Ideally, your overall portfolio should beat the market average. But in any portfolio, there will be mixed results between individual stocks. So we wouldn't blame long term Miramar Hotel and Investment Company, Limited (HKG:71) shareholders for doubting their decision to hold, with the stock down 27% over a half decade. Shareholders have had an even rougher run lately, with the share price down 12% in the last 90 days. Of course, this share price action may well have been influenced by the 12% decline in the broader market, throughout the period.
With the stock having lost 5.2% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.
View our latest analysis for Miramar Hotel and Investment Company
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
Looking back five years, both Miramar Hotel and Investment Company's share price and EPS declined; the latter at a rate of 26% per year. The share price decline of 6% per year isn't as bad as the EPS decline. So the market may previously have expected a drop, or else it expects the situation will improve.
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
SEHK:71 Earnings Per Share Growth September 9th 2022
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Miramar Hotel and Investment Company's TSR for the last 5 years was -13%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
A Different Perspective
Although it hurts that Miramar Hotel and Investment Company returned a loss of 5.8% in the last twelve months, the broader market was actually worse, returning a loss of 23%. Given the total loss of 2% per year over five years, it seems returns have deteriorated in the last twelve months. While some investors do well specializing in buying companies that are struggling (but nonetheless undervalued), don't forget that Buffett said that 'turnarounds seldom turn'. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Take risks, for example - Miramar Hotel and Investment Company has 1 warning sign we think you should be aware of.
We will like Miramar Hotel and Investment Company better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on HK exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
理想情况下,你的整体投资组合应该超过市场平均水平。但在任何投资组合中,个股之间的结果都会喜忧参半。所以我们不会责怪长期美丽华酒店投资有限公司(HKG:71)股东对他们持有股票的决定表示怀疑,该股在五年内下跌了27%。股东们最近的表现更加艰难,股价在过去90天里下跌了12%。当然,在此期间,这一股价走势很可能受到了大盘12%跌幅的影响。
鉴于该公司股价在过去一周下跌了5.2%,我们有必要看看它的业务表现,看看是否有任何危险信号。
查看我们对美丽华酒店和投资公司的最新分析
在他的文章中格雷厄姆和多德斯维尔的超级投资者沃伦·巴菲特描述了股价并不总是理性地反映一家企业的价值。考察市场情绪如何随时间变化的一种方法是观察一家公司的股价和每股收益(EPS)之间的相互作用。
回顾五年前,美丽华酒店投资公司的股价和每股收益都在下降;后者以每年26%的速度下降。股价每年6%的跌幅并不像每股收益下跌那么糟糕。因此,市场此前可能预计会下跌,否则预计情况会有所改善。
您可以在下面看到EPS是如何随着时间的推移而变化的(通过单击图像来了解确切的值)。
联交所:每股盈利增长71 2022年9月9日
我们很高兴地报告,这位首席执行官的薪酬比类似资本公司的大多数首席执行官都要低。关注首席执行官的薪酬总是值得的,但更重要的问题是,该公司是否会在未来几年实现盈利增长。在买卖股票之前,我们总是建议仔细检查一下历史增长趋势,可在此处找到。
那股息呢?
除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。TSR是一种回报计算,计入了现金股息的价值(假设收到的任何股息都进行了再投资),以及任何贴现融资和剥离的计算价值。可以说,TSR更全面地描绘了一只股票产生的回报。碰巧的是,美丽华酒店投资公司过去5年的TSR为-13%,超过了前面提到的股价回报率。这在很大程度上是其股息支付的结果!
不同的视角
尽管美丽华酒店和投资公司在过去12个月中回报了5.8%的损失,这是一件令人痛苦的事情,但大盘实际上更糟糕,回报损失23%。考虑到过去五年每年2%的总亏损,过去12个月的回报率似乎有所下降。虽然一些投资者擅长买入那些陷入困境(但估值仍然被低估)的公司,但不要忘记巴菲特曾说过,扭亏为盈的情况很少出现转机。我发现,把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力,我们还需要考虑其他信息。例如,承担风险--美丽华酒店和投资公司1个警告标志我们认为你应该意识到。
如果我们看到一些大的内部收购,我们会更喜欢美丽华酒店投资公司。在我们等待的时候,看看这个免费最近有大量内幕收购的成长型公司名单。
请注意,本文引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。