The important thing of the divi is not that some get some extra money in, the important thing is that if they payout a certain amount of money each year, many more people out there will start to believe that their financials are for real. I guess I don't need to tell you how many skeptical guys are out there when it comes to chinese companies. And skeptical is nicely put.
I see a dividend as just a tool to get that 'fair valuation'.
Well, it doesn't work. I pointed out half a dozen Chinese companies that all paid dividends, and the stocks crashed (with one exception maybe). The reason is, investors are not sticking around after they collect the dividend.
Now look at XIN. They did both, dividends AND substantial share buybacks. And the stock still went down.
So I'm thinking, a buyback will only help support the PPS if you use it as a tool to support your growth story. But, it doesn't matter if buybacks lift the share price or not. As a growth company, with a ROCE of 87%, it's a WIN-WIN either way. All it requires is commitment.
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