Anhui Expressway's (HKG:995) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Anhui Expressway's (HKG:995) Three-year Total Shareholder Returns Outpace the Underlying Earnings Growth
Anhui Expressway Company Limited (HKG:995) shareholders might be concerned after seeing the share price drop 11% in the last month. But that doesn't undermine the rather lovely longer-term return, if you measure over the last three years. Indeed, the share price is up a very strong 110% in that time. To some, the recent share price pullback wouldn't be surprising after such a good run. The thing to consider is whether the underlying business is doing well enough to support the current price.
安徽高速公路有限责任公司(HKG:995)股东在看到股价在上个月下跌11%后可能会感到担忧。但如果你衡量过去三年的情况,这并不会破坏相当不错的长期回报。事实上,在这段时间里,该公司股价强劲上涨了110%。对一些人来说,在经历了如此好的表现后,最近股价的回落并不令人意外。需要考虑的是,基础业务的表现是否足以支撑当前的价格。
While the stock has fallen 5.0% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.
虽然该股本周下跌了5.0%,但值得关注的是更长期的,看看这些股票的历史回报是否受到基本面因素的推动。
See our latest analysis for Anhui Expressway
查看我们对安徽高速公路的最新分析
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. 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.
虽然有效市场假说继续被一些人传授,但事实证明,市场是过度反应的动态系统,投资者并不总是理性的。评估围绕一家公司的情绪变化的一个有缺陷但合理的方法是将每股收益(EPS)与股价进行比较。
During three years of share price growth, Anhui Expressway achieved compound earnings per share growth of 35% per year. The average annual share price increase of 28% is actually lower than the EPS growth. Therefore, it seems the market has moderated its expectations for growth, somewhat. We'd venture the lowish P/E ratio of 7.31 also reflects the negative sentiment around the stock.
在股价增长的三年中,安徽高速公路实现了每股收益年均35%的复合增长。平均每年28%的股价涨幅实际上低于每股收益的增长。因此,市场似乎在一定程度上降低了对增长的预期。我们敢说,7.31的低市盈率也反映了围绕该股的负面情绪。
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
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)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231025/0-00fa517abd175118b0620dcf7db3ea76-0-45e05f6239c3500b9dfce91744dcf5ae.png/big)
It is of course excellent to see how Anhui Expressway has grown profits over the years, but the future is more important for shareholders. Take a more thorough look at Anhui Expressway's financial health with this free report on its balance sheet.
看到安徽高速多年来的盈利增长当然很好,但对股东来说,未来更重要。更彻底地了解安徽高速公路的财务健康状况免费报告其资产负债表。
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. As it happens, Anhui Expressway's TSR for the last 3 years was 163%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
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。碰巧的是,安徽高速公路最近3年的TSR为163%,超过了前面提到的股价回报。而且,猜测股息支付在很大程度上解释了这种差异是没有好处的!
A Different Perspective
不同的视角
We're pleased to report that Anhui Expressway shareholders have received a total shareholder return of 67% over one year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 20%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. Keeping this in mind, a solid next step might be to take a look at Anhui Expressway's dividend track record. This free interactive graph is a great place to start.
我们很高兴地报告,安徽高速公路的股东在一年内获得了67%的总股东回报。当然,这包括股息。这一收益好于五年内每年20%的TSR。因此,最近围绕该公司的情绪似乎一直是积极的。鉴于股价势头依然强劲,仔细观察这只股票可能是值得的,以免错过预期和机会。考虑到这一点,下一步可靠的举措可能是看看安徽高速公路的分红记录。这免费交互式图形是一个很好的起点。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies we expect will grow earnings.
当然了,如果你把目光投向别处,你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费我们预计收益将会增长的公司名单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on 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。
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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。