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Hong Kong and China Gas (HKG:3) Investors Are Sitting on a Loss of 46% If They Invested Five Years Ago

Hong Kong and China Gas (HKG:3) Investors Are Sitting on a Loss of 46% If They Invested Five Years Ago

香港中华煤气(HKG: 3)投资者如果在五年前投资,将亏损46%
Simply Wall St ·  2023/10/15 09:12

In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market index fund. But in any portfolio, there will be mixed results between individual stocks. At this point some shareholders may be questioning their investment in The Hong Kong and China Gas Company Limited (HKG:3), since the last five years saw the share price fall 55%. The falls have accelerated recently, with the share price down 14% in the last three months. Of course, this share price action may well have been influenced by the 6.6% decline in the broader market, throughout the period.

为了证明选择个股的努力是合理的,值得努力超越市场指数基金的回报。但是在任何投资组合中,个股之间的结果都会好坏参半。此时,一些股东可能会质疑他们在以下方面的投资 香港中华煤气有限公司 (HKG: 3),自过去五年以来,股价下跌了55%。最近,跌幅加快,股价在过去三个月中下跌了14%。当然,这一股价走势很可能受到整个期间大盘下跌6.6%的影响。

Now let's have a look at the company's fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.

现在让我们来看看公司的基本面,看看长期股东回报是否与基础业务的表现相匹配。

See our latest analysis for Hong Kong and China Gas

查看我们对香港中华煤气的最新分析

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

不可否认,市场有时是有效的,但价格并不总是能反映潜在的业务表现。考虑市场对公司的看法发生了怎样的变化的一种不完美但简单的方法是将每股收益(EPS)的变化与股价走势进行比较。

Looking back five years, both Hong Kong and China Gas' share price and EPS declined; the latter at a rate of 8.3% per year. This reduction in EPS is less than the 15% annual reduction in the share price. This implies that the market is more cautious about the business these days.

回顾五年,香港和中国燃气的股价和每股收益均有所下降;后者为每年8.3%。每股收益的下降低于股价每年下降15%。这意味着如今市场对业务更加谨慎。

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(随着时间的推移)如下图所示(点击查看确切数字)。

earnings-per-share-growth
SEHK:3 Earnings Per Share Growth October 15th 2023
香港交易所:3 每股收益增长 2023 年 10 月 15 日

We know that Hong Kong and China Gas has improved its bottom line lately, but is it going to grow revenue? This free report showing analyst revenue forecasts should help you figure out if the EPS growth can be sustained.

我们知道香港和中国燃气最近提高了利润,但它会增加收入吗?这个 免费的 显示分析师收入预测的报告应该可以帮助您弄清楚每股收益的增长能否持续。

What About Dividends?

分红呢?

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. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Hong Kong and China Gas' TSR for the last 5 years was -46%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!

除了衡量股价回报外,投资者还应考虑股东总回报(TSR)。股价回报仅反映股价的变化,而股东总回报率包括股息的价值(假设股息已被再投资)以及任何折扣融资或分拆的收益。可以说,股东总回报率可以更全面地描述股票产生的回报。碰巧的是,香港和中国燃气在过去5年的股东总回报率为-46%,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!

A Different Perspective

不同的视角

Investors in Hong Kong and China Gas had a tough year, with a total loss of 11% (including dividends), against a market gain of about 12%. 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. However, the loss over the last year isn't as bad as the 8% per annum loss investors have suffered over the last half decade. We'd need to see some sustained improvements in the key metrics before we could muster much enthusiasm. 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 Hong Kong and China Gas is showing 2 warning signs in our investment analysis , you should know about...

香港和中国燃气的投资者经历了艰难的一年,总亏损11%(包括股息),而市场涨幅约为12%。即使是优质股票的股价有时也会下跌,但我们希望看到企业的基本指标有所改善,然后才会变得过于感兴趣。但是,去年的亏损并不像投资者在过去五年中遭受的每年8%的亏损那么严重。我们需要看到关键指标有所持续改善,然后才能激起人们的热情。我发现从长远来看,将股价视为业务表现的代表非常有趣。但是,要真正获得见解,我们还需要考虑其他信息。即便如此,请注意香港和中国燃气的表现如何 我们的投资分析中有两个警告信号 ,你应该知道...

Of course Hong Kong and China Gas may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

当然 香港和中国燃气可能不是最值得买入的股票。所以你可能希望看到这个 免费的 成长型股票的收集。

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.

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。

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.

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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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