资源描述：
《三星-韩国-股票策略-年终股息和息差：年度股息再度提高》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、2017.11.16DerivativesYear-enddividendsandspreadsSpotAnnualdividendtoriseagainDividendpayouttorise,yieldstofally-yTheKospi200’sannualdividendfor2017shouldrise26%y-yfromKRW11.43ttoKRW14.4t.Thatsaid,itsdividendyieldshouldfally-yfrom1.81%to1.58%duetotheindex’sgainsa
2、ndsubsequenthikeinmarketcapthisyear.Theindex’sdividendsin4Q17shoulddeclineslightlyy-yaslargecaps(includingSamsungElectronics,Posco,andSKInnovation)haveexpandedquarterlydividends,decreasingthe4Qportionoftheirtotalannualdividends.SoomyungKim,CFAAnalystTheKosdaq150
3、’sannualdividendfor2017shouldgrow12%fromKRW304.2btosoomyung.kim@samsung.comKRW340bledbyanend-yearhikeinDPSamongkeystocks.Astheindex’sfreefloat-82220207754basedmarketcapisup30%y-yfromtheend-2016level,dividendyieldshouldfally-yGyunJunfrom0.5%to0.43%.Analystgyun.ju
4、n@samsung.comDecember-Marchspreadovervalued82220207044Basedonour4Q17dividendforecasts,weestimatethatthedividendindexfortheMarchKospi200indexfuturesandtheDecember-Marchtheoreticalspreadat4.21ptsand-3.16pts(vs-3.18ptsbasedonconsensusestimates),respectively.Meanwhi
5、le,theKRX’sfigurescomeinat4.27ptsand-3.19pts,respectively,astheyarebasedonthecurrentindex’s4Q16DPS.ThatSEC’sandKepco’s4Q17dividendsarelikelytodecliney-yduetotheformerpayingquarterlydividendsfromthisyearandthelatternotpayingspecialdividendsin4Q17isnoteworthy.Sinc
6、eend-October,theDecember-MarchspreadofKospi200futureshasbeentradingbetween-2.5ptsand-2.7pts(vsanadequatelevelof-3.1pts),likelyduetomarketparticipantshavingdifferentforecastsfor4Q17dividendsorhighexpectationsforMarchcontracts.Thelevelofspreadisheavilyinfluencedby
7、supply-demanddynamics,andasofnow,spreadtradingforDecember-Marchisnotactive.Kospi200year-enddividends(KRWt)(%)142.01.761.8121.6Dividendyield(RHS)101.41.281.251.060.840.60.42Cashdividend(LHS)0.200.020102011201220132014201520162017Source:KRX,SamsungSecuritiesDeriva
8、tivesSpot2017.11.16ContentsWriteshortlyp2Writeshortlyp?Writeshortlyp?Writeshortlyp?DividendoutlookKospi2002017dividend:Absoluteamounttorise,yieldtofally-yCombineddivi
