Dividend portfolio: find out which are the most recommended stocks for September

The mining company Vale was the most suitable company for investors looking to build their portfolios focused on dividends. The mining company also stands out in the recommended stock portfolio for September.

In second place was CPFL, which rose from two nominations in August to five this month.

The increase in recommendations is due to the integration of the assets of the transmitter CEEE-T, acquired this year, and the reopening of post-pandemic trade, which resulted in an increase in energy demand in the industrial and commercial sectors, said Rodrigo Crespi, an analyst at Guide. .

In third place were: Banco do Brasil and Petrobras, both with four suggestions.

For this month, the CNN Brasil Business took into account the nominations of eight banks and brokerages: Santander, Guide, Banco do Brasil, Terra, Planner, NuInvest, Ativa and Elite.

The dividend is a portion of a company’s earnings and is distributed to shareholders, and can be paid monthly, quarterly or semi-annually.

The amount depends on macroeconomic, sectoral and individual issues of each company, and how these aspects influence each corporate performance.

on the radar

For September, experts pointed out that investors focused on dividends should have on their radar the Copom (Monetary Policy Committee) meeting, which is scheduled for September 21, the price of commodities, mainly iron ore and oil, and the stocks considered more resilient in times of strong volatility.

Some analysts believe that there is a possible end to the bullish cycle with Selic at 13.75%.

Luiz Adriano Martinez, portfolio manager at Kilima Asset, despite not agreeing that there will be a drop in interest rates at this time, explains that when the Selic rate starts to fall, it is not the companies known to be good dividend payers that will benefit.

“[Quando os juros diminuírem], investors will start buying shares of growth companies. And, at that moment, it will no longer be interesting to have a company that pays high dividends in its portfolio”.

The so-called growth actions are those that have high potential for advancement. That is, they are shares of companies that had an increase in sales revenue and profit.

Investors expect these companies to “continue to grow in the future” and that makes such assets trade at higher multiples, says Igor Cavaca, head of investment management at Warren Asset.

Examples of these growth companies are technology companies, “which start small, like startups, and follow the growth path”, says Eduardo Cavalheiro, manager of Rio Verde Investimentos.

Experts also said that the most resilient stocks, such as banking and energy, should still be on the market’s radar in September.

“With increasing uncertainties in world economic activity, with clear signs of a slowdown and eventual recession, banks tend to suffer less than other sectors, especially those more dependent on the level of activity”, says Leandro Petrokas, research director and partner at Quantized.

In turn, energy companies usually pass on inflation in contracts, so they are considered as actions capable of adapting in situations where the economy is unstable.

Kilima Asset’s manager also stated that due to the war in Ukraine and the energy crisis in Europe, commodity prices are volatile. However, he says that raw materials should depreciate by the end of the year, and companies that paid huge dividends – shareholders of the oil company received R$ 48.5 billion – will start paying values ​​in line with the market.

Some analysts declare that between December and January, oil may be at US$ 65 or US$ 70. The day before (1st), the barrel of Brent was around US$ 92.

Ilan Arbetman, Research analyst at Ativa Investimentos, in turn, points out that September will be a month of several dividend payments, such as the companies Santander, Camil, Vale, AES Brasil and Marfrig.

However, all these companies have already closed the dates that shareholders would have to have positions to receive the amount. The analyst then says that there are some options left for investors to take advantage of, “but not many”.

Comments

Here’s what experts commented on the top recommendations for September:

OK

Action: VALE3

Comment: NuInvest

We continue to like the long-term investment thesis for the mining company, which continues to trade below 3x EV/EBITDA (multiple to determine the fair value of the paper in the market) projected for the next 12 months and whose huge cash flow should continue to maintain the company among the largest dividend payers on our stock exchange.

On the other hand, the company has great exposure to China, which is going through a troubled moment. Specifically, it caught our attention to see the Chinese stopping to pay their real estate loans for fear of not receiving the properties as the builders there have been in a very bad situation since the news involving Evergrande a few months ago.

Although the complicated scenario for the Chinese construction sector is not exactly a novelty, this is the first time that this fear appears in the population and this is something that should be looked at more closely.

With more than 20% of Chinese GDP dependent on the real estate sector, a major demander of commodities produced by Vale, we see sense in reducing the size of the blue chip position in our portfolio from 15% to 10%.

CPFL

Action: CPFL3

Comment: Santander

CPFL Energia is a holding company that operates in all segments of the energy market. The company is one of the largest distribution and renewable energy players in Brazil, in addition to having recently expanded its presence in the transmission segment.

Our vision is that in 2022 the company’s focus will be on increasing efficiency and synergies at CEEE-T, which will help it gain strength in the transmission segment. We also expect CPFL to continue working on projects under construction (Cherobim, CPFL Maracanaú, CPFL Sul I and CPFL Sul II) and to pursue inorganic opportunities, mainly in the transmission and generation segments.

Our positive view of CPFL is mainly due to: strong cash generation, contractual protection against high inflation; low exposure to water deficit and long-term prices; and low regulatory risk in the energy distribution segment vs. pairs.

In addition, we believe that there is room for strong dividend distribution in the coming years.

Bank of Brazil

Action: BAAS3

Comment: Land Investments

We believe that Banco do Brasil has been showing strong credit growth (especially in rural credit and in some segments for individuals) and good portfolio quality and is ready to present strong numbers in 2022, putting the institution at a large discount compared to its peers, and ensuring an interesting return in terms of dividends for the shareholder.

Currently, BB is traded at 5 times Price/Earnings (P/E) against the average of Brazilian peers of 9 times.

Petrobras

Action: PETR4

Comment: Guide

Petrobras continues to show good production volumes and a reduction in its lifting cost, with a greater share of pre-salt operations in the portfolio.

We expect new wells to come on stream in the medium term, contributing to increased production. In the short term, some points of attention are: continuity of the sale of non-strategic assets; advance of the refinery divestment project; and prospect of new dividend announcements.

Petrobras again delivered very strong figures for the 2nd quarter, well above market expectations, driven by the high price of Brent, which was 12% higher, in addition to higher margins for oil products and natural gas.

The result was also positively impacted by the capital gain of R$ 14.2 billion related to the co-participation agreement in the Sépia and Atapu fields. In terms of the composition of revenue in the domestic market, diesel and gasoline continued to be the main products, together accounting for 73% of national revenue from sales of oil products between April and June.