Earnings Are Growing at COFCO Biotechnology (SZSE:000930) but Shareholders Still Don't Like Its Prospects
Earnings Are Growing at COFCO Biotechnology (SZSE:000930) but Shareholders Still Don't Like Its Prospects
In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term COFCO Biotechnology Co., Ltd. (SZSE:000930) shareholders have had that experience, with the share price dropping 24% in three years, versus a market decline of about 2.8%.
为了证明挑选个股的努力是合理的,值得努力超越市场指数基金的回报。但选股的风险是,你可能会买入表现不佳的公司。我们很遗憾地报告这一长期的中粮生物科技有限公司。(SZSE:000930)股东有过这样的经历,股价在三年内下跌了24%,而市场跌幅约为2.8%。
Given the past week has been tough on shareholders, let's investigate the fundamentals and see what we can learn.
鉴于过去一周对股东的态度一直很严峻,让我们调查一下基本面,看看我们能学到什么。
See our latest analysis for COFCO Biotechnology
查看我们对中粮生物科技的最新分析
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
不可否认,市场有时是有效的,但价格并不总是反映潜在的商业表现。通过比较每股收益(EPS)和股价随时间的变化,我们可以感受到投资者对一家公司的态度随着时间的推移发生了怎样的变化。
Although the share price is down over three years, COFCO Biotechnology actually managed to grow EPS by 3.5% per year in that time. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Alternatively, growth expectations may have been unreasonable in the past.
尽管股价在三年多的时间里下跌,但中粮生物科技在这段时间里实际上实现了每股收益3.5%的增长。这是一个相当令人费解的问题,表明可能有什么因素暂时提振了股价。或者,增长预期在过去可能是不合理的。
After considering the numbers, we'd posit that the the market had higher expectations of EPS growth, three years back. However, taking a look at other business metrics might shed a bit more light on the share price action.
在考虑了这些数字后,我们假设市场对三年前的每股收益增长有更高的预期。然而,看看其他商业指标可能会更好地揭示股价走势。
We note that the dividend seems healthy enough, so that probably doesn't explain the share price drop. Revenue has been pretty flat over three years, so that isn't an obvious reason shareholders would sell. A closer look at revenue and profit trends might yield insights.
我们注意到,股息似乎足够健康,所以这可能无法解释股价下跌的原因。过去三年的营收一直相当平淡,因此这不是股东会抛售股票的明显原因。仔细观察收入和利润趋势可能会产生洞察力。
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
下图显示了收益和收入随时间的变化情况(如果您点击该图,您可以看到更多详细信息)。
![earnings-and-revenue-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230812/0-49f69a6d5a069aa0679333959d004d86-0-cfc46ac02e68732ce8f8de53180cae26.png/big)
Take a more thorough look at COFCO Biotechnology's financial health with this free report on its balance sheet.
更全面地了解中粮生物科技的财务健康状况免费报告其资产负债表。
What About Dividends?
那股息呢?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of COFCO Biotechnology, it has a TSR of -15% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。虽然股价回报只反映股价的变动,但TSR包括股息的价值(假设股息再投资),以及任何折价集资或分拆所带来的利益。因此,对于支付丰厚股息的公司来说,TSR往往比股价回报高得多。就中粮生物科技而言,它在过去3年的总资产收益率为-15%。这超过了我们之前提到的它的股价回报。该公司支付的股息因此提振了总计股东回报。
A Different Perspective
不同的视角
While the broader market lost about 6.1% in the twelve months, COFCO Biotechnology shareholders did even worse, losing 10% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. Unfortunately, last year's performance may indicate unresolved challenges, given that it was worse than the annualised loss of 1.5% over the last half decade. We realise that Baron Rothschild has said investors should "buy when there is blood on the streets", but we caution that investors should first be sure they are buying a high quality business. 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. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for COFCO Biotechnology you should know about.
虽然大盘在过去12个月里下跌了约6.1%,但中粮生物科技的股东表现更差,下跌了10%(甚至包括股息)。然而,这可能只是因为股价受到了更广泛的市场紧张情绪的影响。也许有必要关注基本面,以防出现良机。不幸的是,去年的表现可能预示着尚未解决的挑战,因为它比过去五年1.5%的年化损失更糟糕。我们意识到,罗斯柴尔德男爵曾说过,投资者应该“在街上血淋淋的时候买入”,但我们警告投资者,首先应该确保他们购买的是一家高质量的企业。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,考虑一下风险。每家公司都有它们,我们已经发现中粮生物科技的1个警示标志你应该知道。
We will like COFCO Biotechnology better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
如果我们看到一些大的内部收购,我们会更喜欢中粮生物科技。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。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Chinese exchanges.
请注意,本文引用的市场回报反映了目前在中国交易所交易的股票的市场加权平均回报。
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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。