This can be especially attractive for income-focused investors, such as retirees or those seeking consistent cash flow.

While it’s not always the case, high-yield stocks also tend to be more mature companies, and often less volatile that their growth-focused peers.

So, what about this 18% yielding stock? Why do I think its payout can’t be trusted?

Steppe Cement’s dividend yield

Steppe Cement (LSE:STCM) is a UK-listed Kazakh cement manufacturer. In 2022, it paid a huge 5p dividend, which currently represents an 18% yield.

In fact, I remember considering buying the stock in 2022 and the dividend yield fluctuated between around 12% and 18%, depending on the share price.

Many investors thought it was just too good to be true. And I feel that’s the right position to take. We need to interrogate high yields because, in many case, they’re a warning sign. Double digits are rarely sustainable.

It’s important to highlight that this high yield is influenced by the company’s a modest valuation. Steppe trades at just 3.9 times its 2022 earnings, making it one of the cheapest UK-listed stocks.

As we know, falling share prices inflate dividend yields. And the same can be applied to broadly under-appreciated stocks. Low valuations tend to translate to higher yields.

However, I can see why investors would be hesitant to invest in Kazakh cement stock. It’s not exactly blue-chip. Currently, its market value sits at just £57m.

Still affordable?

While Steppe declared that 5p dividend for 2022, which was covered 1.64 times by earnings, it’s unlikely to do the same this year.

Normally, a solid coverage ratio is deemed to be two times and above. In this context, Steppe’s coverage ratio falls below the preferred threshold.

Compounding this is that fact that 2023 has been a less profitable year for Steppe than 2022.

Despite a promising Q3 performance, earnings are down year on year. In early October, Steppe reported Q3 revenue of KZT14.1bn (£24m), an 8% increase.

However, the first half of the year saw a 13% decline in revenue due to decreased volumes and lower prices.

Consequently, for the first nine months of the year, total revenue contracted by 5%, and gross profit in H1 was down 47%.

As such, it seems highly unlikely that a Steppe will be able to maintain its 5p dividend. Given the trajectory of earnings, the coverage ratio would likely be around or below one.

In turn, a coverage ratio below one means the company’s net income doesn’t cover its dividend obligations. As such, if it did maintain a 5p dividend, it may need to eat into its $6m of cash to fund it — this would be risky.

Nonetheless, it may prove a solid investment opportunity for the medium term. In broader terms, the company is experiencing growth driven by a construction boom in Kazakhstan.

The economy grew by 5.1% in H1 2023, partially driven by Russian migrant. New business registrations jumped by 20% in June. Steppe may offer exposure to this relatively buoyant economy.

The post Why this 18% high yield may not be as attractive as it seems appeared first on The Motley Fool UK.

Steppe Cement (LSE:STCM) is one such.

Background

As the name suggests, Steppe Cement is a cement manufacturer with production based in Kazakhstan.

Compared to the other names on the London Stock Exchange, it’s relatively small, with a market cap of just over £57m.

Its long history goes back to 1953, when Kazakhstan was still a Soviet state.

What has caught investors’ attention is the sky-high dividend yield of 19% it offers. As an income investor myself, this certainly turned my head when I heard about it.

However, when a yield is so high it’s usually because there’s something wrong with the company.

Risks

In the six months to June 2023, revenue fell by 14% year on year. What is much more concerning is that profit in the same period declined by 99%.

Its dividend was only covered 1.64 times by its earnings in 2022. A massive fall in earnings so far this year, therefore, raises serious questions about its sustainability going forward.

Their yield may be very high, but Steppe Cement shares have also fallen by 28.7% in the last year.

This explains why the yield looks so high right now. It could easily cut its dividend to align more closely to profit. This will lower its yield moving forward.

Therefore, investors looking to invest in Steppe Cement for its dividend may want to reconsider.

Opportunities in the cement industry

Cement is the most widely used substance on Earth after water. It is necessary for much infrastructure in today’s world.

Dams, bridges, roads, and buildings are just some of the stuff it’s used for.

Furthermore, the cement market is expected to grow from 3.86bn tons in 2023 to 5.48bn tons by 2028. This represents a compounded annual growth rate (CAGR) of 7.23%.

Therefore, Steppe Cement is in a good position to grow in this market.

However, it must be noted that the cement industry is responsible for about 8% of planet-warming CO2 emissions.

Even though cement usage is likely to grow for the next few years, we are living in a more environmentally conscious world.

Long-term investors like myself, who have a time horizon of 20-30 years, may want to reconsider if an investment in cement is smart. This is because there may be alternatives to it in that period, as a result of efforts to reduce the magnitude of global warming.

Verdict

Ultimately, I wouldn’t touch Steppe Cement shares.

Firstly, I don’t believe it stands up well as a dividend stock. It has a high yield, but I think there’s a strong chance this will fall. I also like to invest in income shares in stable companies, which Steppe Cement is certainly not.

Secondly, for penny stocks that have a small market cap, I like to see strong growth. Steppe Cements’ declining revenue and profit contradict this. Moreover, even if it were to grow at the same rate as the rest of the cement industry at 7.23% a year, this isn’t enough to compensate for the risk I believe its shares carry.

The post Is this risky penny stock worth considering? appeared first on The Motley Fool UK.

Staying cautious

Dividend yields are a critical factor in my investment decisions. They represent the percentage of a stock’s market price that the company pays out to shareholders as dividends.

While a high yield can be tempting, I’ve learned that caution is essential when they appear unusually large. One key aspect to consider is dividend coverage, which indicates the company’s ability to cover its dividend payments with its earnings.

If a high-yielding stock lacks the earnings to support those payments, it’s a red flag. It could mean the company is tapping into reserves or taking on debt to maintain the dividend, which isn’t sustainable in the long term.

To avoid unreliable income sources, I always research a company’s financial health, earnings, and dividend history before trusting a high yield.

Big yield, unpopular stock

In December 2022, Steppe Cement dished out a 5p dividend per share. At the current share price, this translates to a whopping yield of 18.1%. That’s around 4.5 times higher than the FTSE 100 average.

While Steppe Cement has always offered a relatively high dividend yield, it’s important to note this partially reflects the lack of popularityof the stock. It’s currently trading at just 3.9 times its 2022 earnings, making it one of the most affordable stocks listed in the UK.

The primary reason behind this undervaluation is the natural hesitancy of investors when it comes to investing in a Kazakh cement manufacturer. Most of us prefer to stick to the FTSE 100, let alone a Central Asian firm with a £60m market cap.

Regardless of the company’s impressive performance in 2022, British investors are largely unfamiliar with the Kazakh market, leading to doubts about the investment opportunity.

Dividend sustainability

In 2022, Steppe Cement’s 5p dividend payment was only covered 1.64 times by its earnings. Typically, a robust coverage ratio is considered to be around two times. Thus, Steppe’s coverage falls short of the desired level, indicating room for improvement.

Despite a promising Q3, 2023 has not been as lucrative for the business as 2022 was. In early October Steppe report revenue of KZT14.1bn (£24m) for Q1 — 8% higher year on year. However, revenue during the first half of the year was down 13% with lower volumes and lower prices. Overall for the first nine months of the year, revenue is down 5%.

The company anticipates a decrease in EBITDA for the fiscal year ending this December 31, compared to 2022. This is primarily attributed to a less favourable pricing environment and the effects of inflation on energy and other input costs.

So, is the dividend sustainable? Well, the coverage ratio call fall dangerously close to one — just enough income to pay the dividend — if EBITDA comes in weaker than expected. In H1, gross profit was 47% lower than in H1 of 2022. Despite a stronger Q3, I wouldn’t be surprise to see the dividend cut.

The post Can I trust this 18.1% dividend yield? appeared first on The Motley Fool UK.

Cement and electricity

As the name alludes to, Steppe is an investment holding company with a core focus on producing and selling cement from its base in Kazakhstan. It also makes some money from the transmission and distribution of electricity.

It’s worth remembering that a penny stock is one that trades for less than £1. As I write, Steppe shares are trading for just 27p. At this time last year, they were trading for 31p, which equates to an 8% drop over a 12-month period.

Breaking down the yield

High-yields are enticing, let’s be honest. But, I’m no fool (see what I did there) and tend to dig deeper and see what’s behind the curtain.

Such a high yield tells me a couple of things. Investor sentiment is plunging, or the business is struggling financially and the share price is falling off a cliff. Another thing some firms do is to boost their yields artificially to attract investors, even if they know they can’t sustain the payout.

So what about Steppe? In December, it paid a dividend of 5p, and based on its current share price, that translates into its mighty yield. However, after an impressive year in 2022, things look a bit more bleak this year. That’s based on the half-year results it released. The business reported that quantities and prices of cement have dropped. Its volume of cement has dropped by 10% compared to last year and revenue dropped by 13% too. Gross profit more than halved.

There’s a chance that Steppe turns things around and that the second half of the year is fruitful. Personally, I’m not convinced. Tough macroeconomic conditions including soaring inflation, rising interest rates, and supply chain problems could hamper it.

A penny stock I’ll keep an eye on

Cement isn’t exactly exciting. One fact that can’t be ignored is it’s a vital component of daily lives. It’s essential in pretty much any and all construction. When I think that the world’s infrastructure spending is only increasing, this could help boost cement businesses like Steppe.

Do I think Steppe will struggle over the long-term for customers and demand for its products? Probably not. However, there are bigger and much better-known businesses out there that can supply the same type of products, in my opinion.

Steppe’s dirt-cheap valuation with a 12 month trailing price-to-earnings ratio of just four is attractive on the surface of things. However, for me, the outlook for the business, recent results, and the sustainability of the yield lead me towards avoiding the shares.

Taking everything into account, I’m going to keep Steppe Cement shares on my penny stock watch list. I’m particularly keen to review the full-year results when they’re available. I think there are better small-cap opportunities out there for me and my holdings.

The post Is this penny stock under 30p with a high-yield worth buying? appeared first on The Motley Fool UK.

A high dividend yield indicates that a company is distributing a significant portion of its earnings to shareholders in the form of dividends, making it an attractive choice for those who rely on dividend income.

However, it’s essential to recognise that exceptionally large yields can sometimes serve as a warning sign.

The warning signs

A sizeable yield could reflect a number of things. Firstly, it could mean a decline in investor sentiment and a falling share price — dividend yields and share prices are closely linked (the former goes up as the latter falls).

Equally, it could indicate that the firm is struggling to reinvest in its operations for growth or that its financial health is deteriorating.

Moreover, in some cases, companies may artificially boost their dividend yields to attract investors. That’s even if they can’t sustain those payouts in the long run.

This unsustainability can lead to dividend cuts or even the suspension of dividend payments, resulting in capital losses for investors who initially sought out the stock for its high yield.

Big dividend yields can be enticing. But they should prompt investors to conduct thorough due diligence to try to ensure they’re not walking into a potential value trap.

Steppe Cement

In December 2022, Steppe Cement (LSE:STCM) paid a 5p dividend per share. At the current price, that equates to a dividend yield of 20.8%. That’s more than five times greater than the FTSE 100 average.

The first thing to note is that the yield is inflated by a relatively low valuation and a falling share price. The stock trades at just 3.6 times 2022 earnings, making it one of the cheapest UK-listed stocks.

The obvious reason for this is that investors are naturally hesitant to invest in a Kazakh cement manufacturer. Regardless of the company’s successm(2022 was a bumper year), British investors don’t know the market well.

Is it sustainable?

In 2022, the 5p dividend payment was covered 1.64 times by earnings. The benchmark for a strong coverage ratio tends to be around two times. So Steppe’s coverage isn’t great.

Moreover, the company’s performance has deteriorated significantly in 2023. In the first half of 2023, Steppe Cement reported a decrease in both the quantity and average price of cement sold.

Its sales volume amounted to 749,034 tonnes, marking a 10% decline from the previous year’s 837,063 tonnes.

Total revenue generated from cement sales during this period was KZT16.97bn (£29.7m). This figure represented a 13% decrease from the KZT19.58bn recorded in the same period the previous year. Steppe Cement attributed this decline in revenue to a decrease in the average price per tonne.

As such, gross profit for the period fell from approximately £15m in H12022, to £7.3m in H12023. So, if this trend continues for the rest of the year, the current dividend yield appears unsustainable. I could be wrong and the firm could turn things around with a sharp recovery. But equally, EPS could fall below the 5p dividend paid out in 2022, and a dividend cut may follow.

The post Is this 20.8% dividend yield for real? appeared first on The Motley Fool UK.

I only buy a share when I think it’s good value, and I won’t buy if I think the value has passed and I’m too late. And the nature of penny stocks often means the good-value window can be short.

Now, prices can move down just as quickly as they can move up. And that’s one of the risks we take if we buy penny stocks. I’ve known far more people lose money on penny stocks than big companies.

With that in mind, these are three where I think I see good value that might not last long.

Old tech

First up is Michelmersh Brick Holdings (LSE: MBH). You know, that old technology that’s fallen out of investing fashion.

Everyone’s looking for the next big thing. Electric cars, AI, biotech… Oh, and the property market is in a slump.

Meanwhile, Michelmersh makes bricks and tiles. And I really can’t see anything other than strong long-term demand for walls and roofs.

The share price has been flat overall in five years. But that hides a climb in 2021 before the interest rate crisis hit. Then things turned bad again.

I can see further pressure in the short term, so there’s a risk the shares could fall back further.

But forecasts suggest a price-to-earnings (P/E) ratio of under 10, with a well-covered dividend yield of 4.8%. And I think that could be good for long-term investors.

New tech

Talking about electric cars, CleanTech Lithium (LSE: CTL) is on a bit of a downer now. The shares are still up 50% since thecompany’s IPO, but they’re well below the peaks of early 2023.

The move towards electric propulsion needs batteries, and they need lots of lithium.

The difficulty, and risk, is that CleanTech isn’t profitable yet, and analysts expect cash outflow for the next few years.

That makes it a tricky one to value.

On the upside, the company does seem to be sitting on some impressive lithium assets. Some are in areas of the world with less than complete economic freedom, though, like Chile. So with potential, comes risk.

But it does suggest one possible way to profit. Small metals and mineral prospectors are often bought out by the big players.

Emerging market

How about an emerging economy, and a long-term staple produce. I’m talking about Kazakhstan and cement. And that can only mean Steppe Cement (LSE: STCM).

Cement isn’t the most exciting thing on the planet. But I think there’s already enough excitement in a penny stock in an ex-Soviet state.

The shares are up over five years. But they’ve fallen back a bit in the past two.

There’s not a lot in the way of forecasts to go on. But in the past few years, Steppe has been recording strong earnings and paying decent dividends.

In the first half of 2023, sales dropped 11% and the cement price fell a little. But I see the long-term outlook as attractive.

With a trailing P/E of under five, Steppe could be good value now. But we do need to watch that that risk from emerging markets penny stocks.

The post 3 penny stocks to buy now, before it’s too late? appeared first on The Motley Fool UK.

Fashion

The small position I started in Sosandar (LSE: SOS) shares two months ago is down 12%, but I’m ready to top it up soon.

This company is one of the fastest growing women’s fashion brands in the UK. Its revenue rose 30% year on year to £11.6m in the three months to 31 December.

There was growth across all its sales channels and, importantly, it was also the group’s fifth consecutive quarter of profitability.

Following this, the retailer announced a deal with Sainsbury’s to sell its clothes through the supermarket’s website as well as being stocked in some of its stores.

Sosandar already has existing online partnerships with Marks & Spencer, John Lewis, and Next. The sales mix is broadly split between its own website and third-party channels.

While the retailer’s customers are relatively affluent, they’re probably still not immune to the continuing cost-of-living crisis. So sales growth could be impacted if inflation remains elevated. And small fashion businesses have a lot of hurdles to jump before they turn into big fashion businesses.

However, I think a recent £4.5m fundraise by the company should enable it to bolster its product range and pursue additional growth initiatives. The opportunity to grow overseas, for example, looks sizeable to me.

Overall, I think the shares are attractively priced at 23p. The market cap is currently just £58m.

Construction

Steppe Cement (LSE:STCM) is a leading low-cost cement manufacturer in Kazakhstan, where it has been operating since the 1950s.

Whilst cement isn’t an investment to get the heart racing, it’s still indispensable for modern construction. This makes it appealing to me.

The main competitive advantage this firm enjoys is the strategic location of its plant, in a former Soviet Union coal mining hub. This area has well-developed infrastructure that enables rapid and reliable delivery to its customers.

Its annual production capacity has steadily increased to 2m tonnes over the last few years. And the firm grew its net income from $1.28m in 2017 to $17.1m in 2021.

Yet, while it achieved record revenue growth last year, profits are expected to fall when the firm reports its audited full-year results in May. The reason for this was that production costs were higher as inflation soared 20% last year in Kazakhstan.

However, I expect earnings to grow steadily again once inflation normalises.

The stock carries a huge 11.7% dividend yield, though the payout could be cut as it’s only covered once by earnings. A reduction could cause short-term volatility in the share price.

Still, I like the long-term growth story here. Kazakhstan is the richest country in Central Asia, with vast natural resources. And according to the World Bank, its GDP growth in 2023-24 will accelerate to between 3.5% and 4%.

More specifically, the government has committed billions to modernising the country’s roads, railways, ports, airports, and IT infrastructure. This should keep cement demand robust and underpin the company’s growth.

Meanwhile, with a price-to-earnings (P/E) ratio of just 5.5, the stock looks dirt-cheap. If I had spare cash to invest, I’d buy some shares today.

The post 2 penny stocks under 99p that I’d buy in April appeared first on The Motley Fool UK.

Michelmersh Brick Holdings

Britain is in the midst of a chronic property shortage. Think tank Centre for Cities estimates that the UK has a backlog of 4.3m homes missing that were never built. That’s compared to the average European housing market.

The shortage threatens to worsen too due to steady population growth. As a result, housebuilding activity on these shores will have to rise sharply, meaning demand at building material suppliers like Michelmersh Brick Holdings (LSE:MBH) might rise strongly.

Troubles in the housing market may affect sales here in the near term. But the company’s wide customer base — it supplies bricks to residential and commercial builders as well as to the repair, maintenance, and improvement (RMI) market — helps to offset this risk.

Indeed, Michelmersh’s revenues soared 15% in 2022 despite recent weakness in the homes sector.

European Metals Holdings

Investing in lithium stocks could be a good idea as electric vehicle sales increase. As research from McKinsey and Company shows, demand for the battery-making component looks set to soar as the decade progresses.

European Metals Holdings (LSE:EMH) is one UK lithium share I’d buy to capitalise on this theme. The business is developing the Cinovec mine in Czechia, a project that has been labelled a strategic asset by the European Union.

Cinovec is the largest lithium resource in Europe, and latest studies suggested it will produce around 29,400 tonnes of the material each year over a 25-year mine life. Critically, the resource is located on the border with Germany, too. This puts it on the doorstep of multiple major auto and energy storage manufacturers.

Investing in early-stage miners can be especially risky. Revenues forecasts can crumble and costs can shoot up if development problems occur.

But on balance I think European Metals Holdings remains a hot growth stock to own today.

Steppe Cement

Kazakhstan-based Steppe Cement (LSE:STCM) is another buildingn product supplier on my watchlist right now. I’d buy it to capitalise on steady urbanisation in the Eurasian country that’s driving cement demand higher.

In fact the penny share has recently stopped exporting its product given how strong conditions are in its home market. Steppe’s revenues jumped 11% year on year in 2022 thanks to a 12% jump in cement prices.

The rise of towns and cities is a critical cog in Kazakhstan’s national development programme. So the government is offering huge subsidies to encourage the building of residential areas and urban infrastructure.

This long-running trend looks set to continue, too. Although Steppe Cement faces the problem of rising costs, I think it could prove a top stock to own for the next decade and beyond.

The post 3 penny shares I’d buy to hold until 2033! appeared first on The Motley Fool UK.

That’s largely because dividend-paying stocks tend to be profit making — hence why they’re sharing this profit with shareholders — and established firms.

These companies are well represented in my portfolio. And that’s also because I have a compound returns strategy — I reinvest my dividends year after year and earn interest on my interest.

But today, I want to look at two forgotten dividend stocks. Let’s find out what they are.

Steppe Cement

Steppe Cement (LSE:STCM) is a Kazakh cement manufacturer, which some investors may know for its sizeable dividend. The stock currently offers an 11.5% dividend yield, but this is after a bull run. The yield was above 15% around six months ago when the share price was considerably lower.

There are several positive signs for Steppe. For one, it entered 2023 by posting recorded revenue growth in 2022, citing positive market conditions as it focused on the Kazakh domestic market.

Naturally, this cement company’s performance is heavily linked to the strength of the domestic economy, as cement demand is dependent on building activity. And in 2023, the Kazakh economy is expected to see stronger growth than most countries worldwide — somewhere between 3.5-4%.

Moreover, Kazakhstan’s construction industry is expected to register a growth of 3.4% in real terms in 2023. The government has identified construction as one of the major industries to drive the growth of Kazakh economy in the coming years.

However, investors will naturally be wary of a small-cap Kazakh cement company. This concern weighs on the share price — it trades with price-to-earnings of just 6.7 — and pushes the yield upwards.

It’s certainly an interesting prospect, and one I’m considering very carefully. I’m a little concerned about investing in a firm that’s up 73% in over 12 months. So I’m not buying yet.

NextEnergy Solar Fund

NextEnergy Solar Fund (LSE:NESF) is a UK-focused solar energy fund. The Saville Row-based company, which owns assets generating around 865MW of energy as of the December 2022, calls itself a solar+ fund. It invests in solar assets, alongside complementary ancillary technologies, like energy storage.

Firstly, it’s worth noting that NextEnergy Solar Fund is a a real estate investment trust (REIT). This means it must pay out 90% or more of its taxable profits to shareholders in the form of dividends. As such, the stock currently offers a 6.7% dividend yield. I appreciate that’s some way behind Steppe, but it’s still far above the index average.

With regards to concerns, the trust is focused on UK solar assets, which could leave it vulnerable to weather systems, taxation changes and new regulation. However, it is worth noting that solar panels are effective, even in overcast conditions. In fact, rain even helps clean dust from the panels.

I see NextEnergy solar as a very attractive investment, and it currently trades with a 12% discount versus its net asset value. I recently added this stock to my portfolio.

The post 2 forgotten income stocks for juicy yields! appeared first on The Motley Fool UK.

The stock has dipped 12% over the last month, and I think this represents a good opportunity to buy. However, I wouldn’t just buy for the dividend as I think it’s got good long-term prospects too.

Here’s why I’d buy Steppe Cement shares.

Prospects

Steppe Cement has two dry kilns and four mothballed wet kilns. The firm is the leading cement manufacturer in Kazakhstan using the dry method, which is less resource-intensive.

Steppe boasts that it enjoys competitive advantages and is one of the lowest-cost producers in Kazakhstan. Its plants are also strategically located. The Kazakh outfit claims these factors make it well positioned to grow.

But the macroeconomic indicators are positive too. The construction sector is expected to experience strong demand in the coming years as the government has put addressing housing issues at the centre of the country’s development. The sector can enhance social wellbeing and provide jobs.

Specifically, the Prime Minister’s office has forecast strong demand for housing because of the outdated nature of existing housing stock. It also points to an increase in the birth rate and the number of marriages over the past two decades.

More generally, we’re seeing an urbanisation trend in Kazakhstan, as elsewhere in the developing world, which Steppe can take advantage of.

Performance

In its recently announced results for 2021, Steppe reported a pre-tax profit increase of 63%. Profit came in at $21.4m, up from $13.1m the year before. And revenue grew 13% to $84.6m. This level of profit growth is probably unsustainable in the long run and likely reflects the fact that 2020 was a quiet year for the construction industry.

As a result, the price-to-earnings ratio currently sits at just 5.1. That’s exceptionally cheap. Its price-to-sales ratio is a little over one!

The firm said that cement volume sales grew 3% to 1.69 million tonnes, up from 1.65 million tonnes in 2020. And profits were largely driven by higher prices as the housing sector boomed. Once again, this probably reflects the fact that Covid-19-induced disruption reduced demand for cement during 2020.

It added that the Kazakh cement market increased 23% in 2021 and it expects 2022 to be at a similar level. This is certainly encouraging and reinforces the positive macroeconomic trends highlighted above.

Dividend

In its recent update, the company said it wanted to recommend the distribution of a 5p dividend for 2021. However, Steppe, which is actually registered in Malaysia, said that new tax regulations in the South-East Asian nation created uncertainty concerning the tax treatment of foreign sourced dividend income for Malaysian corporates.

A 5p dividend would be a sizeable yield. With the stock currently trading for 34p.

Risks

There are always risks and this one is no different. For one, inflation may harm profit lefts in the near term. I’m also a little concerned about the spread. The buying price is currently 34p while the selling price is 32p. This means the stock needs to gain more than 6% for me to make my money back.

Nonetheless, I see Steppe as investment for long-term growth and its sizeable dividend yield should offset the spread.

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