São Paulo – Electricity, mining, communications and finance. These are the sectors that financial market analysts view as the most defensive and with the best prospects for dividend payouts in the coming months, and are the preferred sectors to invest in in October.
This is what the survey did Infomoney With ten intermediaries, their recommendations are traced back to two electricity transmission companies – Taesa (Tai 11(and Issa Jatib)TRPL4) – , ETAISA contract (ITSA4), in addition to Vivo (VIVT3and the Vale Mining CompanyVALE3). The latter recently announced the payment of R$40.2 billion in dividends, exceeding market expectations.
Dividend earnings are seen as a good opportunity, especially given the high base rate, inflation, and inflation. In addition to the possibility of capital gains, the investor also enjoys additional profitability in the form of dividends.
These are usually considered more consolidated companies, have the ability to generate cash and have less debt. This is because they are large companies, better than their competitors in many respects, and able to raise debt at low rates.
Dividend strategy has gained prominence amid income tax reform with corporations announcing Pay extraordinary dividends and even pay future dividends for the year.
This is because law Project The Chamber approved taxation of dividends – currently exempt – at 15%, as well as the termination of interest on private capital (JCP). The text still needs to go through the Senate.
For Jenny Lee, variable income analyst at XP, the moment presents an opportunity for dividend-seeking investors, with names that may have corrected in recent months given the more volatile scenario and amid discussions about income tax reform.
In that sense, the XP strategist says she likes companies that are already more cohesive and don’t have much avenue to grow today — it makes sense to reward investors with dividends. That’s the case for the big commodities and electricity companies, which usually pay more dividends and suffer more in the stock market with tax reform news, he says.
“In the current macro scenario, of financial and political uncertainty, the Stock selection [seleção a dedo das ações] It is the most convenient way to invest, because all the macro concerns drove the stock market lower, but the good fundamentals of the companies remained,” says Jenny.
New Dividend Portfolio in Infomoney, which begins to collect, starting this month, plus procedures And real estate funds, the preferred dividend payers of market analysts. The selection includes the five most frequently cited names by the brokers consulted. The number of nominations can be higher if there is a tie.
Check below the stock’s performance on the stock exchange and profit return Last 12 months:
With eight recommendations, transmission company Taesa is a favorite among the analysis houses consulted for investment this month.
The company is one of the largest private electricity transmission groups in Brazil in terms of permissible annual revenue (RAP) and is dedicated exclusively to the construction, operation and maintenance of transmission assets. Currently, the company is present in all five regions of the country, with 36 franchises and approximately 13 km of transmission lines.
In a report, XP wrote that Taesa is in a comfortable position to maintain a 100% dividend this year. Analysts note that the company has a history of paying dividends above the minimum wage stipulated in its bylaws, and according to them, it should pay an amount profit return (Dividend yield) of 8.2% in 2021 and 2022.
In contrast, Ogura claims that Taesa is a flexible name for volatile periods in the market. This is because the electricity transmission sector is not dependent on energy demand, as its revenues are predetermined, with adjustments for inflation.
“The company can invest in new projects and continue to do so will be spent high, leading to profit return About 8.5% in 2021 and 2022 the analysis team writes.
For the month of October, the mining company Vale – which Lost For the first time in 17 months, a solitary leadership in stock portfolios – this month received six signals for a dividend strategy.
In a report, Santander Corretora writes that despite the significant short-term volatility of VALE3 shares, due to the real estate crisis in China, the company has a constructive medium- and long-term view of the mining and steel sectors. The assessment is that Brazilian companies in this sector, such as Vale, are well positioned in the domestic and foreign markets, with strong cash flows, controlled leverage, and often offer good dividend payouts.
According to analysts, the demand for high-quality iron ore should remain high in the short term, as a result of the economic stimulus measures adopted in China, such as prioritizing infrastructure work.
The guide also draws attention to higher crude prices and sees Vale’s focus on cost control as positive, as well as the continued reduction in capital expenditures (capex) and leverage.
For the brokerage analysis team, the moment provides a good entry point into Vale shares, due to “interesting levels”, as the company is trading at a discount compared to its Australian counterparts.
transmission São Paulo (TRPL4)
The Isa Cteep electric power transmitter, which operates in the country’s 17 states and is responsible for about 33% of all electricity transmitted by the National Interconnected System (SIN), received five signals for the month.
With the company’s buy recommendation, BTG Pactual sees Isa Cteep with a profit return Attractive 6% for 2021.
The analysis team states that Aneel agreed, in June, to a 9.75% increase in revenue (RAP) for 2018 from the 059/2001 contract – including the existing Network Platform (RBSE), of R$2.45 billion versus R$2.69 billion. This increase resulted in an adjustment portion of R$892 million, which the company will receive for a period of three years, until 2023.
“With RBSE’s significant additional cash flow receivables increasing recently due to the cost of the equity component, we believe the company will continue to pay significant dividends for the coming years,” BTG Pactual wrote.
In XP, the company’s shares were included in this month’s dividend portfolio, due to the defensive nature of the transmitter, given the country’s water crisis, as it is less exposed to hydrologic changes.
Telefónica Brazil (VIVT3)
From the telecom sector, Telefônica Brasil also received five recommendations for the month of October.
The rationale, according to Santander Corretura, is that the company has “an excellent risk-return profile and, at current prices, a very attractive investment opportunity, given its strong cash generation and dividend payment to shareholders.”
According to the company, the company’s strategic location is backed by its strong coverage in Brazil, its “premium” position among mobile service customers, as well as its recent investments in fiber optics and new digital initiatives.
The Santander Corretora analyst team also recalls that the consortium of Telefônica Brasil, TIM Brasil and America Movil presented winning bid to the Oi Wireless Division for 16.5 billion Rls. “We see significant value creation with this market consolidation movement, and asset allocation between buying parties as very strategic, as it reduces regulatory approval and antitrust risks,” the broker wrote.
Guide Investimentos rates VIVT3 shares are trading at an attractive multiple compared to their historical average, as well as possessing profit return “strong”.
The Itaúsa Holding Company, which was created to centralize the financial and strategic decisions of a group of companies, such as Itaú Unibanco and its subsidiaries, received four recommendations from among the companies consulted.
Among the main drivers of the company’s shares, Santander Corretora cites favorable decisions for the sector in projects related to tax and interest rates exercised by banks (currently under discussion in Congress), as well as a faster-than-expected economic recovery.
Ágora Investimentos says it sees Itaúsa as a good alternative to Itaú, with significant exposure to the bank, while increasingly diversifying, such as selling shares in financial services firms (the case of XP Inc.) or with exploration of other sectors, such as energy distribution and agribusiness.
Last week, Alfredo Setúbal, CEO of Itaúsa, Certain that will be spent The company’s (earnings slice earmarked to pay dividends) is expected to return to pre-pandemic levels in the coming years.
He explained that the company’s recent dividend distributions were affected by a decision by the National Monetary Council, which came into force last year, limiting the distribution of corporate profits in the financial sector to the minimum stipulated in the regulations. Setúbal believes, however, that “the worst is over”.
Plus Itaú Unibanco (ITUB4), Itaúsa owns a stake in Alpargatas (ALPA4), na Dexco (DXCO3, formerly Duratex) and in Copa Energia (formerly Copagaz). Setúbal explained, however, that Itaúsa only remits dividends and interest on equity (JCP) paid by Itaú Unibanco. Proceeds from other affiliates are used to pay expenses and taxes.
“We rely on dividends, because we are not a liquid operating company,” the executive said when asked if the company expected to pay dividends.
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