摩根士丹利-欧洲-股票策略-英国的最佳分红机会.pdf

文档介绍：February 28, 2018 04:00 AM GMT
MORGAN STANLEY & CO. INTERNATIONAL PLC+
European Equity Strategy Graham Secker
EQUITY STRATEGIST
@ [phone]
Best dividend opportunities in Krupa Patel
EQUITY STRATEGIST
@ [phone]
the UK Matthew Garman, CFA
EQUITY STRATEGIST
@ [phone]
Lillian Huang, CFA
The UK currently offers a strong dividend opportunity with its EQUITY STRATEGIST
relative yield vs the global market near a 15Y high and the @ [phone]
Alix G Guerrini
FTSE350 high yield index providing a dividend yield of %. QUANTITATIVE ANALYST
We screen for stocks with the best dividend opportunities in @ [phone]
the UK.
Exhibit 1: UK's relative dividend yield is close to a 15
UK market's relative dividend yield close to a 15Y high year high
At % the UK market offers a dividend yield that is 60% higher than the global 200
UK vs Europe-ex-UK Dividend Yield (bps)
index and the highest relative gap in nearly 15 years. The UK's dividend yield also 180
UK vs World Dividend Yield (bps)
looks relatively high at the median stock level and across mid & small caps. 160
FTSE350 High Yield index offers % dividend yield 140
The FTSE350 High Yield index has underperformed its equivalent Low Yield index
120
by 12% since the end of 2016 and stands close to a 20Y relative low. The
FTSE350 High Yield index offers a dividend yield of % (it has only been higher 100
80
10% of the time in the last 20Y) and the gap to 10Y gilt yields is close to a record 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
high at 375bps.
Source: Datastream, Morgan Stanley Research
3/5 worst performing factors over last 12m have been dividend related
3 of the worst 5 performing factors in the UK over the last 12m have been
dividend-related. Higher bond yields may continue to act as a drag on high yield
stocks in general however some specific stock opportuni