AVIC Heavy Machinery's (SHSE:600765) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
AVIC Heavy Machinery's (SHSE:600765) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth
While AVIC Heavy Machinery Co., Ltd. (SHSE:600765) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 15% in the last quarter. But that doesn't undermine the fantastic longer term performance (measured over five years). To be precise, the stock price is 347% higher than it was five years ago, a wonderful performance by any measure. So it might be that some shareholders are taking profits after good performance. Only time will tell if there is still too much optimism currently reflected in the share price. Unfortunately not all shareholders will have held it for the long term, so spare a thought for those caught in the 25% decline over the last twelve months.
而当中航重机股份有限公司。(上海证券交易所:600765)股东可能总体上很满意,该股最近表现不是特别好,上个季度股价下跌了15%。但这并不会破坏其令人惊叹的长期表现(以五年为标准)。准确地说,该公司股价比五年前高出347%,无论以什么标准衡量,这都是一个了不起的表现。因此,可能是一些股东在业绩良好后获利了结。目前反映在股价中的乐观情绪是否仍然过多,只有时间才能证明。不幸的是,并不是所有的股东都会长期持有它,所以请考虑一下那些在过去12个月中陷入25%跌幅的人。
Although AVIC Heavy Machinery has shed CN¥3.7b from its market cap this week, let's take a look at its longer term fundamental trends and see if they've driven returns.
尽管中航重工本周市值缩水37亿元人民币,但让我们来看看其较长期的基本面趋势,看看它们是否推动了回报。
See our latest analysis for AVIC Heavy Machinery
查看我们对中航重型机械的最新分析
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...' 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.
用巴菲特的话说,“船只将在世界各地航行,但平坦的地球协会将蓬勃发展。市场上的价格和价值之间将继续存在巨大的差异……”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。
During five years of share price growth, AVIC Heavy Machinery achieved compound earnings per share (EPS) growth of 53% per year. The EPS growth is more impressive than the yearly share price gain of 35% over the same period. Therefore, it seems the market has become relatively pessimistic about the company.
在股价增长的五年中,中航重机实现了每股收益(EPS)年均53%的复合增长。每股收益的增长比同期35%的年股价涨幅更令人印象深刻。因此,市场似乎对该公司变得相对悲观。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
该公司的每股收益(在一段时间内)如下图所示(点击查看具体数字)。
It is of course excellent to see how AVIC Heavy Machinery has grown profits over the years, but the future is more important for shareholders. You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
看到中航重机多年来的利润增长当然很好,但对股东来说,未来更重要。你可以看到它的资产负债表是如何随着时间的推移而加强(或削弱)的免费交互式图形。
What About Dividends?
那股息呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. 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. We note that for AVIC Heavy Machinery the TSR over the last 5 years was 358%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
重要的是要考虑任何给定股票的总股东回报以及股价回报。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。我们注意到,中航重机过去5年的总回报率为358%,好于上述股价回报率。这在很大程度上是其股息支付的结果!
A Different Perspective
不同的视角
AVIC Heavy Machinery shareholders are down 25% for the year (even including dividends), but the market itself is up 1.3%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. On the bright side, long term shareholders have made money, with a gain of 36% per year over half a decade. 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. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We've spotted 1 warning sign for AVIC Heavy Machinery you should be aware of.
中航重工股东今年下跌了25%(即使包括股息),但大盘本身上涨了1.3%。即使是好股票的股价有时也会下跌,但我们希望在对企业产生太大兴趣之前,看到企业的基本指标有所改善。好的一面是,长期股东已经赚到了钱,过去五年的年回报率为36%。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,以寻找长期增长趋势的迹象。虽然值得考虑市场状况对股价可能产生的不同影响,但还有其他更重要的因素。一个恰当的例子:我们发现了1中航重型机械警示标志你应该意识到。
But note: AVIC Heavy Machinery may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意:中航重工可能不是最值得买入的股票。所以让我们来看看这个免费过去有盈利增长(以及进一步增长预测)的有趣公司名单。
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。
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.
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。