案列讲解英美烟草 British American Tobacco, BAT (4162)，给着高股息 但是股价却跌跌不休的现象。
英美烟草是外国公司，所以赚到的利润都会通过股息（dividend payout）合法回馈给外国大股东们。这样的情况，造就了公司的股东基金逐渐减小，但利润仍然存在。出现了高ROE和本小利大的现象
自从英美烟草改变了生意模式，从外国取货进口Malaysia售卖，然后关闭在malaysia的制造工厂。这样的业务模式也彻底改变了公司的盈利模式，导致营业额和净利润大幅下降，影响到Return of equity的稳定性。
另外，虽然公司有继续派发高额的股息，但利润下滑，使派息率和派息额都有所下降。令到投资者对股息可持续性产生疑虑。因此股价一直下跌。
结论：
公司需要保持高Return of equity，并确保派息不会降低，以吸引更多的投资者，并使股价得以支持。否则，股价可能会继续下跌。投资者应了解公司的基本面和业务模式，以避免陷入高股息股票的陷阱。还不快点查查自己手上的股票？！
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