The Total Return for China Tourism Group Duty Free (SHSE:601888) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for China Tourism Group Duty Free (SHSE:601888) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
It hasn't been the best quarter for China Tourism Group Duty Free Corporation Limited (SHSE:601888) shareholders, since the share price has fallen 13% in that time. On the other hand the returns over the last half decade have not been bad. It's good to see the share price is up 58% in that time, better than its market return of 55%. Unfortunately not all shareholders will have held it for the long term, so spare a thought for those caught in the 47% decline over the last twelve months.
这不是最好的季度 中国旅游集团免税集团有限公司 （上海证券交易所代码：601888）股东，因为当时股价下跌了13％。另一方面，过去五年的回报还不错。很高兴看到股价在那段时间内上涨了58％，好于其55％的市场回报率。不幸的是，并非所有股东都会长期持有该股，因此请考虑那些在过去十二个月中跌幅为47％的股东。
In light of the stock dropping 5.3% in the past week, we want to investigate the longer term story, and see if fundamentals have been the driver of the company's positive five-year return.
鉴于该股在过去一周下跌了5.3％，我们想调查长期情况，看看基本面是否是公司五年正回报的驱动力。
View our latest analysis for China Tourism Group Duty Free
查看我们对中国旅游集团免税店的最新分析
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
引用巴菲特的话说：“船只将在世界各地航行，但Flat Earth Society将蓬勃发展。市场上的价格和价值之间将继续存在巨大差异...”评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。
Over half a decade, China Tourism Group Duty Free managed to grow its earnings per share at 8.2% a year. This EPS growth is reasonably close to the 10% average annual increase in the share price. Therefore one could conclude that sentiment towards the shares hasn't morphed very much. Indeed, it would appear the share price is reacting to the EPS.
在过去的五年中，中国旅游集团免税店成功实现了每股收益的年增长8.2％。每股收益的增长相当接近股价年均增长10％。因此，人们可以得出结论，人们对股票的情绪并没有太大变化。事实上，看来股价正在对每股收益做出反应。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图描述了 EPS 随着时间的推移是如何变化的（点击图片可以看到确切的值）。
Dive deeper into China Tourism Group Duty Free's key metrics by checking this interactive graph of China Tourism Group Duty Free's earnings, revenue and cash flow.
查看这张中国旅游集团免税店的收益、收入和现金流的交互式图表，深入了解中国旅游集团免税店的关键指标。
What About Dividends?
分红呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. 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. In the case of China Tourism Group Duty Free, it has a TSR of 63% for the last 5 years. That exceeds its share price return that we previously mentioned. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考虑投资回报时，重要的是要考虑两者之间的区别 股东总回报 (TSR) 和 股价回报。股东总回报率是一种回报计算方法，它考虑了现金分红的价值（假设收到的任何股息都被再投资）以及任何贴现的融资和分拆的计算价值。可以说，股东总回报率更全面地描述了股票产生的回报。就中国旅游集团免税而言，其过去5年的股东总回报率为63％。这超过了我们之前提到的其股价回报率。而且，猜测股息支付在很大程度上解释了分歧，这是没有好处的！
A Different Perspective
不同的视角
China Tourism Group Duty Free shareholders are down 46% for the year (even including dividends), but the market itself is up 2.2%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 10%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. 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. Even so, be aware that China Tourism Group Duty Free is showing 3 warning signs in our investment analysis , you should know about...
中国旅游集团免税股东今年下跌了46％（即使包括股息），但市场本身上涨了2.2％。但是，请记住，即使是最好的股票有时也会在十二个月内表现低于市场。长期投资者不会那么沮丧，因为他们本可以在五年内每年赚10％。最近的抛售可能是一个机会，因此可能值得查看基本面数据，以了解长期增长趋势的迹象。我发现从长远来看，将股价作为业务表现的代表非常有趣。但是，为了真正获得洞察力，我们还需要考虑其他信息。即便如此，请注意中国旅游集团免税店正在出现 我们的投资分析中有3个警告信号 ，你应该知道...
For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
对于那些喜欢寻找的人 获胜的投资 这个 免费的 最近进行内幕收购的成长型公司名单可能只是门票。
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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Simply Wall St 的这篇文章本质上是笼统的。 我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。 它不构成买入或卖出任何股票的建议，也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之，华尔街在上述任何股票中都没有头寸。