<p>許多高收益股息股票是增長較慢的公司，通常缺乏令人信服的機會來再投資於擴展其業務。因此，這些公司通常決定通過股息將其現金流的相當一部分返還給投資者。</p>
<p>然而，<strong>Brookfield Infrastructure</strong>（BIPC 0.43%）（BIP 0.10%）在大多數高收益股息股票中脱穎而出。雖然這家全球基礎設施運營商支付的股息收益率為 4.3%——顯著高於 <strong>標準普爾 500 指數</strong>（^GSPC -0.32%）的 1.2%——但它也具有強勁的增長前景。這種高收入與高增長的罕見組合使我堅信，Brookfield 將在未來十年內顯著超越標準普爾 500 指數的回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>增長股東價值的強大策略</h2>
<p>自成立以來，Brookfield Infrastructure 的回報優於更廣泛的市場。該公司的運營資金（FFO）以 14% 的複合年增長率增長，支持 9% 的複合年股息增長率。這種組合使 Brookfield 能夠在同一時期內提供平均年總回報率為 13.1%，遠高於標準普爾 500 指數的 11.4% 年回報。</p>
<p>該公司增長股東價值的策略很簡單：它以價值為基礎收購高質量的基礎設施企業，然後通過以運營為導向的管理來提升這些企業。Brookfield 還通過完成附加收購和增長資本項目來擴展這些企業。隨着這些企業的成熟，Brookfield 將其出售，以將資本回收再投資於更高回報的新投資。</p>
<h2>多重增長催化劑</h2>
<p>Brookfield 投資於能夠產生持久且穩定增長現金流的企業。大約 85% 的 FFO 來自長期合同和政府監管的費率結構。這些框架要麼將費率與通貨膨脹掛鈎，要麼保護其利潤率免受通貨膨脹影響。僅通貨膨脹指數化就應推動其每股 FFO 年增長 3% 至 4%。</p>
<p>此外，該公司專注於投資於能夠受益於主要全球投資主題的基礎設施企業，如數字化、去碳化和去全球化。這些大趨勢應推動其基礎設施平台的穩定量增長，Brookfield 估計這將每年為其每股 FFO 增加 1%-2%。</p>
<p>這些大趨勢還應為公司提供充足的機會，在支付股息（佔其 FFO 的 30%-40%）後，將其保留的現金流再投資於增長資本項目。Brookfield 目前在其待辦事項中有超過 77 億美元的增長資本項目，預計將在未來兩到三年內完成。其中大部分（近 59 億美元）是數據基礎設施投資，如新的數據中心和兩座美國半導體制造設施。該公司估計，僅用其支付股息後的自由現金流資助的項目每年將為其每股 FFO 增加另 2%-3%。</p>
<p>Brookfield 還通過將其資本回收策略的收益投入新投資來提升其增長前景。例如，今年它獲得了三項高質量的基礎設施投資——Colonial、Hotwire 和 <strong>Wells Fargo</strong> Rail。該公司正在這些資產上投資 13 億美元，這些投資應通過通貨膨脹指數化的費率結構提供穩定和增長的現金流。這些及未來的新投資進一步增強了其增長前景。</p>
<p>Brookfield 看到在未來十年繼續投資高質量基礎設施企業的巨大機會。它認為，世界在未來 15 年內需要花費驚人的 100 萬億美元來維護、升級和建設基礎設施，包括在未來三到五年內超過 8 萬億美元用於人工智能基礎設施。這一強勁的機會集支持了 Brookfield 的觀點，即它可以繼續以超過 10% 的年率增長其每股 FFO。</p>
<h2>強勁的總回報潛力</h2>
<p>Brookfield Infrastructure 為投資者提供了超過 4% 的穩定基礎回報，計劃每年增長 5% 至 9%。此外，該公司預計每股 FFO 將實現超過 10% 的年增長。這使得 Brookfield 能夠在未來十年內產生中十位數的平均年總回報，支持我對其將超越市場的預期。</p>

BIPC

<p>布魯克菲爾德基礎設施公司（Brookfield Infrastructure，BIPC，BIP）預計將在未來十年內表現優於標準普爾 500 指數，提供 4.3% 的股息收益率，而標準普爾 500 指數的股息收益率為 1.2%。該公司在運營資金（FFO）方面實現了 14% 的複合年增長率，年股息增長率為 9%。布魯克菲爾德的戰略包括收購高質量的基礎設施企業和投資於增長項目，當前有超過 77 億美元的項目儲備。公司預計年運營資金增長超過 10%，使其有望實現中雙位數的總回報，顯著超過市場表現</p>

<p>Many high-yield dividend stocks are slower-growing companies that often lack compelling opportunities to reinvest in expanding their businesses. As a consequence, these companies often decide to return a substantial share of their cash flow to investors via dividends.</p>
<div class="lb-trans"><p>許多高收益股息股票是增長較慢的公司，通常缺乏令人信服的機會來再投資於擴展其業務。因此，這些公司通常決定通過股息將其現金流的相當一部分返還給投資者。</p>
</div><p>However, <strong>Brookfield Infrastructure</strong>(BIPC 0.43%) (BIP 0.10%) stands out from most high-yield dividend stocks. While the global infrastructure operator pays a dividend yielding 4.3% -- significantly higher than the <strong>S&amp;P 500</strong>'s (^GSPC -0.32%) 1.2% -- it also has strong growth prospects. This rare combination of high income and high growth drives my conviction that Brookfield will significantly outperform the S&amp;P 500's returns over the next decade.</p>
<div class="lb-trans"><p>然而，<strong>Brookfield Infrastructure</strong>（BIPC 0.43%）（BIP 0.10%）在大多數高收益股息股票中脱穎而出。雖然這家全球基礎設施運營商支付的股息收益率為 4.3%——顯著高於 <strong>標準普爾 500 指數</strong>（^GSPC -0.32%）的 1.2%——但它也具有強勁的增長前景。這種高收入與高增長的罕見組合使我堅信，Brookfield 將在未來十年內顯著超越標準普爾 500 指數的回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832226%2Fa-person-near-several-upward-pointing-arrows.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>A strong strategy for growing shareholder value</h2>
<div class="lb-trans"><h2>增長股東價值的強大策略</h2>
</div><p>Brookfield Infrastructure has delivered superior returns compared to the broader market since its formation. The company has grown its funds from operations (FFO) at a 14% compound annual rate, supporting a 9% compound annual dividend growth rate. This combination has enabled Brookfield to deliver an average annual total return of 13.1%, well above the S&amp;P 500's 11.4% annual return during the same period.</p>
<div class="lb-trans"><p>自成立以來，Brookfield Infrastructure 的回報優於更廣泛的市場。該公司的運營資金（FFO）以 14% 的複合年增長率增長，支持 9% 的複合年股息增長率。這種組合使 Brookfield 能夠在同一時期內提供平均年總回報率為 13.1%，遠高於標準普爾 500 指數的 11.4% 年回報。</p>
</div><p>The company's strategy for growing shareholder value is straightforward: It acquires high-quality infrastructure businesses on a value basis, and then enhances them through operations-oriented management. Brookfield also expands these businesses by completing bolt-on acquisitions and growth capital projects. As these businesses mature, Brookfield sells them to recycle the capital into higher-returning new investments.</p>
<div class="lb-trans"><p>該公司增長股東價值的策略很簡單：它以價值為基礎收購高質量的基礎設施企業，然後通過以運營為導向的管理來提升這些企業。Brookfield 還通過完成附加收購和增長資本項目來擴展這些企業。隨着這些企業的成熟，Brookfield 將其出售，以將資本回收再投資於更高回報的新投資。</p>
</div><h2>Multiple growth catalysts</h2>
<div class="lb-trans"><h2>多重增長催化劑</h2>
</div><p>Brookfield invests in businesses that generate durable and steadily growing cash flow. Approximately 85% of its FFO comes from long-term contracts and government-regulated rate structures. These frameworks either index rates to inflation or safeguard its margins from inflation's impact. Inflation indexation alone should drive 3% to 4% annual growth in its FFO per share.</p>
<div class="lb-trans"><p>Brookfield 投資於能夠產生持久且穩定增長現金流的企業。大約 85% 的 FFO 來自長期合同和政府監管的費率結構。這些框架要麼將費率與通貨膨脹掛鈎，要麼保護其利潤率免受通貨膨脹影響。僅通貨膨脹指數化就應推動其每股 FFO 年增長 3% 至 4%。</p>
</div><p>Additionally, the company focuses on investing in infrastructure businesses poised to benefit from major global investment themes, such as digitalization, decarbonization, and deglobalization. These megatrends should drive steady volume growth across its infrastructure platform, which Brookfield estimates will add 1%-2% to its FFO per share each year.</p>
<div class="lb-trans"><p>此外，該公司專注於投資於能夠受益於主要全球投資主題的基礎設施企業，如數字化、去碳化和去全球化。這些大趨勢應推動其基礎設施平台的穩定量增長，Brookfield 估計這將每年為其每股 FFO 增加 1%-2%。</p>
</div><p>Those megatrends should also provide the company with ample opportunities to reinvest its retained cash flow after paying dividends (30%-40% of its FFO) into growth capital projects. Brookfield currently has over $7.7 billion of growth capital projects in its backlog that it expects to complete over the next two to three years. The bulk of these (nearly $5.9 billion) are data infrastructure investments, such as new data centers and two U.S. semiconductor fabrication facilities. The company estimates that projects funded with its post-dividend free cash flow alone will tack on another 2%-3% to its FFO per share each year.</p>
<div class="lb-trans"><p>這些大趨勢還應為公司提供充足的機會，在支付股息（佔其 FFO 的 30%-40%）後，將其保留的現金流再投資於增長資本項目。Brookfield 目前在其待辦事項中有超過 77 億美元的增長資本項目，預計將在未來兩到三年內完成。其中大部分（近 59 億美元）是數據基礎設施投資，如新的數據中心和兩座美國半導體制造設施。該公司估計，僅用其支付股息後的自由現金流資助的項目每年將為其每股 FFO 增加另 2%-3%。</p>
</div><p>Brookfield also boosts its growth profile by deploying proceeds from its capital recycling strategy into new investments. For example, this year it secured three high-quality infrastructure investments -- Colonial, Hotwire, and <strong>Wells Fargo</strong> Rail. The company is investing $1.3 billion across these assets, which should contribute stable and growing cash flows through inflation-indexed rate structures. These and future new investments further enhance its growth profile.</p>
<div class="lb-trans"><p>Brookfield 還通過將其資本回收策略的收益投入新投資來提升其增長前景。例如，今年它獲得了三項高質量的基礎設施投資——Colonial、Hotwire 和 <strong>Wells Fargo</strong> Rail。該公司正在這些資產上投資 13 億美元，這些投資應通過通貨膨脹指數化的費率結構提供穩定和增長的現金流。這些及未來的新投資進一步增強了其增長前景。</p>
</div><p>Brookfield sees a massive opportunity to continue investing in high-quality infrastructure businesses over the next decade. It believes that the world will need to spend a staggering $100 <em>trillion</em> to maintain, upgrade, and build infrastructure over the next 15 years, including more than $8 trillion on AI infrastructure over the next three to five years. This robust opportunity set supports Brookfield's view that it can continue growing its FFO per share at a more than 10% annual rate.</p>
<div class="lb-trans"><p>Brookfield 看到在未來十年繼續投資高質量基礎設施企業的巨大機會。它認為，世界在未來 15 年內需要花費驚人的 100 萬億美元來維護、升級和建設基礎設施，包括在未來三到五年內超過 8 萬億美元用於人工智能基礎設施。這一強勁的機會集支持了 Brookfield 的觀點，即它可以繼續以超過 10% 的年率增長其每股 FFO。</p>
</div><h2>High-powered total return potential</h2>
<div class="lb-trans"><h2>強勁的總回報潛力</h2>
</div><p>Brookfield Infrastructure offers investors a solid base return of over 4% annually from its dividend, which it plans to grow by 5% to 9% each year. Additionally, the company expects to deliver more than 10% annual FFO growth per share. This positions Brookfield to produce an average annual total return in the mid-teens, supporting my expectation that it will crush the market in the coming decade.</p>
<div class="lb-trans"><p>Brookfield Infrastructure 為投資者提供了超過 4% 的穩定基礎回報，計劃每年增長 5% 至 9%。此外，該公司預計每股 FFO 將實現超過 10% 的年增長。這使得 Brookfield 能夠在未來十年內產生中十位數的平均年總回報，支持我對其將超越市場的預期。</p>
</div>

預測：這隻高收益股息股票將在未來十年超越標準普爾 500 指數的回報