убежден эксперт. Верхоланцев из «Ронин Траст» рекомендует в этой категории обратить внимание на привилегированные акции «Ленэнерго» и «Лензолото», которые могут обеспечить дивидендную доходность порядка 12 и 14% соответственно. 

Источник: rbc.ru

cript>

130 комментариев

Everything wrote was very reasonable. But, what about this? suppose you added a little information? I am not suggesting your content isn’t good, however suppose you added something that makes people desire more? I mean %BLOG_TITLE% is a little boring. You ought to look at Yahoo’s home page and see how they create post headlines to get viewers interested. You might add a video or a related picture or two to grab people excited about everything’ve got to say. Just my opinion, it could make your website a little bit more interesting.|

Hi are using WordPress for your site platform? I’m new to the blog world but I’m trying to get started and create my own. Do you require any html coding expertise to make your own blog? Any help would be really appreciated!|

After checking out a few of the blog posts on your web page, I truly appreciate your way of writing a blog. I saved it to my bookmark webpage list and will be checking back in the near future. Take a look at my website too and let me know your opinion.|

Hello! I’ve been following your site for some time now and finally got the bravery to go ahead and give you a shout out from Dallas Texas! Just wanted to mention keep up the great job!|

Hello there, I do believe your site could be having internet browser compatibility issues. Whenever I take a look at your web site in Safari, it looks fine however, if opening in IE, it has some overlapping issues. I simply wanted to give you a quick heads up! Aside from that, fantastic website!|

Hmm it seems like your blog ate my first comment (it was super long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to everything. Do you have any tips and hints for first-time blog writers? I’d genuinely appreciate it.|

Wonderful site you have here but I was curious about if you knew of any user discussion forums that cover the same topics talked about here? I’d really like to be a part of community where I can get advice from other knowledgeable people that share the same interest. If you have any suggestions, please let me know. Bless you!|

Today, I went to the beach front with my kids. I found a sea shell and gave it to my 4 year old daughter and said «You can hear the ocean if you put this to your ear.» She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!|

After exploring a number of the articles on your web page, I truly like your technique of writing a blog. I book-marked it to my bookmark webpage list and will be checking back soon. Please check out my website as well and let me know your opinion.|

Hey! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no backup. Do you have any solutions to protect against hackers?|

I’m impressed, I have to admit. Seldom do I encounter a blog that’s both equally educative and interesting, and let me tell you, you have hit the nail on the head. The problem is something which too few men and women are speaking intelligently about. I am very happy I stumbled across this in my hunt for something relating to this.|

Hello there I am so happy I found your website, I really found you by mistake, while I was researching on Digg for something else, Regardless I am here now and would just like to say thanks a lot for a incredible post and a all round thrilling blog (I also love the theme/design), I don’t have time to read it all at the minute but I have book-marked it and also included your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the excellent jo.|

Hi! I understand this is kind of off-topic however I needed to ask. Does running a well-established blog such as yours take a massive amount work? I am completely new to running a blog but I do write in my diary everyday. I’d like to start a blog so I can share my own experience and thoughts online. Please let me know if you have any recommendations or tips for new aspiring blog owners. Thankyou!|

Pretty section of content. I just stumbled upon your website and in accession capital to assert that I get in fact enjoyed account your blog posts. Anyway I’ll be subscribing to your augment and even I achievement you access consistently quickly.|

Appreciating the time and effort you put into your blog and in depth information you offer. It’s nice to come across a blog every once in a while that isn’t the same out of date rehashed material. Great read! I’ve saved your site and I’m adding your RSS feeds to my Google account.|

Hi there this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be enormously appreciated!|

I am not sure where you’re getting your info, however great topic. I needs to spend some time learning more or figuring out more. Thank you for magnificent information I used to be looking for this information for my mission.|

Thank you a bunch for sharing this with all folks you really realize what you’re talking approximately! Bookmarked. Kindly additionally consult with my web site =). We could have a link trade contract among us|

You actually make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I will try to get the hang of it!|

Hello I am so happy I found your webpage, I really found you by mistake, while I was researching on Aol for something else, Anyways I am here now and would just like to say thanks for a marvelous post and a all round entertaining blog (I also love the theme/design), I don’t have time to go through it all at the minute but I have bookmarked it and also added your RSS feeds, so when I have time I will be back to read much more, Please do keep up the fantastic work.|

Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said «You can hear the ocean if you put this to your ear.» She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!|

I do trust all the ideas you’ve introduced to your post. They’re very convincing and will definitely work. Still, the posts are very brief for starters. May just you please lengthen them a bit from subsequent time? Thanks for the post.|

Wonderful goods from you, man. I’ve understand your stuff previous to and you are just too excellent. I actually like what you’ve acquired here, really like what you are stating and the way in which you say it. You make it enjoyable and you still care for to keep it sensible. I can’t wait to read far more from you. This is actually a wonderful web site.|

hello there and thank you for your information – I’ve definitely picked up anything new from right here. I did however expertise a few technical points using this web site, since I experienced to reload the web site lots of times previous to I could get it to load correctly. I had been wondering if your web hosting is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your quality score if ads and marketing with Adwords. Anyway I am adding this RSS to my e-mail and can look out for much more of your respective interesting content. Ensure that you update this again soon.|

Hiya! Quick question that’s totally off topic. Do you know how to make your site mobile friendly? My site looks weird when viewing from my iphone4. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any suggestions, please share. Thank you!|

I have been exploring for a little bit for any high quality articles or blog posts on this sort of house . Exploring in Yahoo I at last stumbled upon this website. Studying this information So i’m glad to show that I’ve an incredibly just right uncanny feeling I came upon exactly what I needed. I most without a doubt will make sure to do not forget this website and give it a glance on a relentless basis.|

Having read this I thought it was really enlightening. I appreciate you taking the time and energy to put this information together. I once again find myself personally spending way too much time both reading and posting comments. But so what, it was still worth it!|

This design is steller! You most certainly know how to keep a reader amused. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really loved what you had to say, and more than that, how you presented it. Too cool!|

I am extremely inspired with your writing talents and also with the structure to your weblog. Is that this a paid theme or did you modify it yourself? Either way stay up the excellent high quality writing, it is uncommon to peer a nice blog like this one nowadays..|

I’m amazed, I have to admit. Rarely do I encounter a blog that’s both equally educative and amusing, and without a doubt, you’ve hit the nail on the head. The issue is something too few people are speaking intelligently about. I am very happy that I found this in my hunt for something relating to this.|

Hello! I could have sworn I’ve visited this web site before but after going through many of the articles I realized it’s new to me. Anyhow, I’m certainly happy I stumbled upon it and I’ll be bookmarking it and checking back regularly!|

I’m amazed, I must say. Seldom do I come across a blog that’s equally educative and interesting, and without a doubt, you’ve hit the nail on the head. The problem is something that too few men and women are speaking intelligently about. Now i’m very happy that I stumbled across this during my hunt for something regarding this.|

Hello there! This post could not be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this write-up to him. Pretty sure he will have a good read. Many thanks for sharing!|

Hello! I know this is kinda off topic however I’d figured I’d ask. Would you be interested in trading links or maybe guest authoring a blog post or vice-versa? My site covers a lot of the same topics as yours and I think we could greatly benefit from each other. If you’re interested feel free to send me an email. I look forward to hearing from you! Terrific blog by the way!|

My programmer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using WordPress on numerous websites for about a year and am concerned about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can transfer all my wordpress posts into it? Any kind of help would be greatly appreciated!|

You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complicated and very broad for me. I’m looking forward for your next post, I will try to get the hang of it!|

First off I want to say great blog! I had a quick question in which I’d like to ask if you don’t mind. I was curious to find out how you center yourself and clear your mind prior to writing. I have had a hard time clearing my thoughts in getting my thoughts out. I do enjoy writing but it just seems like the first 10 to 15 minutes tend to be wasted just trying to figure out how to begin. Any ideas or tips? Cheers!|

I don’t know if it’s just me or if everyone else experiencing issues with your blog. It looks like some of the text on your content are running off the screen. Can somebody else please provide feedback and let me know if this is happening to them as well? This may be a issue with my browser because I’ve had this happen before. Cheers|

Hi, i feel that i noticed you visited my web site thus i came to return the want?.I’m attempting to find issues to improve my site!I assume its good enough to make use of some of your ideas!!|

I was curious if you ever considered changing the layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or 2 images. Maybe you could space it out better?|

Can I simply just say what a relief to uncover somebody that genuinely knows what they’re discussing online. You actually realize how to bring an issue to light and make it important. A lot more people really need to read this and understand this side of the story. It’s surprising you aren’t more popular given that you certainly have the gift.|

It’s really a great and helpful piece of information. I’m happy that you simply shared this useful information with us. Please keep us up to date like this. Thank you for sharing.|

I have been exploring for a bit for any high quality articles or blog posts on this sort of house . Exploring in Yahoo I at last stumbled upon this site. Reading this info So i’m satisfied to convey that I’ve an incredibly just right uncanny feeling I came upon exactly what I needed. I such a lot surely will make sure to do not disregard this web site and give it a glance regularly.|

It is appropriate time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or advice. Maybe you could write next articles referring to this article. I want to read more things about it!|

I am really enjoying the theme/design of your web
site. Do you ever run into any browser compatibility problems?
A couple of my blog visitors have complained about my website
not working correctly in Explorer but looks great in Opera.
Do you have any tips to help fix this problem?

Thanks for another informative site. The place else may
I get that kind of info written in such a perfect
method? I’ve a venture that I am simply now working on, and I
have been on the look out for such info.

Magnificent goods from you, man. I have understand your stuff previous to and you’re just too great.

I really like what you’ve acquired here, certainly like what you are stating and
the way in which you say it. You make it entertaining and
you still care for to keep it wise. I cant wait to read much more from you.
This is really a great site.

Hey there superb website! Does running a blog such as this require
a massive amount work? I’ve virtually no understanding of
programming however I was hoping to start my own blog in the near
future. Anyways, should you have any recommendations or techniques
for new blog owners please share. I know this is off subject nevertheless I just needed to ask.
Thank you!

I don’t know if it’s just me or if perhaps everyone
else encountering problems with your site. It appears like some of
the written text on your posts are running
off the screen. Can somebody else please provide feedback and let me know if
this is happening to them too? This may be a problem with my browser because I’ve had this happen before.
Thank you

Hello there! This post could not be written any better!

Looking at this article reminds me of my previous roommate!

He always kept talking about this. I will forward this information to him.
Fairly certain he’ll have a good read. Many thanks
for sharing!

I’ve been surfing online more than 4 hours today,
yet I never found any interesting article like yours.
It is pretty worth enough for me. In my opinion,
if all web owners and bloggers made good content as you did, the net will be much more
useful than ever before.

Добавить комментарий

*