Company Overview - Upbound Group (UPBD) is headquartered in Plano and operates in the Finance sector, specifically in leasing furniture and appliances with an option to buy [3] - The stock has experienced a price decline of 24.72% since the beginning of the year [3] Dividend Information - Upbound Group currently pays a dividend of $0.39 per share, resulting in a dividend yield of 7.1%, which is significantly higher than the Financial - Leasing Companies industry's yield of 4.45% and the S&P 500's yield of 1.76% [3] - The company's annualized dividend of $1.56 has increased by 4% from the previous year, with an average annual increase of 5.93% over the last five years [4] - The current payout ratio for Upbound Group is 41%, indicating that it pays out 41% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year 2025, the Zacks Consensus Estimate projects earnings of $4.10 per share, reflecting a year-over-year earnings growth rate of 7.05% [5] Investment Considerations - Upbound Group is considered a compelling investment opportunity due to its strong dividend yield and growth potential, despite the general challenges faced by high-yielding stocks during periods of rising interest rates [7]

本文作者：刘晨明/许向真 报告摘要 为什么亚太市场尤其青睐高股息？ 1. 当前亚太市场抬估值的主要掣肘在哪？ 制造业为主体的东亚经济体都有类似问题，即低盈利匹配低估值。当前宏观环境下分子端弹性有限，分母端加大分红 回购成为维持高且稳定ROE的重要手段。 2. 增速降档阶段中国资产交易逻辑： 价值类资产能够穿越宏观周期、提供稳定回报。这类资产往往表现出更高且稳定的分红水平。 ROE 位于16%-20%，对应PB 2.5倍-4.0倍。例如美国科技、美国卫生保健、英国必需消费、美国工业、美国可选消费、英国公用事业、德国科技等； ROE 位于10%-14%，对应PB 1.5倍-2.5倍。例如美国公用事业、美国电信、英国可选消费、法国必需消费、法国卫生保健、德国工业、韩国必需消费等； ROE 位于6%-8%，对应PB 1.0倍-1.5倍。例如韩国可选消费、韩国金融、日本必需消费、日本可选消费、日本工业、日本科技、英国金融、德国金融等。 （注：本文PB均为PB(LF)口径。） 4. 其他亚太市场股息率情况。 （1）中国台湾： 头部制造业公司维持较高股息率水平。 （2）韩国市场： 地产和银行始终维持较高的股息回报。 （3） ...